Get Pennsylvania Standard Agreement For The Sale Of Real Estate

Any seller who intends to transfer any interest in real property shall disclose to the buyer any material defects with the property known to the seller by completing all applicable items in a property disclosure statement which satisfies the requirements of section 7304 (relating to disclosure form).

By law, a Pennsylvania real estate sales agreement must provide a description of the property and any identifiable damage. Sellers must disclose any structural defects or problems tied into the property. This is to ensure buyers sign and agree to the sale with a full understanding of the property's condition.

A purchase agreement is the most common type of real estate agreement. This contract specifies the details regarding the sale of property.

If a seller lied on a property disclosure statement in Pennsylvania, he can be held liable under fraud by misrepresentation or omission. Any known defects, as well as past repairs, treatments, or insurances used, must be mentioned in detail in the disclosure form.

Soil, drainage, boundaries, and sinkholes. Presence of hazardous substances. Condominiums and other homeowner's associations. Legal issues affecting the property title or that would interfere with the use and enjoyment of the property.

For example, under Pennsylvania law, a suit against a home inspector must be brought within one (1) year of the date the home inspection report is given to the buyer. The Pennsylvania Seller Disclosure Law requires the suit to be filed within two (2) years of the date closing.

The Pennsylvania Code mentions two types of listing agreements; the exclusive agency and the exclusive right-to-sell. The latter is the most common, granting the agent exclusivity on the property listing and awarding them compensation for the sale of the property regardless of where the sale comes from.

A seller must disclose to a buyer all known material defects about property being sold that are not readily observable. This disclosure statement is designed to assist the seller in complying with disclosure requirements and to assist the buyer in evaluating the property being considered.