You should be aware of the following disclosures required by law:

  1. Buyer Agency. Up until recently, if you were looking for a home to purchase, you only had one way of working with a real estate associate–an agent could only show you homes on behalf of the seller. As a buyer "customer," you were not represented by anyone other than yourself, negotiation over price and terms were entirely your responsibility.

    However, since the early ‘90’s, Buyer Agency has enabled buyers in Delaware and Pennsylvania to have a sales associate act on their behalf in all negotiations. This insures that buyer’s interests are upheld. When you sign a Buyer Agency agreement, you become my "client" and I will be bound by this written agreement to be your advocate in the finding and purchase of your own home.

    2.  

  2. Recovery Fund/Guaranteed Fund The legislature has established a Real Estate Recovery fund to compensate persons who:

    A. obtain a judgement because of fraud, misrepresentation or deceit by a real estate agent and
    B. are unable to collect the judgement after exhausting applicable remedies.

    To obtain further information regarding the Fund, contact the Delaware State Real Estate Commission at (302) 739-4522.

    3.  

  3. Contracts. Applicable laws and regulations do not fix most terms of real estate agency contracts. These terms, including the broker’s commission and the time period of the listing, are contractually set by negotiation between the parties.
  4. Zoning. Any agreement of sale must state the zoning classification of the premises, except for single-family dwellings.

 

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