A Delaware residential purchase agreement is a legally binding contract that details the terms and conditions surrounding the sale of a residential property. The document covers the purchase price negotiated between the buyer and seller, financing arrangements, if applicable, the anticipated date of closing, and specifics regarding the property’s condition.
If the seller rejects the initial terms, they can adjust the agreement and resubmit it to the buyer for further negotiation. Finalization requires initialing each page and signing at the bottom, making the agreement legally binding.
State Laws
- Known Defects: Seller must disclose all known material defects in writing before signing the listing agreement and update as necessary before final settlement. [1]
- Past Termite Infestations: Previous or current wood-destroying insect issues treated by a licensed exterminator must be detailed, including repairs, preventive measures, and impact on structural integrity.
Realtor Version
Agreement of Sale for Delaware Residential Property
This version is exclusively for licensed realtors or those authorized by the Delaware Association of Realtors.
Required Seller Disclosures
Lead-Based Paint Disclosure
For properties built before 1978, sellers must disclose known lead paint hazards and provide buyers with an informational packet about lead paint risks (42 U.S. Code § 4852d).
New Construction Property Condition Report
For newly constructed homes, sellers must use this disclosure statement to detail all potential issues affecting the property's value.
Do Sellers in Delaware Have to Disclose Property Defects?
Yes, Delaware sellers must disclose any material defects affecting the property. This helps protect buyers from unforeseen issues and allows them to make informed decisions before finalizing the real estate transfer.
In states operating under the “caveat emptor” principle, sellers are not required to disclose all defects, shifting the responsibility to buyers to conduct thorough property inspections; failure to do so may limit their legal recourse to reverse the transaction.
