Delaware Code Title 6 Sec. 2577 – Exemptions
This subchapter shall not apply to the following transfers of residential real property:
(1) Transfers governed by the Delaware Out-of-State Land Sales and Promotions Act [repealed] where the property disclosure report required by that law is provided to a prospective purchaser.
(2) Transfers pursuant to court order such as transfers ordered by the Court of Chancery in the administration of an estate, trust or guardianship or pursuant to a writ of execution, by a trustee in bankruptcy or a receiver, by eminent domain, and transfers resulting from a decree for specific performance.
(3) Transfers to a mortgagee by a mortgagor in default by a deed in lieu of foreclosure.
(4) Transfers by any sheriff’s sale for default on an obligation secured by a mortgage, judgment, tax or other lien.
(5) Transfers by a fiduciary in the course of the administration of the decedent‘s estate, guardianship or trust.
(6) Transfers from 1 co-owner to 1 or more other co-owners.
(7) Transfers made to a spouse or to a person or persons in the lineal line of consanguinity of 1 or more of the transferors.
(8) Transfers between spouses resulting from a property settlement incident to a divorce.
(9) Transfers to or from any government entity.
Terms Used In Delaware Code Title 6 Sec. 2577
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fiduciary: A trustee, executor, or administrator.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- 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.
- Person: means a natural person, partnership (whether general or limited), limited liability company, trust (including a common law trust, business trust, statutory trust, voting trust or any other form of trust), estate, association (including any group, organization, co-tenancy, plan, board, council or committee), corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign. See Delaware Code Title 6 Sec. 17-101
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.