Terms Used In Delaware Code > Title 6 > Chapter 36 > Subchapter III - New Home Buyers Fire Protection Act [For applicability of subchapter, see 80 Del. Laws, c. 145, § 3]

• Builder: means any individual, trustee, partnership, corporation, or other entity contracting with an owner for the construction of a new dwelling. See Delaware Code Title 6 Sec. 3681
• Buyer: means any individual, trustee, partnership, corporation, or other entity purchasing any estate or interest in a new dwelling. See Delaware Code Title 6 Sec. 3681
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Devise: To gift property by will.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• New dwelling: means a new 1- or 2-family residential dwelling, not previously occupied, and constructed for residential use. See Delaware Code Title 6 Sec. 3681
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means a natural person, partnership (whether general or limited), limited liability company, trust (including a common law trust, business trust, statutory trust, voting trust or any other form of trust), estate, association (including any group, organization, co-tenancy, plan, board, council or committee), corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign. See Delaware Code Title 6 Sec. 17-101
• State: means the District of Columbia or the Commonwealth of Puerto Rico or any state, territory, possession, or other jurisdiction of the United States other than the State of Delaware. See Delaware Code Title 6 Sec. 17-101
• State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
• Trustee: A person or institution holding and administering property in trust.
• United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302