(2) Representation of buyers when buying real estate. Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – If the home sold was built before 1978, the seller is required to disclose all known information about lead paint that may be present in the home, and also to provide the buyer with a record of information about dangerous material. unless the consumer has already received the CIS from another licensee. A licensee who knows that the buyer is working with another licensee is not required to give an IEC to that buyer. A licensee who works with a buyer who knows that the seller is working with another licensee is not required to give an IEC to that seller. The ILE must be signed by the client before signing a purchase, listing or other brokerage contract, unless it is exempt from the provision of a CIS. The Delaware Buyer`s Agency Agreement allows a licensed agent and his client to build conditions for representing agencies for a real estate transaction. The buyer will describe the type of property that interests him by defining his preferred geographical area in combination with his financial constraints.
For the buyer`s identified needs, the representative can set provisions such as the duration of the contract and payment information. Once the terms and agreement have been signed, the agent has the right to present the customer with purchase opportunities and submit bids on request. A competitive market analysis is not an assessment. A licensee can perform a competitive market analysis in the context of the provision of real estate services. However, a licensee cannot conduct a competitive market analysis for the borrower on a property subject to a signed sale agreement. A competitive market analysis, as permitted in this chapter, must meet the following criteria: Consumer Information Statement (No. 2938) – If the real estate transaction is a residential property of 1 to 4 family properties, the consumer information statement must be verified and signed by the buyer. unless a CIS is signed, indicating that there is no agency relationship. In the case of transactions exempt from the provision of the CIS, the agent`s obligations are incurred when the parties form an agency relationship. A. The licensee acting for the buyer is presumed to be the buyer`s legal representative; Disclosure of the seller`s status on the condition of the real estate property (No.
2573) – If a potential buyer makes an offer for a residential property, the seller or representative representing the seller is required to provide a full copy of the above related report on the condition of the property. This form also includes the following information required by the State: are exempt from the requirement to make the CIS available to potential parties; However, the rest of this chapter remains valid, unless it is expressly excluded. Instead of providing an IEC, the contract for sale or lease after confirmation of agency relationships contains the following language: The Delaware sales contract is a contract that is applied when a person wishes to sell his home to another party. It can be provided either by the seller or by the buyer, depending on who is offering the offer. As a general rule, the buyer is an offer using the agreement, and it belongs to the seller, whether accepted or not. If this is accepted, the seller accepts the price and contingencies stipulated in the agreement. You may also object to asking for more money or adding an additional contingency. After the agreement, all participants must sign the document to formalize the agreement.