Effective Nov. 1, all Delaware Realtors have a new sales agreement available for residential property. This agreement has been adapted for all three counties in an attempt to include the best practices from each county.
Prior to Nov. 1, each county used its own agreement of sale. There were significant differences between these documents. This caused some confusion and discrepancies when you were either buying or selling in one county, and buying or selling to another.
Now we have a statewide agreement that will make buying and selling real estate from county to county much easier. Some of the changes include the time frame references. All days are now calendar days as opposed to business days. That would mean if there are seven calendar days for the purchaser to apply for a mortgage, then it would mean seven days in a row.
Other significant changes address the home inspection contingency. There have been many concerns about the home inspection contingency and how to interpret what is a defect and what is not. The new agreement is more specific in defining a "major defect."
Inclusions and exclusions are addressed with a check box and list of items. This list will require careful examination in the preparation, presentation and acceptance of each offer. If a seller wanted to exclude certain appliances, but indicated that said appliances were included, then the seller will be required to leave them.
As an experienced real estate professional, I see the new agreement of sale as a welcome improvement. When I purchased my first home, the sales agreement was only one page on one side. Today, it has grown to multiple pages to address agency, disclosures, personal property, inspections, and many more important items that were not readily known years ago.
If you are considering buying or selling real estate, please contact a real estate professional to help you understand and benefit from the new state of Delaware agreement of sale.
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