Delaware Residential Purchase and Sale Agreement
A Delaware Purchase and Sale Agreement form is a legally binding form that includes the terms and conditions of a real estate transaction. This agreement represents a central component of the real estate transaction and typically includes critical elements such as the purchase price, deposit amount, financing arrangements, contingencies, closing date, and related terms and conditions. As a binding contract, the Purchase and Sale Agreement form ensures that both buyer and seller know their rights and obligations when buying or selling real estate in Delaware.
Purchase Agreement Timeline
- Day 1 – The Seller accepts the buyer’s offer.
- Day 2-14 – The agreement is drafted then both parties sign the purchase agreement.
- Day 15-25 – The buyer usually schedules the home inspection and the Title Search begins.
- Day 26-70 – Financing is secured. The seller starts to move out (vacate) the property.
- Closing Day – The home sale is complete once both parties sign the purchase agreement.
Lead-Based Paint Disclosure Form – For residential dwellings built before 1978, it is important to disclose any prior use of lead-based paint on the property.
Source: § 5118