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AGREEMENT OF SALE for DELAWARE RESIDENTIAL PROPERTY This is a legally binding agreement if not understood seek competent legal advice prior to signing. CHANGES. There have been changes in the form of this Agreement as copyrighted by the Delaware Association of REALTORS other than filling in the blanks. ADDITIONAL TERMS AND CONDITIONS. 33. MISCELLANEOUS. Delaware law governs this Agreement. The paragraph captions are for convenient reference only and are not intended to limit or enlarge the...
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This is Bruce Plummer your 2016 Delaware association of realtors president-elect and member of the state forms' committee you may have heard that earlier this month the Delaware association of realtors Board of Directors approved a new version of the agreement of sale for Delaware residential property the form that we know is our sales agreement that new form our new version has been provided to both dot loop and to sip logic so that they can be incorporated into their forms library you can begin using those new forums immediately the Delaware Association Realtors would like to see the older version of the foreign discontinued by August the first I wanted today review just a few of the changes that we have made starting with the first change in paragraph number three under payment terms at one point in the history of our forum we had a minus B minus C equal d for instance $300,000 purchase price with a five-thousand-dollar deposit an additional deposit of 5,000 leaving a balance of 29 you do it settlement plus closing costs we did away with that with the last version of our sales agreement but yet a lot of folks still continue to fill the lines in as if we had not done away with that the reason we did away with it with the last version is because what was happening by way of example an offer would be made of 300,000 and the seller would counter that offer by striking through it and inserting 310 and initially to change, but the agents weren't changing the paragraph 3d and therefore the math was not adding up, and frankly it doesn't matter what the remainder is the remainders do its settlement, so that's why we changed it last time and what we hope to accomplish with this new version to make it a little clearer and we on the 3d line put language additional deposit if any do within blank days of acceptance now you say is that for a third deposit well it could be a deposit now with the offer a deposit in so many days and a third deposit at some point in the future, but really that was put in the form last time and remains this time because what we're seeing in today's world a lot of business is done electronically you'll complete an offer you'll scan it or fax it or share it electronically it'll be signed perhaps sign electronically scanned back to your email gar shared back with you, and you'll have an offer to present, but you do not have a deposit in your hand so to complete three be representing deposits upon signing a disagreement and indicates you had a deposit in hand would be a misrepresentation in that case you would have to put in three be either Na or zero you have an offer it's sign, but you have no deposit at this point then in 3c you could put when you were expecting a deposit for instance three days from acceptance five days ten whatever the parties agreed to and then D would be your second deposit thus the space on 3d by way of example once again $300,000 offer 0 now five thousand dollar deposit due within three days of acceptance a...
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