Delaware § 81-411 Release of liens

Delaware Statutes

§ 81-411 — Release of liens

Delaware·Title 25·Part Common Interests and Ownership of Real Estate·Ch. 81 DELAWARE UNIFORM COMMON INTEREST OWNERSHIP ACT·Subch. Protection of Purchasers

(a)In the case of a sale of a unit where delivery of a public offering statement is required pursuant to § 81-402(c) of this title, a seller

(1)Shall have the subject property released from all liens, except liens on real estate that a declarant has the right to withdraw from the common interest community, that the purchaser does not expressly agree to take subject to or assume and that encumber:

(i)In a condominium, that unit and its common element interest, and

(ii)In a cooperative or planned community, that unit and any limited common elements assigned thereto, or

(2)Shall provide a surety bond or substitute collateral for or insurance against the lien as provided for liens on real estate.

(b)Before conveying real estate to the association, the declarant shall have that real

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(a) In the case of a sale of a unit where delivery of a public offering statement is required pursuant to § 81-402(c) of this title, a seller

(1) Shall have the subject property released from all liens, except liens on real estate that a declarant has the right to withdraw from the common interest community, that the purchaser does not expressly agree to take subject to or assume and that encumber:

(i) In a condominium, that unit and its common element interest, and

(ii) In a cooperative or planned community, that unit and any limited common elements assigned thereto, or

(2) Shall provide a surety bond or substitute collateral for or insurance against the lien as provided for liens on real estate.

(b) Before conveying real estate to the association, the declarant shall have that real estate released from: (1) all liens the foreclosure of which would deprive unit owners of any right of access to or easement of support of their units, and (2) all other liens on that real estate unless the public offering statement describes certain real estate that may be conveyed subject to liens in specified amounts.

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