Wilmington

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Attorneys handle closings. Although quitclaim and general warranty deeds are sometimes used, most conveyances are by special warranty deeds. Mortgages are the security instruments. Foreclosures are judicial and require 90-120 days to complete. ALTA policies and endorsements are prevalent. Buyers pay closing costs and the owner’s title insurance premiums. Buyers and sellers share the state transfer tax. Property taxes are on an annual basis and vary by county.

Property taxes are on an annual basis and vary by county.

YES. Key components of property management are considered a real estate activity under existing Delaware real estate licensing laws. A broker's license is required for any person or company that, for compensation, leases or rents or offers for rent any real estate, or negotiates leases or rental agreements. A salesperson working under a broker may engage in such activities.

YES. The statute specifically states that providers of property management services are exempt if they do not lease or rent, or negotiate leases or rental agreements, or improvements. "Property management services" not requiring a broker's license include the "supervision and the administration of the physical maintenance and/or the financial matters of real property." They include helping the owner select tenants, creating budgets for the property, collecting rents and holding security deposits. For more information about these and other Delaware property management requirements and exceptions, please contact the Delaware Real Estate Commission. Before hiring a property manager to manage your Delaware rental property, you should always check that he or she is licensed appropriately. You can check the license status of Delaware property managers at the Delaware Division of Professional Regulation's online license verification service.

There is no requirement that a community or condo association manager in Delaware hold a real estate broker's license.

Delaware real estate broker and associate broker licensing requirements include: - Experience: actively licensed as either a broker or salesperson for a continuous period of five years immediately prior to applying for the license and experience in at least 30 qualified sales transactions during that time. In addition, broker applicants (as opposed to associate broker applicants) must have been actively practicing real estate for three years immediately preceding submission of the application - Education: Complete a 99-hour broker's course accredited by the Delaware Real Estate Commission. Submit application within one year of taking the course - Exam: Pass the salesperson's licensing examination - Trustworthiness: Submit an affidavit that the applicant has not engaged in any acts or offenses that would be grounds for discipline

Delaware real estate salesperson licensing requirements include: - Education: Complete a 99-hour real estate salesperson's course accredited by the Delaware Real - Estate Commission. Submit application within one year of taking the course - Exam: Pass the two part standardized broker licensing examination - Trustworthiness: Salesperson application includes a section on questions related to trustworthiness