Delaware Code Title 25 Sec. 81-401 – Applicability; waiver
(a) This subchapter applies to all units subject to this chapter, except as provided in subsection (b) of this section or as modified or waived by agreement of purchasers of units in a nonresidential common interest community or as to units that are restricted to nonresidential use.
Terms Used In Delaware Code Title 25 Sec. 81-401
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
(b) Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:
(1) A gratuitous disposition of a unit;
(2) A disposition pursuant to court order;
(3) A disposition by a government or governmental agency;
(4) A disposition by foreclosure or deed in lieu of foreclosure;
(5) A disposition to a dealer;
(6) A disposition that may be canceled at any time and for any reason by the purchase without penalty;
(7) A disposition by operation of law upon the death of the unit owner;
(8) A disposition of a unit restricted to nonresidential purposes; or
(9) A disposition of a unit to a purchaser for which a declarant, dealer or existing unit owner has entered into a written contract with such purchaser for the purchase and sale of such unit at any time prior to the effective date.
76 Del. Laws, c. 422, § ?2; 77 Del. Laws, c. 4, § ?13; 77 Del. Laws, c. 91, § ?82;