Delaware License LawIntermediateDelaware Exam
The Delaware Seller Disclosure of Real Property Condition Act requires sellers to:
ADisclose only major structural defects
BProvide a written disclosure form covering known material defects to the buyerCorrect
CHire a home inspector before listing
DProvide disclosure only if the buyer requests it
Why Provide a written disclosure form covering known material defects to the buyer Is Correct
Answer B: Provide a written disclosure form covering known material defects to the buyer
Delaware's Seller Disclosure of Real Property Condition Act requires sellers to complete a written disclosure form informing buyers of known material defects affecting the property.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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