Escrow & Title
What is a 'property report' and when is it required in Delaware?
AAn annual report filed by all Delaware property owners
BA detailed disclosure document required under ILSA (Interstate Land Sales Full Disclosure Act) for subdivisions with 25 or more unimproved lots sold across state lines✓ Correct
CA property condition report required for all Delaware listings
DA quarterly report filed by property managers
Explanation
The Interstate Land Sales Full Disclosure Act (ILSA) requires developers selling unimproved lots in subdivisions of 25 or more lots to provide buyers with a property report (disclosure document) containing detailed information about the development before the purchase.
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