The Delaware residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Do Sellers in Delaware Have To Disclose Property Defects?
Delaware does require real estate sellers to disclose any material defects. In most cases, this is done through a standardized disclosure form approved by the Delaware Real Estate Commission.
By mutual agreement, it is possible to waive the use of the standard form and handle required disclosures another way. However, the seller always has a duty to disclose all material defects that are not obvious on a casual inspection of the property, even if the buyer agrees to take the property “as-is.” The basic duty to disclose cannot be waived under any circumstances.
Required Seller Disclosures in Delaware
Delaware sellers of real estate must make the following disclosures, as appropriate, in order for a real estate purchase agreement to be considered legally binding:
- Seller’s Property Condition Disclosure Statement: Discloses material defects with a property that are known to the seller at the time of sale, and details any potential issues and conditions that may affect the value of the property.
- Lead-Based Paint Disclosure: Any home constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
- Radon Disclosure: Any property sale in Delaware must be accompanied by a form which discloses the status of any known radon hazards on the property.
- Exempt Property Certificate: When a property is exempt from the basic property disclosure statement and/or the state radon disclosure requirements, a seller must complete this form.
