Sandra is purchasing a home in Newark, Delaware. The purchase agreement is signed and ratified on Monday. Under the Delaware Residential Real Property Disclosure Act, when must the seller deliver the completed disclosure form to Sandra?
Correct Answer
A) Before the purchase agreement is ratified by all parties
Under the Delaware Residential Real Property Disclosure Act (6 Del. C. § 2570 et seq.), the seller must deliver the completed written disclosure form to the prospective buyer before ratification of the purchase contract. This means the disclosure must be in the buyer's hands prior to the contract becoming binding on all parties.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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