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Delaware Real Estate Contract

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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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Alan B. on ContractsCounsel
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Alan B.

Business Attorney
Free Consultation
Tulsa, OK
10 Yrs Experience
Licensed in MO, MS, OK
University of Tulsa College of Law

At Barker Law, we provide clients with expertise in contract drafting and review, outside general counsel services, negotiation, commercial litigation, and regulatory navigation. We confidently handle transactional and regulatory matters for businesses and individuals. As our feedback shows, we excel at meeting and exceeding our clients needs.

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Gunnar C.

Lawyer
Free Consultation
Indianapolis
12 Yrs Experience
Licensed in IN
Indiana University McKinney School of Law

I am a multifaceted lawyer, experienced in corporate law, nonprofits, private equity, real estate, financial services, taxation, trust and estate planning, and philanthropy. I am a strategic thinker and cross-functional collaborator who understands the importance of balancing revenue needs with business-minded legal counsel. I am skilled and experienced in preparing and reviewing SaaS agreements, service and vendor agreements, confidentiality, NDAs, data privacy, IP, licensing, real estate transactions, and partnership agreements.

Gina S. on ContractsCounsel
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October 5, 2023
Angela P. on ContractsCounsel
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October 4, 2023

Angela P.

Attorney
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NY & FL
21 Yrs Experience
Licensed in NY
New York Law School

I am an experienced New York Real Estate Attorney and Florida Licensed Title Agent with extensive knowledge in the Real Estate industry. With more than 20 + years and over 2500 closed transactions, I have become an expert at accurately assessing realtors', lenders' & investors' needs and proposing/implementing viable solutions that bring value to them. I focus on real estate settlement services, education, and training of real estate professionals. I am also skilled working with high-end clients, managing large and complex projects, building solid relationships, effectively and creatively solving complex issues, producing results under stress all with impeccable customer service.

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Melissa T.

In-House Counsel
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Tustin, CA
12 Yrs Experience
Licensed in CA
Whittier Law

Having more than ten (10) years of experience in commercial law, I have garnered both relevant in-house and law firm experience. With more than a combined seven (7) years in-house experience, I have gained valuable insight in balancing the business needs with the legal risks and applying the legal skills I have acquired to various fields. I have specific experience with SaaS, vendor contracts, customer contracts, and general marketing agreements. Moreover, my law firm background has taught me to be detail-oriented and to be an effective negotiator in all types of commercial dealings.

Melody P. on ContractsCounsel
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Melody P.

Managing Partner / Owner
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Williamsport, PA
19 Yrs Experience
Licensed in PA
Duquesne University

I have been practicing law since 2005 and am licensed in the state of Pennsylvania. I started in Pittsburgh, PA and then moved to Williamsport in 2007 where I have practiced family law almost exclusively since. I am the managing partner /owner of Protasio & Jasper, P.C. I have had multiple Pennsylvania Supreme Court family law cases that have changed the law in Pennsylvania. I pride myself on being able to arm clients with information so that they can make informed decisions about their case.

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Real Estate

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

Read 1 attorney answer>

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

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

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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