It is important to know the legal rights and understand the process before purchasing a property which includes important legal transactions. In Delaware, all the real estate agents have a fiduciary duty to the property seller, i.e., they are the legal representatives of the seller. A fiduciary duty also includes loyalty, obedience, disclosure, confidentiality, reasonable care, diligence, and accounting. However, if you want to hire a buyer’s agent, the sales commission is split into the seller’s and buyer’s agent.
There are five steps that are to be followed while purchasing a property in Delaware. The first includes making an offer to purchase the seller’s property all in writing. Along with this offer a good faith deposit, which is customarily ten percent, is submitted. Any conditions about the mortgage or loan are also included in the sales agreement. The buyer should obtain a report and inspection certificate from a licensed exterminating company at their own expense. The purchase offer, once accepted and signed by the seller, becomes a binding contract. The buyer then submits a mortgage application to a lender company. Once the lender approves the application and the buyer conducts a pre-settlement inspection of the property, the final settlement is done to complete the process of loan documentation, cash settlement and transfer of title for the property.
[tags]delaware real estate transactions[/tags]