A Delaware lease-to-own lease agreement is a contract serving two-fold purposes. On the one hand, it acts as a lease governing a tenancy between a landlord and renter; on the other hand, as a potential purchase and sale document that a tenant may choose to enact. At any point during the leasing term, the tenant may exercise the buy clause in order to commence the real estate transaction. Both parties who enter such lease must set predetermined conditions — such as the purchase price — before signing the contract into effect. Once they sign, all terms will become legally binding and subject to penalties if any violations occur.

Seller Disclosures

Landlords who sell their property in Delaware must provide prospective buyers with the following two (2) disclosure forms.

Lead-Based Paint Disclosure – Sellers of properties built prior to January 1st, 1978, must disclose any information regarding lead-based paint to buyers.

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Seller’s Disclosure of Real Property Condition Report (§ 2572) – The State of Delaware requires all sellers of residential property to disclose material defects of the property “that are known at the time the property is offered for sale or that are known prior to the time of final settlement.”

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