Delaware Residential Purchase and Sale Agreement

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Delaware Residential Purchase and Sale Agreement

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Last updated January 23rd, 2023

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The Delaware residential purchase and sale agreement is a form used by home buyers to make an official offer to purchase residential real estate from a seller. The agreement lays out the terms of the buyer’s offer, including the amount they’re willing to pay, the desired closing date, and the deadline by which the seller must either accept the proposal or respond with a counteroffer.

Should the seller reject the initial terms, they can modify the agreement where necessary and submit it to the buyer to advance the negotiation process. Only after the parties have initialed each page of the form and signed at the bottom will the agreement become final.

Contents

Realtor Version

Agreement of Sale for Delaware Residential Property – This purchase and sale agreement is an official document intended for use by licensed realtors and those who have received permission from the Delaware Association of REALTORS®.

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Required Disclosures (3)

Lead-Based Paint – As required by federal law for pre-1978 housing, the buyer must be provided with information about the dangers of lead paint as well as a disclosure of known lead paint hazards on the property.

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Property Disclosure Statement (§ 2572) – Any material defects known to the seller must be disclosed to the potential buyer in a property disclosure statement. If the home was built recently, the seller must instead use the New Construction disclosure statement.

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Radon Disclosure (§ 2572A) – Buyers of residential property must be informed of any radon hazards known to exist on the premises, and they must be provided with all documentation relating to the testing and inspection of radon.

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