Delaware Code Title 6 Sec. 2572 – Disclosure of material defects
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(a) Except as excluded by § 2577 of this title hereof, a seller transferring residential real property shall disclose, in writing, to the buyer, agent and subagent, as applicable, all material defects of that property that are known at the time the property is offered for sale or that are known prior to the time of final settlement.
Terms Used In Delaware Code Title 6 Sec. 2572
- Agent: means any individual, partnership, corporation or trustee defined as a broker in § 2901 of Title 24, acting on behalf of a seller or buyer of residential real property. See Delaware Code Title 6 Sec. 2571
- Buyer: means any individual, partnership, corporation or trustee purchasing any estate or interest in real property. See Delaware Code Title 6 Sec. 2571
- Final settlement: means the time at which the parties have signed and delivered all papers and consideration to convey title to the estate or interest in residential real property being conveyed. See Delaware Code Title 6 Sec. 2571
- Seller: means any individual, partnership, corporation or trustee transferring residential real property. See Delaware Code Title 6 Sec. 2571
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Subagent: means any individual, partnership, corporation or trustee defined as a broker or sales person in § 2901 of Title 24 acting on behalf of an agent. See Delaware Code Title 6 Sec. 2571
(b) This disclosure shall be made in writing before the seller signs the listing agreement and shall be updated as necessary for any material changes occurring in the property before final settlement.