DE SB104

Amends § 314(c) of Title 25 of the Delaware Code to replace the term "improved or unimproved residential real estate" with "consumer purpose property"

Defines "consumer purpose property" as 1-to-4-family residential real property used primarily for personal, family or household purposes, explicitly excluding multi-unit residential property, office property, commercial property, and industrial property

Limits the statute's application to single-family residential purchases to prevent abuse of seller financing provisions in commercial real estate transactions where development approvals may take years to obtain

Makes the amendment effective upon enactment and retroactively applies to contracts entered before enactment that have not yet reached final settlement and do not expressly reference § 314(c) as of the enactment date