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Required disclosures in residential real estate sales

On Behalf of | Jul 28, 2017 | Residential Real Estate

When people want to sell their homes in Delaware, the law requires that they make certain disclosures to the buyers. Delaware’s disclosure law is designed to benefit buyers while also providing protections to sellers. It is important for sellers to understand their responsibilities to disclose and for buyers to understand what disclosures are required.

Sellers might be hesitant to reveal certain material defects in their homes because they fear that it may make it more difficult for them to sell their properties for the prices that they want. If they fail to disclose defects, however, they may expose themselves to costly legal liability in the future.

Federal law mandates reporting the presence of lead-based paint. In Delaware, the law is very broad, mandating that sellers disclose all material defects in their properties that the owners know about at the time that they offer the properties as well as those that they learn about before the properties close. They must disclose the information on a form that has been developed by the Delaware Real Estate Commission. If they don’t, then the buyers may file lawsuits against the sellers for failing to disclose the defects to the buyers prior to closing the sales.

Residential real estate transactions involve complex legal requirements that are meant to protect buyers and sellers. Attorneys may help their clients to meet their legal obligations and to complete the transactions in the appropriate ways. They may work to protect their clients’ interests in order to help them to avoid potential future legal liabilities.