When someone sells a home in Delaware, they do have to make certain disclosures. Generally speaking, they have to disclose any material defects with the property. These are serious issues that could affect the safety or value of that property.
For instance, perhaps there is structural damage to the home. The home may not be safe to live in if sold as is, and the work required to fix the structural damage could be very expensive, decreasing the value of the property. The home seller needs to tell any potential buyers about this issue, or they need to have it repaired in advance.
Questions asked on the disclosure form
One of the key components of a real estate transaction in Delaware is to go through the mandatory disclosure form. The following are just a few questions that are asked, though this is certainly not an exhaustive list:
- Do all of the exterior doors have properly working locks?
- Are there any asbestos-related materials in the home?
- Is there any lead paint, lead pipes or other known lead hazards?
- Has a mold test been conducted?
- Is the property in a flood zone?
- Have any significant structural additions been made to the property?
- Are there any issues with the walls or foundation of the home?
- Has there ever been smoke or fire damage?
- Has the home experienced flooding or wind damage?
- Was the home originally built on the site or moved there later?
- Are there any known issues with decks, porches or other exterior features?
- Have there ever been termite infestations or issues with other insects or pests?
- Has there ever been water leakage, flooding or plumbing issues?
The entire disclosure form is nine pages long and contains numerous other questions that will need to be answered, but this helps to show some of the things both buyers and sellers need to consider during a transaction. A lack of proper disclosures can complicate the process or may make the transaction impossible, and it is important for the parties to know what legal steps they can take if disputes arise.