Band leaders and government officials still need to ratify the deal, which is expected to happen later this summer.
The agreement is the first of its kind in the NWT. It lays the groundwork for the transfer of power from the federal and territorial governments to Deline.
"It is a one of a kind agreement... and the people (of Deline) are very pleased," said Chief Raymond Tutcho. "We've been working a long time towards this."
Fred Talen, chief negotiator for the NWT Government, said the signing is an important step, but Deline is still a year or two away from complete self-government
"There's still some work to be done, but this agreement covers most of the issues," said Talen.
"The process is a long one because we're dealing with things that have never been dealt with before."
Under the terms of the deal, Deline will gain some control over social services like health care, justice, family services and education.
It also calls for the creation of an independent Deline government made up of a Chief, a main council, justice council and an elders council.
Talen said the federal and territorial governments will still play a role in band affairs.
"The exact details haven't been worked out, but there will be some federal and territorial involvement".
Once the final agreement is signed, Tutcho expects a smooth transition.
"We've been doing a lot work, going door-to-door to talk to the people about (self-government). We're not expecting any problems."
Tutcho hopes the Deline agreement will serve as a model for other groups working towards self-government.
"We hope this will help others who want community-based self-government and remind people that it is (possible)."