Download Delaware Purchase Agreement Form [PDF]

The purchase agreement is a document that provides details on how the sale and purchase of a certain property is going to be conducted. It includes information about the seller and the buyer, details about the transferred property, the purchase price, details about the financing, and other terms and conditions of the property transaction.

The purchase agreement doesn’t transfer any legal rights. Instead, it provides the conditions that have to be met and the circumstances under which a certain property will be transferred.

Delaware Purchase and Sale Agreement Form

The Delaware purchase agreement is a legal document that the seller and the buyer use to define their relationship in terms of the sale and purchase of a certain property.

The parties can use it for more complex transfers where there are many factors affecting the transfer of the property (like with real estate purchases). The parties should also use this document for transferring any property that has a purchase price of over $500.

This document is also known as:

Other Names for Delaware Purchase and Sale Agreement Form

Delaware sale and purchase agreement
Delaware purchase and sale agreement
Delaware sale and purchase contract
Delaware purchase and sales contract

However, it all refers to one document that provides the terms and conditions for the property transfer in Delaware.

Purchase Agreement Delaware Laws & Requirements

The Delaware legislature doesn’t provide the formal requirements for the purchase agreement. However, there are a few disclosures you must include in the document.

Purchase Agreement Required Disclosures in Delaware

Here, you can find the list of disclosures you must include in the Delaware purchase agreement.

Mandatory Disclosures

Lead-Based Paint Disclosure. The seller of the property must disclose information about the presence of any lead-based paint hazards to the buyer. This is required for any property built before 1978 or if there is a known lead-based paint hazard. (42 U.S. Code § 4852d)
Property Disclosure Form. The seller is required to disclose any known defects of the property at the time of the property sale to every potential buyer. (§ 2577)
Radon Disclosure. The seller should fill out the Radon disclosure form, providing information about the radon contamination at the property, and give it to the potential buyer. (§ 2572A)

Common Types of Purchase Agreements in Delaware

This section provides all the types of purchase agreements used in Delaware.

Variety of Purchase Agreement

Residential real estate purchase agreement. This document is used to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Parties can use this type of purchase agreement to sell and purchase office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. This agreement is used for outlining the terms of transferring a car, motorcycle, truck, or another kind of motor vehicle. It is also known as the motor vehicle bill of sale.
Business purchase agreement. Parties can use it to provide terms for transferring the company from the seller to the buyer.
Land purchase agreement. Sellers and buyers can use it to provide terms for selling and purchasing agricultural, residential, commercial, or other kinds of land in Delaware.
Stock purchase agreement. Parties can use this type of purchase agreement for selling stocks and shares in companies.

Purchase Agreement in Delaware FAQ

Yes, once both the seller and the buyer sign the document, the Delaware purchase agreement becomes a legally binding document.
Yes, the purchase price is one of the main elements of the Delaware sales agreement, and it, therefore, must be included in the document.
Considering that by signing the Delaware purchase agreement, you are not directly transferring any legal rights to the other party, you don’t have to notarize the document.
Yes, the seller can back out of the purchase agreement only if the buyer fails to fulfill the contingencies set forth in the Delaware purchase agreement.