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Delaware Residential Purchase and Sale Agreement

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Delaware Residential Purchase and Sale Agreement

Updated September 20, 2023

A Delaware residential purchase and sale agreement is a contract for the sale of a property. An arrangement is made between the seller of the property and the potential buyer, and the terms and conditions of this arrangement are detailed in the contract.

Once both parties are satisfied with the terms of the agreement, i.e., purchasing price, financing options, closing details, and property condition, the buyer and seller will sign. Before the parties are bound to the agreement, the seller must complete a state-mandated disclosure form and provide it to the potential buyer.

Table of Contents

Realtor Version

Delaware Assoc. of Realtors Version

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Disclosures (3)

Lead-Based Paint Disclosure – In accordance with federal law, anyone selling property built prior to 1978 must provide potential buyers with this disclosure form.

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New Construction Property Disclosure Form – The Delaware Seller’s Disclosure Form covers all potential issues and conditions that may affect the value of the property. Those selling property that has been recently constructed should use the New Construction version of the disclosure form.

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Standard Property Disclosure Form (§ 2577) – The State of Delaware requires all sellers of residential property to disclose material defects of the property that are known to them at the time the property is put up for sale.

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Commercial Property

Commercial Purchase AgreementUse as a legal contract between a buyer and a seller for commercial property transactions.

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