Wilmington Real Estate Attorney | Delaware Real Estate Transactions Lawyer

Real estate transactions are governed by various federal statutes, state statutes, and common laws that address a wide variety of legal issues related to acquiring, financing, developing, managing, constructing, leasing, and selling commercial and residential real property. Buying and selling real estate is generally more complicatedthan buying or selling other expensive goods, such as cars or boats. With real estate, many different people can have an interest in the same property, tax consequences are more complicated, and possession is not necessarily indicative of ownership. An experienced real estate attorney can help you sort through all of the difficult decisions and negotiations involved in real estate transactions.

Building a new home is a major undertaking requiring many decisions on many levels. An attorney experienced in residential real estate can analyze the circumstances surrounding your project, help you negotiate the best contract for the construction of your new home, and assist you through the often confusing issues that may arise during your closing.

Recently, mortgage rates have been at their lowest level in forty years. Lower mortgage rates can save you thousands of dollars over the life of a mortgage loan. Many people are using these lower rates as an opportunity to enter the housing market or to move into a larger home. If you are a first-time buyer or decided to trade up during the recent period of relatively low rates, contact an experienced residential real estate attorney to assist you in negotiating and closing your transaction. Good legal advice is the best way to protecting yourself, whether you are buying, selling, or developing real estate.

The National Association of Realtors® (NAR) notes that the monthly sales of existing single-family homes hit a record level in the summer of 2004. NAR cites an improving economy, more favorable affordability, and a high demand as the conditions creating the strong sales. If you decide to sell your home during this market, you should obtain good legal advice before placing your property on the market and signing a purchase agreement. An experienced real estate attorney can help you get the best price under the most favorable terms.

Wilmington, Delaware, Business Attorneys

Are you an individual or business in need of an experienced real estate attorney? The lawyers at The Hogan Firm represent people and businesses in real estate matters including real estate litigation and drafting and review of residential and commercial real estate documents. Call our Wilmington, Delaware, office at (302) 656-7540.

Does your business need an experienced attorney for a real estate litigation matter? The Hogan Firm represents businesses in real estate litigation pertaining to residential and commercial real estate. Call our Wilmington office for a free initial consultation at (302) 656-7540.

Are you an individual preparing to buy or sell a home or town-home? If you need an attorney to draft, review, or negotiate residential real estate matters including purchase and sales contracts, and financing and lease documents, call The Hogan Firm in Wilmington, Delaware, at (302) 656-7540.

Real Estate Law - An Overview

Real estate law includes both federal and state issues, with the state-level rules varying widely from jurisdiction to jurisdiction. These state and federal laws encompass everything from ownership of land and buildings to related issues such as financing, leasing, construction, taxes, and environmental laws. A competent and experienced real estate attorney can protect a party's interests in both routine and complex transactions and disputes.

Brokers

A seller may employ a real estate broker to solicit potential buyers for his or her property. The seller and the broker sign a listing agreement, obliging the broker to work to find a buyer and the seller to pay the broker's commission if a sale results. A buyer may employ a real estate broker to locate suitable property. Real estate brokers are generally subject to rigorous licensing standards established by each state. As an agent, a real estate broker or salesperson has duties and obligations to the person who hired him or her. If an agreement to purchase the property is made, that agreement is strictly between the seller and buyer, and the broker is not a party to that agreement and generally makes no promises about the property.

Glossary of Real Estate Topics

Real estate law includes lots of jargon and legalese that can be intimidating or at least confusing, especially to first-time homebuyers. An attorney with experience in real estate law can help a buyer or seller understand the terms and concepts pervasive in real estate transactions. Read on to learn more about the terminology of this specialized area.

Deeds

A deed is an unassuming and usually short piece of paper that has a big legal impact. A deed transfers an ownership interest in real property, and no real estate transaction where ownership transfers is finished until the deed is delivered to the buyer. A deed must include the names of the buyer and seller and the property's legal description. The deed is signed by the person transferring the property and may make that person responsible to the buyer for other claims against or conditions on the property. A knowledgeable real estate attorney can review the deed to ensure that it is accurate and properly executed.

Home Inspections

Buying a home can be stressful and time consuming. Obtaining a home inspection can take some of the worry out of the process. An independent home inspector will give a buyer a complete picture of the condition of the property he or she is considering buying. Most houses are not perfect, and the inspector's detailed report gives the buyer an unbiased evaluation letting him or her know what needs work now and what will probably need work in the near future. Obtaining a home inspection and reviewing the results with an experienced real estate attorney can put a home buyer in the best position to negotiate his or her purchase.

What to Expect at Closing

A closing, or settlement, is the meeting during which ownership of the property is officially transferred from the seller to the buyer. The buyer and the seller, their attorneys, both real estate sales professionals, a representative of the lender, and the closing agent typically attend the closing. The closing involves settling any open issues, balancing and verifying an often complex closing statement, and signing all documents necessary to complete the transaction. An attorney with experience in closing real estate transactions will advise you at closing to ensure that your rights are protected.

Real Estate Law Resource Links

U.S. Department of Housing
This general site for the U.S. Department of Housing and Urban Development contains information on homes and communities.

National Association of Realtors®
This Web site of the National Association of Realtors® contains information about the real estate industry, including a section on real estate law and policy.

Yahoo! Real Estate
This site includes numerous real estate related resources, including links to information about buying, selling, financing, and improving real property.

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Frequently Asked Questions about Real Estate Law

Q: What is real estate?

A: Real estate (also called real property) refers to land and things attached to land. For most consumers, real estate consists of their home and the lot surrounding it. Commercial real estate may include factories, equipment, and other facilities. In addition to buildings and equipment, resources existing on (or under) the land, including minerals and gas, are part of real estate. Some of these components of real estate can be sold separately.

Q: What are deeds for?

A: Deeds indicate, and are generally required to transfer, ownership of real estate. A deed contains the names of the old and new owners and a legal description of the property and is signed by the person transferring the property. The different kinds of deeds, such as the warranty deed, quit claim deed and grant deed, transfer different interests in property. For example, a seller conveying property by a general warranty deed assures good and marketable title to the buyer and will defend the tile to the property from all persons. In contrast, a seller conveying property by a quit claim deed conveys only what title the seller may have to the property, with no warranty as to ownership or defects in the title.

Real Estate Information