  The three complex form factors entering the $\Delta\to N\gamma^\ast$ vertex
are calculated to ${\cal O}(\epsilon^3)$ in the framework of a chiral effective
theory with explicit \Delta(1232) degrees of freedom included. It is shown that
the low q^2 behavior of the form factors is governed by $\pi N$, $\pi\Delta$
loop effects. Predictions are given for the q^2-dependence of the three
transition-multipoles $M1(q^2), E2(q^2), C2(q^2)$. Furthermore, the role of
presently unknown low energy constants that affect the values of the multipole
ratios EMR(q^2) and CMR(q^2) is elucidated.
