Delaware Residential Purchase and Sale Agreement

This Delaware Residential Purchase and Sale Agreement (the "Agreement") is made as of [[Effective Date]] by and between [[Seller Full Legal Name(s)]] ("Seller") and [[Buyer Full Legal Name(s)]] ("Buyer").

Seller agrees to sell and convey to Buyer, and Buyer agrees to purchase from Seller, the Property described below on the terms and conditions set forth in this Agreement. Delaware is an attorney-closing state. Closing shall be conducted through a Delaware-licensed settlement attorney or title company authorized to handle real estate settlements in Delaware. There is no mandatory cooling-off or rescission period under Delaware law for residential purchase agreements.

1. Parties

Seller: [[Seller Full Legal Name(s)]], whose notice address under this Agreement is [[Seller Notice Address, City, DE, ZIP]].

Buyer: [[Buyer Full Legal Name(s)]], whose notice address under this Agreement is [[Buyer Notice Address, City, State, ZIP]].

If either party is an entity, the person signing represents and warrants that they have full authority to bind the entity.

2. Property

Seller agrees to sell and Buyer agrees to purchase the residential real property located at:

[[Street Address]]

[[City]], Delaware [[ZIP Code]]

County of [[County]]

(the "Property").

Legal description (from current deed or title commitment): [[Full Legal Description or "See Exhibit A, Legal Description"]]

Tax parcel / map / lot / block: [[Tax Parcel ID]]

The Property includes the land, all buildings, improvements, fixtures, and appurtenances. It is sold subject to easements, restrictions, and encumbrances of record that do not materially impair residential use, current zoning, and any matters approved by Buyer in writing or disclosed in the Seller's Disclosure of Real Property Condition Report.

3. Purchase Price and Earnest Money

The total purchase price is [[Purchase Price in Words]] Dollars ($[[Purchase Price Amount]]) (the "Purchase Price").

Earnest money deposit (typically 1% to 5% of Purchase Price): $[[Earnest Money Amount]] due within [[Earnest Money Deposit Deadline, e.g., 3 business days]] after the Effective Date.

The earnest money shall be deposited with [[Settlement Attorney or Title Company Name]] ("Escrow Holder"), a Delaware-licensed settlement attorney or title company, at [[Escrow Holder Address]]. The earnest money shall be held in a segregated escrow account. If the transaction closes, the earnest money shall be credited to Buyer at closing. If this Agreement terminates without default by Buyer, the earnest money shall be returned to Buyer promptly. If Buyer defaults after all contingencies are satisfied or waived, Seller may retain the earnest money as liquidated damages (not a penalty) or pursue other remedies.

4. Financing Contingency

This Agreement is contingent upon Buyer obtaining a firm written mortgage commitment on or before [[Financing Contingency Deadline]] in the amount of up to $[[Loan Amount]] (approximately [[LTV Percent]]% LTV) at an interest rate not to exceed [[Max Interest Rate]]% for a term of [[Loan Term Years]] years, on terms otherwise acceptable to Buyer.

Buyer shall apply for financing within [[Application Deadline, e.g., 5 business days]] after the Effective Date and shall pursue approval diligently. If Buyer is unable to obtain a commitment meeting these terms through no fault of Buyer, Buyer may terminate this Agreement by written notice delivered on or before the Financing Contingency Deadline, and the earnest money shall be returned to Buyer. Failure to give timely notice waives this contingency.

5. Appraisal Contingency

This Agreement is contingent upon the Property appraising at or above the Purchase Price. The appraisal shall be completed on or before [[Appraisal Deadline]]. If the appraised value is less than the Purchase Price, Buyer may (a) terminate and receive return of earnest money, (b) renegotiate price with Seller, or (c) waive the contingency and proceed. Buyer shall give written notice of election within [[Appraisal Response Period, e.g., 3 business days]] after receipt of the appraisal report.

6. Inspection and Due Diligence Contingency

Buyer shall have the right, at Buyer's sole expense, to conduct inspections of the Property including but not limited to structural, mechanical, electrical, plumbing, roof, foundation, environmental, pest, radon, and septic/well inspections. The inspection period shall end on [[Inspection / Due Diligence Deadline, typically 10 to 15 days after Effective Date]] (the "Inspection Period").

Within the Inspection Period, Buyer may deliver written notice of termination for any reason or no reason (or for specific defects discovered). Upon timely termination, the earnest money shall be returned to Buyer and neither party shall have further liability except as expressly preserved. If Buyer does not deliver timely termination notice, this contingency is waived. Seller shall provide reasonable access during normal business hours upon reasonable notice. Seller shall have utilities turned on for inspections as reasonably requested.

7. Title Examination and Insurance

Seller shall convey marketable title to the Property by warranty deed (or special warranty deed if customary), free and clear of all liens, encumbrances, and defects except: (a) current real estate taxes not yet due and payable; (b) easements, restrictions, and covenants of record that do not materially adversely affect residential use; (c) zoning ordinances; and (d) other matters approved by Buyer in writing.

Buyer may obtain a title commitment and survey at Buyer's option and expense. Buyer shall notify Seller in writing of any title or survey objections within [[Title Objection Deadline]] after receipt of the title commitment. Seller shall have [[Title Cure Period, e.g., 10 days]] to cure or obtain an endorsement acceptable to Buyer. If Seller cannot cure, Buyer may terminate and receive return of earnest money or waive the objection.

At closing, Seller shall provide an owner's title insurance policy in the amount of the Purchase Price (or such other amount as agreed) issued by a title company acceptable to Buyer, at Seller's expense unless otherwise agreed.

8. Seller Disclosure and Timing

Seller shall deliver to Buyer the completed Seller's Disclosure of Real Property Condition Report required by 6 Del. C. § 2571 et seq. on or before the earlier of (a) the date Buyer signs this Agreement or any binding offer or (b) such other time as required by law or the Agreement. Buyer acknowledges that Buyer has received (or will receive) the disclosure.

Federal lead-based paint disclosure (if pre-1978) is addressed in the addenda.

9. Closing and Possession

Closing shall occur on or before [[Closing Date]] (the "Closing Date") at the offices of the Settlement Attorney / Escrow Holder or such other location as the parties agree. Delaware is an attorney-close state; a Delaware-licensed attorney or authorized title company shall conduct the settlement.

At closing, Seller shall deliver the deed, keys, codes, remote controls, and all items necessary to transfer possession. Prorations for taxes, assessments, rents, and utilities shall be made as of the Closing Date on a per diem basis.

Possession shall be delivered to Buyer at closing unless otherwise agreed in writing (e.g., post-closing possession addendum). If Seller remains in possession after closing, a separate written agreement is required.

10. Default and Remedies

If Buyer defaults after all contingencies are satisfied or waived, Seller may terminate this Agreement and retain the earnest money as liquidated damages, or pursue specific performance or other remedies available at law or in equity.

If Seller defaults, Buyer may terminate and receive return of the earnest money plus reimbursement of documented out-of-pocket costs (not to exceed $[[Buyer Cost Cap]]), or pursue specific performance or other remedies.

11. Risk of Loss

Risk of loss or damage to the Property remains with Seller until closing. If the Property is materially damaged before closing, Buyer may terminate and receive return of earnest money, or proceed with an assignment of insurance proceeds and appropriate price adjustment.

12. Additional Contingencies (if applicable)

1. Sale of Buyer's Current Home: This Agreement is contingent upon Buyer closing on the sale of Buyer's current residence on or before [[Buyer's Home Sale Deadline]]. If that sale does not close, Buyer may terminate and earnest money shall be returned.

2. HOA / Condominium Documents: If the Property is subject to a homeowners association or condominium, Seller shall deliver current governing documents, financials, and any required resale certificate within [[HOA Delivery Deadline]]. Buyer shall have [[HOA Review Period, e.g., 5 days]] after receipt to review and terminate if material terms are unsatisfactory.

13. Representations

Seller represents to Buyer that, to Seller's actual knowledge: (a) Seller has good and marketable title; (b) there are no pending or threatened legal proceedings affecting the Property except as disclosed; (c) Seller has not received uncured notices of code violations; (d) the Property is not in a flood hazard area requiring flood insurance unless disclosed in the property disclosure or otherwise.

Buyer acknowledges Buyer has had (or will have) the opportunity to inspect and is not relying on any representation not set forth in this Agreement or the disclosure.

14. Miscellaneous Provisions

Governing Law. This Agreement shall be governed by the laws of the State of Delaware. Any action shall be brought in the courts located in the county where the Property is situated.

Entire Agreement. This Agreement, including all addenda and exhibits, constitutes the entire agreement and supersedes all prior negotiations and representations. Amendments must be in writing and signed by both parties.

Severability. If any provision is invalid, the remainder remains in force.

Notices. Notices shall be in writing and deemed delivered when personally delivered, three days after mailing by certified mail, one business day after overnight courier, or upon confirmed email (if permitted).

Time of Essence. Time is of the essence for all dates and deadlines.

Attorney Review / Advice. The parties are advised to consult a Delaware-licensed attorney. This is a legally binding contract.

Counterparts; Electronic Signatures. This Agreement may be executed in counterparts and by electronic signature, each of which is deemed an original.

15. Exhibits and Addenda

The following are attached and incorporated:

• Exhibit A: Legal Description of the Property
• Exhibit B: Seller's Disclosure of Real Property Condition Report (6 Del. C. § 2571 et seq.)
• Exhibit C: Lead-Based Paint Disclosure and EPA Pamphlet (if built before 1978)
• Exhibit D: Additional Disclosures or Addenda: [[List or "None"]]
• Exhibit E: Post-Closing Possession Addendum (if any)
• Exhibit F: Other: [[Describe]]

16. Signatures

SELLER

Signature: __________________________________________ Date: _______________

Printed Name: [[Seller Signatory Full Name]]

SELLER (additional, if any)

Signature: __________________________________________ Date: _______________

Printed Name: [[Seller Additional Signatory]]

BUYER

Signature: __________________________________________ Date: _______________

Printed Name: [[Buyer Signatory Full Name]]

BUYER (additional, if any)

Signature: __________________________________________ Date: _______________

Printed Name: [[Buyer Additional Signatory]]

SETTLEMENT ATTORNEY / ESCROW ACKNOWLEDGMENT (at or prior to closing)

The undersigned acknowledges receipt of the earnest money and agrees to act as settlement agent / escrow holder in accordance with this Agreement and applicable Delaware law and regulations.

Signature: __________________________________________ Date: _______________

Printed Name / Firm: [[Settlement Attorney or Title Company]]
Delaware License / Bar No.: [[License Number]], -

*Sample template for Delaware, not legal advice. Statutory provisions cited are current as of 2026-06; verify against current Delaware Code, Delaware Real Estate Commission rules, and any local requirements. Earnest money is customarily 1, 5%. Closing is conducted by a settlement attorney. Buyer has inspection rights (typically 10, 15 days). No statutory cooling-off period. Required disclosures include the Seller's Disclosure of Real Property Condition Report and federal lead-based paint disclosure where applicable. Consult qualified Delaware counsel and title professionals before use.*