Real Estate Settlements
What do you need for a settlement?
If the amount due from you at closing is over $2,000.00, you will need to present certified funds, either by cashier's check, or wire transfer from your bank at settlement. You will also need a valid photo ID.
What is title insurance?
Title insurance offers protection against financial loss from defects in title to real property. Lenders may require title insurance to be purchased in case there was a lien that was missed or if there could be any other claims on the title. If there are, then such claims are paid to ensure that the lender's interest in the property is fully protected. Title Insurance is paid at the time of settlement.
Why do I need a written real estate contract?
For a real estate contract to be enforceable, the contract needs to be in writing and signed by both parties. A written sales contract should clearly outline the rights and obligations of the parties.
Why do I need a written lease?
A lease agreement is a contract that defines the rights and liabilities of the parties that sign it. Leases usually involve the limited use of tangible goods or real property for a specified period. Commonly leased items consist of commercial and residential real estate, vehicles, furniture, and office equipment. Leases can be executed by virtually anyone from private individuals to large corporations. Therefore, you should get an agreement in writing to avoid unnecessary liability exposure.
Why should I create a will?
Creating a will ensures that your money and possessions are left to the persons you have chosen. A properly executed will allows you to direct who will benefit from your estate and you can also exercise control on how they will receive those benefits. If you have minor children, you can also appoint guardians to care for your children in the event of your death.
Do I need a durable power of attorney or advance health care directive?
In Delaware, a general durable power of attorney allows you to give authority to someone to handle your personal affairs in the event you are incapacitated. You may also give that authority before you are incapacitated. If you do not have a power of attorney in place, you may run into problems in dealing with banks, government agencies, etc., if you become incapacitated. Delaware also allows individuals to appoint a medical durable power of attorney to make medical decisions in the event of incapacity. An advance health care directive (also known as a living will) enables you to outline your wishes in the event you are incapacitated. For instance, if you did not want to receive the benefit of artificial hydration or artificial nutrition, you could make that wish known in the advance health care directive.
Why should I incorporate?
Corporations and LLCs allow the owners to keep their assets separate from business assets, thereby offering general protection of personal assets. In a properly structured company, the owners should have limited liability for business debts and obligations.