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

1. Law of Agency. As a seller, you will likely secure the service of a "Seller’s Agent" to work with you in the marketing and sale of property. A Seller’s Agent owes fiduciary responsibilities to the Seller and not to a buyer. Most buyer’s however will secure the service of a Buyer’s Agent who will assist and negotiate with the buyer’s best interests in mind. In some cases "Dual Agency" occurs when a Brokerage or Agent is contractually obligated to both a Buyer and a Seller in the same transaction.
   
   
2. Recovery Fund/Guaranteed Fund. The legislature has established a Real Estate Recovery fund to compensate persons who:
   
   
   1. obtain a judgement because of fraud, misrepresentation or deceit buy a real estate agent and
   2. 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. 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. An agreement of sale must state the zoning classification of the premises, except for single-family dwellings.

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