This Lead-Based Paint Disclosure statement is required by Federal Law when selling residential housing built prior to 1978. If the home was constructed PRIOR TO 1978, this form is REQUIRED to be completed and signed by the seller and buyer. If the dwelling was constructed in 1978 or later, this form is not required. If in doubt about the timing of construction, use the disclosure form. Whenever the form is used, the seller must also give the buyer the EPA pamphlet discussed below.
Delaware Disclosure Sales Form Instructions
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How to fill out Delaware Lead Based Paint Disclosure For Sales Transaction?
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FAQ
Chapter 25, Title 6 of the Delaware Code, requires a Seller of residential property to disclose in writing all material defects of the property that are known at the time the property is offered for sale or that are known prior to the time of final settlement.
Which of the following includes the required information in the Property section of a Delaware sales contract? The property's legal description. The property's legal description must be included in the sales contract, because it's more accurate than the property's street address.
The elements that make up a listing agreement. Names, addresses, and contact information for both the owner and the agent. The time period in which the property will be listed for sale. The listing price of the property. The type of listing agreement being entered into.
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.
The state of Delaware has a provision that allows for a reduced tax rate in cases where the purchaser is a first-time home buyer. A first-time home buyer's portion of the transfer tax is limited to . 5% of the first $400,000.00 of the purchase price.