Delaware Real Estate Purchase Agreement

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

• 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.
  

Frequently Asked Questions

How Do You Write a Real Estate Contract in Delaware? To write a real estate contract in Delaware, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Delaware? You can get out of a real estate contract in Delaware during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. Read more » What Is the Effective Date of a Real Estate Contract in Delaware? In Delaware, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Delaware? In Delaware, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Delaware? To fill out a real estate contract in Delaware, first, download our customizable Delaware real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal.Property. Address of the propertyPurchase price. The amount the buyer will pay to own the propertyPayment. How and when the transaction between the buyer and seller will take place Read more »