DE SB245

Expands the definition of "purchase money mortgage" to include mortgages from lenders other than the seller, as long as funds are advanced at the time of property acquisition to pay part or all of the purchase price.

Extends the recording period for purchase money mortgages to retain priority status from 5 days to 10 days after the deed is recorded.

Establishes that mortgages stating they are intended to constitute a purchase money mortgage create a rebuttable presumption of that status.

Explicitly subordinates mechanic's liens filed under Chapter 27 of Title 25 to purchase money mortgages, giving purchase money mortgages priority over such liens regardless of filing date.

Makes technical corrections to Delaware Real Estate Code language to conform to Delaware Legislative Drafting Manual standards.