A Delaware property disclosure statement is a form that a home seller provides to prospective buyers to disclose their property’s material defects. Prior to signing a listing agreement, the seller must complete this disclosure to report whether the property suffers from structural damage, pest infestations, plumbing-related concerns, zoning issues, and to otherwise describe the condition of the home. While the seller is legally responsible for the report’s correctness, buyers are still encouraged to assess the property with the help of a professional home inspector.
Unless the property transfer is exempt from disclosure under § 2577, sellers are required to divulge material defects if the property being transferred contains one (1) to four (4) dwelling units.
Laws – § 2572
Purchase Agreement – An agreement for the purchase of real estate must include the property disclosure statement as well as a radon disclosure. If the home was constructed before 1978, the seller would also need to provide the buyer with a lead paint disclosure.
New Construction Property Disclosure Statement – If the property being sold is a new construction, the seller must instead use this disclosure statement to report material defects.