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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Delaware, a property disclosure statement is a mandatory document that sellers of residential real property must provide to prospective buyers. This disclosure is governed by Delaware Code Title 6, Chapter 25, known as the Delaware Residential Property Disclosure Act. The Act requires sellers to disclose any material or significant defects in the property of which they are aware. The disclosure form covers various aspects of the property, including but not limited to the condition of the roof, plumbing, electrical systems, heating and air conditioning, environmental hazards, and any other known issues that could affect the property's value or desirability. The seller must complete the disclosure statement to the best of their knowledge and belief, and it must be provided to the buyer before the signing of a sales contract. Failure to provide a complete and accurate disclosure can lead to legal consequences for the seller, including the potential for the buyer to seek rescission of the sale or damages.

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Real property

property disclosure statement

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Delaware State Code

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Real property

property disclosure statement

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