Closing Disclosures

Delaware Buyers Right to Know

Delaware requires a buyer to have an attorney present for a settlement of real property. In 2000, the Supreme Court of Delaware stated after reviewing a number of complaints, it was determined a Delaware-licensed attorney must be present and conduct a settlement of Delaware real property. Entering into an agreement of sale for real property is a legally binding document that is fully enforceable by law. It is important that buyers educate themselves on choosing the best attorney they see fit for their unique new home purchase.

Having an Attorney Represent the Buyer Can Offer Several Benefits

1. Legal Advice: A real estate attorney can provide valuable legal advice throughout the transaction process. They can review contracts, offer guidance on potential issues, and ensure that the buyer's interests are protected.
2. Contract Review: Real estate contracts can be complex documents with legal implications. An attorney can review the contract terms, negotiate on behalf of the buyer, and ensure that the agreement accurately reflects the buyer's intentions and protects their rights.
3. Title Examination: Attorneys can conduct thorough title examinations to identify any potential issues with the property's title, such as liens or encumbrances. Resolving these issues before closing can help prevent future legal complications.
4. Closing Representation: During the closing process, an attorney can represent the buyer's interests, review closing documents, and ensure that all necessary legal requirements are met.
5. Legal Protection: In the event of disputes or legal issues arising from the transaction, having an attorney can provide the buyer with legal representation and protection.

How to Look at Your Closing Disclosure

You might have seen this before, but this is a sample of a closing disclosure. This is something that is required to be distributed to you at least 3 or more days before settlement occurs. This cost sheet will show you the breakdown of the entirety of fees and loan information for your purchase. This will show both the buyer's side and the seller's side of their breakdown. Your agent, lender, or your attorney should be able to explain the details to you with confidence. 

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Ready to protect your financial interests? Get in touch with The Malmberg Firm today. We're here to ensure your needs are met and your financial future is secure.