There has been a change in the Delaware condominium law.
Delaware's first condominium law was enacted in 1963 and was called the "Unit Property Act". Until recently, condominium laws in Delaware remained largely the same since the Unit Property Act was first enacted. Amid mounting complaints from buyers regarding problems with the operation and goverance of condo associations, a Senate Bill was introduced, passed, and signed by Governor Minner. There were some Amendments made, but the Act, which is now law, is known as DUCIOA and became effective September 30, 2009.
DUCIOA requires a "resale certificate" to be furnished by the unit owner in a "common interest community" to a purchaser of a unit no later than the time of the signing of the contract to purchase. A "common interest community" under DUCIOA includes condominiums, cooperatives, and planned communities. However, if the condominium contains no more than 20 units, it is not subject to the resale certification requirements of DUCIOA.
DUCIOA Resale Certificate requires the unit owner to furnish a copy of the Restrictions, Declarations, Amendments, By-Laws, Copies of the Minutes for the preceding six months, a statement about fees, common expenses, number of unit owners who are delinquent, budget, and other financial information.
Even though the law requires the unit owner to furnish this information, we believe that the information will more properly come from the property management association.
Saturday, October 31, 2009
Tax Credit May Be Extended
The House and Senate are still working out all the details, but it looks like the $8000 Tax Credit for first time homebuyers may be extended. Some additional details to the program are:
-$6500 tax credit for primary home buyers that have owned a primary residence in the previous 3 years.
-Increase in the qualifying income limits: Single taxpayers will see the income level raised from $75,000 to $125,000, and joint taxpayers will see an increase from $150,000 to $250,000.
Buyers must have an executed contract by April 30, 2010, and must settle by June 30, 2010.
Stay tuned!
-$6500 tax credit for primary home buyers that have owned a primary residence in the previous 3 years.
-Increase in the qualifying income limits: Single taxpayers will see the income level raised from $75,000 to $125,000, and joint taxpayers will see an increase from $150,000 to $250,000.
Buyers must have an executed contract by April 30, 2010, and must settle by June 30, 2010.
Stay tuned!
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