What is a disclosure statement for a purchase agreement?

A disclosure statement for a purchase agreement in Delaware is a document that must be given to a potential buyer of residential real estate property in the state. It outlines important information regarding the condition of the property in question and must be signed by the seller. The disclosure statement includes details such as the condition of the property, any defects, any attachments or encroachments on the property, any potential lead paint hazards, any current or past environmental hazards, any zoning changes, and the presence of any neighborhood or community restrictions. It also outlines the boundaries of the property, including any easements or rights of way the seller may have given to a third party in regards to the property. The disclosure statement must be delivered to the buyer in writing, either together with the purchase agreement or as a separate document. The buyer must sign and date the disclosure statement to indicate their acknowledgement and acceptance of the information contained therein. If the buyer does not sign, or if the information on the disclosure statement is found to be false or misleading, the buyer can terminate the purchase agreement without any penalties or fees.

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What is a disclosure statement for a purchase agreement?

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