So, you are thinking about buying a home? The home buying process should be a very fun and exciting time. Of course, it is an emotional time as well. In Delaware, we require the sellers to provide a Property Disclosure, or a Disclosure of Real Property.
There are very few exemptions to this requirement. (estate sale & bank owned are two examples)
When you finally decide to look at homes, the listing agent should have a disclosure in the home, many times the potential buyer can take a copy, or if you have further interest in the property your agent should be able to pull one from the MLS (multi list).
Remember, once the seller has disclosed a defect, the disclosed item may not be brought back up for further consideration based on the home inspection. The bottom line: If you see something disclosed that you want repaired or addressed prior to you taking ownership - ask for it to be fixed when presenting an offer to purchase. The seller is not obligated to do anything if it was disclosed and you did not care at time of contract but your home inspector made an issue and now you want it fixed.....SORRY!
Delaware real estate laws are different from many other states and each state may or may not have its own laws regarding disclosure.
As a home seller, it is always better to disclose than not to disclose. Sellers should disclose and leave it up to the home buyer to decided if it is something that they would like addressed.
For more information on property disclosure and Delaware real estate, contact the Team Sordelet Realty Group. Visit us online at www.teamsordelet.com
Attached, you will find an article that can be found in the Wall Street Journal. http://online.wsj.com/article/SB10001424052748703535104574646600132632292.html?mod=WSJ_hpp_sections_realestate
Let us know what you think!