Delaware Real Estate Purchase Agreement

Buying and selling real estate in Delaware is governed under state law to ensure desirable outcomes for the involved parties. A Delaware real estate purchase agreement gives everyone peace of mind, knowing the transaction terms are clear-cut and legally binding. Furthermore, it protects both the buyer and seller. If any issues come up, this contract is key evidence.

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Delaware Real Estate Purchase Agreement

A Delaware real estate property agreement must have specific sections to facilitate successful real estate transactions. These cover important legal aspects such as financing, closing sales, and inspections. 

Writing Requirement

  • Property description – Legal documents should accurately describe attributes like square footage, address, lot size, age, number of bedrooms, existing appliances/fixtures, disclosure of known defects, etc. 
  • Sale details – The offered purchase price, due diligence fee and deposit amounts, installment payment specifics, adjusted price calculations, closing date, funding methods, closing procedures, possession transfer date, and other financial terms should be emphasized.
  • Inspection clause – Allows buyers a defined timeframe to complete professional home, pest, radon, and environmental inspections with the ability to request repairs from the seller, negotiate credits, or cancel the contract contingent on findings providing unsatisfactory results. 
  • Title contingency clause – Enables buyers to back out and get deposits returned if the title search uncovers existing liens, judgments, or other issues preventing a clean title conveyance.
  • Resale certificates – Required for units with Homeowners’ Associations detailing bylaws, fees, existing/planned community upgrades covered by funds, ownership stake clarification, common amenities, parking, storage, pet policies, and more. Informs buying decisions.
  • Signature field – Clear designated signature lines for buyers, sellers, and witnesses to legally bind the agreement under Delaware laws upon signing.

Required Disclosures

In a Delaware real estate purchase agreement, sellers must reveal material property defects. This ensures that the incoming occupants can make informed decisions and mitigate potential risks associated with the property purchase. Aside from this disclosures, you have a few others that you need to include as follow:

  • Lead paint disclosure – Federally required attachment for homes built before 1978, revealing potential lead-based paint hazards. The seller must furnish buyers documentation on lead presence, remedies, and educational pamphlets to acknowledge receipt of materials.
  • Radon hazard – Sellers must furnish documentation on any radon testing completed along with results, mitigation systems installed, and acknowledgment forms signed by buyers indicating receipt and understanding of materials provided on this radioactive gas.
  • Prior termite damage – Outlining any past or present wood-destroying insect infestations requiring treatment through a licensed exterminator, the repairs are done, preventative measures in place, and whether structural elements were compromised transparently conveys recurrence likelihood.
  • Structural issues – Divulge foundation cracks, leakage, drainage failures, slope erosion, and repairs performed. Confirms no defects diminishing structural integrity.
  • Sewage system – Disclose type and age plus results of any inspections, failures, repairs, or past environmental discharges triggering heavy fines. Alerts to future risks.