Sections
Subchapter I Realty Transfer Tax 5401 – 5415
Subchapter II Conservation Trust Fund, Assignment of Tax Revenue 5421 – 5426

Terms Used In Delaware Code > Title 30 > Chapter 54

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Board: means the Tax Appeal Board. See Delaware Code Title 29 Sec. 2544
  • Child: means a person who has not reached the age of 18 years. See Delaware Code Title 6 Sec. 4307
  • Conservation Trust Fund: means the Delaware Land and Water Conservation Trust Fund established and maintained pursuant to this subchapter. See Delaware Code Title 30 Sec. 5421
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Department of Finance. See Delaware Code Title 29 Sec. 2544
  • Department: means the Department of Natural Resources and Environmental Control. See Delaware Code Title 30 Sec. 5421
  • Director: means the Director of the Division of Revenue or the Secretary of Finance of the State. See Delaware Code Title 30 Sec. 502
  • Division of Revenue: means the Division of Revenue of the Department of Finance of the State. See Delaware Code Title 30 Sec. 502
  • Document: means any deed, instrument or writing whereby any real estate within this State, or any interest therein, shall be quitclaimed, granted, bargained, sold, or otherwise conveyed to the grantee, but shall not include the following:

    a. See Delaware Code Title 30 Sec. 5401

  • Endowment Account: means the account by that name created within the Conservation Trust Fund pursuant to § 5423 of this title. See Delaware Code Title 30 Sec. 5421
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • First-time home buyer: means any 1 of the following:

    a. See Delaware Code Title 30 Sec. 5401

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • 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
  • Grantee: includes every person to whom a freehold estate or interest is conveyed. See Delaware Code Title 6 Sec. 4307
  • Grantor: includes every person by whom a freehold estate or interest is conveyed. See Delaware Code Title 6 Sec. 4307
  • Infrastructure Account: means the account by that name created within the Conservation Trust Fund pursuant to § 5423 of this title. See Delaware Code Title 30 Sec. 5421
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 6 Sec. 4307
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Open Space Program: means the program to carry out the purpose of Chapter 75 of Title 7, the Delaware Land Protection Act. See Delaware Code Title 30 Sec. 5421
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means and includes an individual, a trust, estate, partnership, association, company or corporation. See Delaware Code Title 30 Sec. 502
  • Project: means the planning for, and the acquisition and development of property, undertaken to achieve the purposes of this chapter. See Delaware Code Title 30 Sec. 5421
  • real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 6 Sec. 4307
  • residential property: means any structure or part of structure which is intended for residential use, and excluding any commercial unit subject to tax under § 2301(a)(6) of this title, relating to commercial lessors. See Delaware Code Title 30 Sec. 5401
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Secretary: means the Secretary of the Department. See Delaware Code Title 30 Sec. 5421
  • State: means a state of the United States, the District of Columbia, Puerto Rico, The United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 30 Sec. 502
  • Statute: A law passed by a legislature.
  • Stewardship Program: means the program by that name created within the Conservation Trust Fund pursuant to § 5423 of this title. See Delaware Code Title 30 Sec. 5421
  • Tax: shall be deemed also to refer to license fees imposed under Part III of this title. See Delaware Code Title 30 Sec. 502
  • Taxable: means any person, fiduciary, association of persons, syndicate, joint venture or copartnership subject to making return or to payment of tax imposed by this title. See Delaware Code Title 29 Sec. 2544
  • Transaction: means the making, executing, delivering, accepting or presenting for recording of a document. See Delaware Code Title 30 Sec. 5401
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 6 Sec. 4307
  • Value: means , in the case of any document granting, bargaining, selling or otherwise conveying any real estate or interest or leasehold interest therein, the amount of the actual consideration thereof, including liens or other encumbrances thereon and ground rents, or a commensurate part of the liens or other encumbrances and ground rents which encumber the interest in real estate and any other interest in real estate conveyed; provided, that in the case of a transfer for an amount less than the highest appraised full value of said property for local real property tax purposes, "value" shall mean the highest such appraised value unless the parties or one of them can demonstrate that fair market value is less than the highest appraised value, in which case "value" shall mean fair market value, or actual consideration, whichever is greater. See Delaware Code Title 30 Sec. 5401
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.
  • Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 6 Sec. 4307