The Delaware residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract that outlines the price, terms, rights, and obligations of both the buyer and seller during a residential real estate transaction. Once the agreement has been signed, it may not be terminated unless both parties agree.
Required Seller Disclosures in Delaware
Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. While other states require the seller to disclose a specific type of issue on the property—such as a material defect. In Delaware, you will also need to complete the following paperwork in addition to the purchase agreement:
Seller’s Property Condition Disclosure Statement. In Delaware, all sellers of residential property are required to disclose material defects of the property that are known to them at the time the property is put up for sale. Delaware’s Property Condition Disclosure Form is available for sellers to detail any potential issues and conditions that may affect the value of the property. (Del. Code § 2577)