Delaware Condominium Law

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.