Delaware · 25 Del. C. §81-409Delaware resale certificate: what the seller delivers and when

Under the Delaware Uniform Common Interest Ownership Act, a unit owner reselling – unless a public offering statement is required or the sale is exempt under §81-401(b) – gives the purchaser, no later than the signing of the contract, the declaration (other than plats and plans) with all amendments, the bylaws, the rules, and a certificate correct to within 120 days before it's furnished (25 Del. C. §81-409(a)). The certificate covers, among 19 items, any right of first refusal, the periodic assessment and unpaid assessments due from the seller, other fees, capital expenditures, the operating budget, judgments and pending suits, insurance, pending sales of common elements, fees the purchaser pays the association at settlement, and six months of board minutes; for condominiums and cooperatives also delinquencies, the reserve balance, the latest reserve study and notices of violations. The association furnishes it within 10 days after the owner's request; the fee is capped at $200, plus up to $50 for a paper copy, and no fee may be charged if the association misses the 10 days (§81-409(b)). A purchaser who didn't get the certificate before signing may cancel, before conveyance, within 5 calendar days after first receiving it. The purchaser isn't liable for unpaid assessments or fees above the amount in the association's certificate (§81-409(d)).