Annotate Legal Delaware Contract For Deed Forms For Free

Delaware Search Requirements There is not a minimum search period required by statute or marketable record title act.

Typically, it takes roughly 10 to 14 days for the title search. It will rarely ever extend past the normal two-week period. However, some key factors play a role in this. This involves the title professional who works at the title company to undertake a detailed inspection and search.

In order for a deed to be valid and enforceable, it must be in writing; describe with specificity the property conveyed; specify the names of the grantor and grantee; be signed; be sealed; be acknowledged; and be delivered.

Contract for deed is a contract for the sale of land which provides that the buyer will acquire possession of the land immediately and pay the purchase price in installments over a period of time, but the seller will retain legal title until all payments are made.

In Delaware, title to real property devised by will or passed by intestate succession vests ?immediately upon death to the beneficiaries? and does not require a new deed. The chain of title is reflected ?through documents filed at the Register of Wills office and forwarded to the County Assessment Office? [1,2,3].

Gifts of real property in Delaware are, however, subject to the federal gift tax. The person or entity making the gift (grantor or donor) is responsible for paying the federal gift tax; however, if the donor does not pay the gift tax, the donee will be held liable [1].

Recording a deed establishes your ownership interest over another's claim of ownership should there be conflicting claims against the property. Each state has its own recording statute that gives priority to those who record their interest in real property over those who don't.

First-time buyers in Delaware typically qualify for state-level exemptions. For example, Delaware first-time buyers automatically qualify for a state transfer tax exemption on a purchase price up to $400,000. First-time buyers purchasing property worth more than $400,000 will pay 1.25% of the amount above $400,000.

Laws & Requirements Recording Requirements: Delaware Code Title 9, Chapter 96: Delaware has three districts to record quitclaim deeds, and fees vary by county: Fees in Kent County start at $36.00/document, $10.00/page, and $5.00/tax parcel number. Fees in New Castle County are $13.00/page and $3.00/parcel description.