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What is a Delaware Real Estate Contract?

A Delaware real estate contract is an agreement that is made when a buyer makes an offer to purchase a property from a seller. These contracts are most used when buying or selling a residential home.

Real estate contracts will cover important terms and conditions necessary to complete the sale of the house including:

Once a real estate contract is negotiated and signed by both parties it becomes legally binding.

Common Delaware Real Estate Contracts

There are several types of real estate contracts that are used in Delaware. The three most common include:

  • Residential real estate contract. Used when buying or selling land or a building that will be used for housing.
  • Commercial real estate contract. Used when buying or selling property zoned for operating a business like an office building.

4 Essential Elements of a Delaware Real Estate Contract

Delaware real estate contracts must follow the laws under Title 25 of the Delaware Code governing property and state contract laws. For a Delaware real estate contract to be valid, it must include the following 4 essential elements:

  1. The terms of the contract must be legal
  2. The parties need to be legally competent
  3. The contract must contain an offer, acceptance of the offer, and consideration (exchange of items of value)
  4. The parties must consent to entering the contract

Can a Seller Change Their Mind After Signing a Real Estate Contract in Delaware?

Yes. Under certain circumstances, a seller can change their mind after signing a real estate contract and terminate the deal. If a buyer fails to meet the contingencies laid out in the contract or breaches the contract, the seller may have a legal reason to back out of the contract.

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Hello! Interested in transactional and remote work. I primarily do real estate closings in northeast Georgia (I am ONLY LICENSED IN GEORGIA) but can also do simple wills and other transactional matters including title insurance and title work. You have definitely heard of my legal work -- now I'm happy on the transactional side!

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An experienced attorney, fully versed in all facets of commercial and developmental real estate, and general corporate practice, including representing all parties in purchasing, asset purchases, leasing and financing transactions. Experienced in the following areas: Real Estate Development/Development Projects • General Contract Drafting and Negotiation • Construction Contracts •Bankruptcy• Corporate Governance • Transactional Real Estate • Real Estate Financing • Litigation Mergers/Acquisitions • Labor and Employment • Management Equipment Leasing • Land Use • Landlord Tenant Matters

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Real Estate

Real Estate Contract

New York

Asked on Dec 26, 2021

Can you purchase or refinance under a land contract?

I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

Jane C.

Answered Jan 11, 2022

I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

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Real Estate

Real Estate Contract

Georgia

Asked on Mar 24, 2022

How many years does a quick claim become effective?s

Number of years for quick claim to be effect ive

Meghan T.

Answered Mar 29, 2022

A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas

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Real Estate

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Illinois

Asked on Mar 27, 2022

what is better to buy land or rent for construction in US?

we are a construction company from Ukraine, we are planning to build a cottage town in the USA

T. Phillip B.

Answered Apr 5, 2022

I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.

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Real Estate Contract

Georgia

Asked on Mar 18, 2022

WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233

SON AND EX

Meghan T.

Answered Mar 29, 2022

Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas

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