Delaware Code Title 25 Sec. 317A – Required disclosure of financial obligations in chain of title for …
(a) On or before the date that the contract of sale of a new home is delivered to the buyer, the seller shall deliver to the buyer:
(1) A copy of all documents in the chain of title that create any financial obligation for the buyer; and
(2) A written summary of all financial obligations created by documents in the chain of title.
Terms Used In Delaware Code Title 25 Sec. 317A
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(b) At the time the seller delivers the documents required by subsection (a) of this section, the seller shall obtain from the buyer a written acknowledgement that the buyer received those documents.
(c) The Attorney General may enforce a violation of this section as a violation of consumer law under Chapter 25 of Title 6.
(d) This section does not apply to transactions in which the seller has provided to the buyer either a public offering statement that includes the information required by § 81-403(a)(4) and (16) of this title, or a resale certificate form, under Chapter 81 of this title, known as the Delaware Uniform Common Interest Ownership Act, or to a disposition that is exempt under § 81-401 of this title.
(e) The Delaware Real Estate Commission (DREC) shall modify or amend existing disclosure forms, or create forms as necessary, to ensure the timely and consistent delivery of financial information to the seller pursuant to subsection (a) of this section. The DREC shall have these forms modified, amended, or created by January 1, 2011.