Terms Used In Delaware Code > Title 6 > Chapter 36 > Subchapter I - New Home Buyers Protection Act

• Buyer: means any individual, partnership, corporation or trustee purchasing any estate or interest in a new residential real property or new dwelling. See Delaware Code Title 6 Sec. 3601
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Final settlement: means the time at which the parties have signed and delivered all papers and consideration to convey title to the estate or interest in a new residential real property or new dwelling. See Delaware Code Title 6 Sec. 3601
• 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.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• New dwelling: means a new multi-family, single family or townhouse dwelling not previously occupied and constructed for use as a residence. See Delaware Code Title 6 Sec. 3601
• New residential real property: means any estate or interest in real property improved by a new dwelling not previously occupied and constructed for use as a residence. See Delaware Code Title 6 Sec. 3601
• 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 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
• real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Seller: means any individual, partnership, corporation or trustee transferring new residential property or a new dwelling. See Delaware Code Title 6 Sec. 3601
• 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.
• State: means the District of Columbia or the Commonwealth of Puerto Rico or any state, territory, possession, or other jurisdiction of the United States other than the State of Delaware. See Delaware Code Title 6 Sec. 17-101
• Trustee: A person or institution holding and administering property in trust.
• Unfinished work: means a condition in a new residential real property or new dwelling which fails to comply with the work agreed upon by the vendor and/or seller in the specifications, contract terms and applicable building codes. See Delaware Code Title 6 Sec. 3601
• Vendor: means any person, firm, partnership, corporation or other entity that contracts to sell new dwellings or new residential real property. See Delaware Code Title 6 Sec. 3601