Delaware Consumer Information Statement (CIS)

What this is not - this is not legal advice.  For questions and concerns about any legal forms and documents, please seek legal guidance and advice from a licensed legal professional.

What this is - a quick overview of the Delaware Consumer Information Statement (CIS).  The CIS is the first form anyone looking to buy or sell a home in Delaware should see.  It is an informational form.  The first line at the very top states it "is not a contract."  Signing does not obligate the potential buyer or seller to pay any fees or enter into any exclusive agreements with a Salesperson or Broker.  The form simply explains Delaware Agency law and terminology.

For those looking to rent residential property, there is a specific version of the CIS available.

Delaware law, more specifically title 24 chapter 29, requires real estate Salespersons and Brokers to provide a CIS at the earlier of:

• the first scheduled appointment, or
• the first showing of a property, or
• making an offer.

Furthermore, the CIS must be signed prior to signing:

• an Agreement of Sale, or
• a Listing Agreement, or
• any other brokerage agreement such as an Exclusive Buyer Agency Agreement.

Anyone (a Customer) making contact with a real estate Salesperson or Broker has the expectation of confidentiality.  Confidentiality last forever.  Once a Salesperson or Broker interacts with a Customer for the earlier of the first appointment, the first showing or making an offer, the Customer becomes a Client.  This transition brings along more duties for the Salesperson or Broker to follow for the duration of the relationship.

In Delaware, consent to Dual Agency is implied.  In simplest form, Dual Agency is when one Salesperson or Broker represents both the buyer and the seller in a transaction.  The CIS defines several more Dual Agency scenarios.  The CIS also offers an opt-out for Dual Agency.

Some other important information contained in the CIS:

• Statements and negotiations are not binding until they are in writing and signed
• Salespersons and Brokers must comply with all applicable laws
• Salespersons and Brokers must advise clients to obtain expert advice on matters outside their expertise
• Salespersons and Brokers must disclose known adverse material facts or defects
• Salespersons and Brokers may list similar properties for sale
• Salespersons and Brokers may show the same property to multiple clients
• Salespersons and Brokers may not transmit financial information that is known to be false

When a Salesperson or Broker provides this form and asks for a signature, please read it over and if there are questions or concerns about any part, please seek legal guidance and advice from a licensed legal professional.