Philadelphia Pennsylvania Seller's Disclosure Statement for Vacant Land

Name: Philadelphia Pennsylvania Seller's Disclosure Statement for Vacant Land
Brand: US Legal Forms
Rating: 4.58 (471 reviews)

Category:

Real Estate - Disclosures

State:

Multi-State

County:

Philadelphia

Control #:

US-03302BG

Format:

Instant download

Description

In some states, a seller is required to disclose known facts that materially affect the value of the property that are not known and readily observable to the buyer. The Seller is required to disclose to a buyer all known facts that materially affect the value of the property which are not readily observable and are not known to the buyer. That disclosure requirement exists whether or not the seller occupied the property. A Vacant Land Disclosure Statement specifically designed for the disclosure of facts related to vacant land is used in such states.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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Exemption 1 Protects from disclosure information that has been deemed classified "under criteria established by an Executive order to be kept secret in the interest of national defense or foreign policy" and is "in fact properly classified pursuant to such Executive order."

Other exemptions from of the TDS include transfers from one co-owner to another, transfers made to a spouse or child, grandchild, parent, grandparent or other direct ancestor or descendent; transfers between spouses in connection with dissolution of marriage, and various transfers to the state for failure to pay

It is important to remember that while a seller is obligated to disclose the material defects identified through an inspection, there is no obligation for the seller to share the actual inspection reports with subsequent potential buyers, nor is there a prohibition against it.

Exempt Sellers have to provide an Exempt Seller Disclosure (see ESD attached). Question 4. J. on the ESD requires Exempt Seller to disclose Material facts or defects affecting he Property not otherwise disclosed to Buyer. Question 4.

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.

In Pennsylvania, home sellers are required by law to disclose the condition of their home.

This law requires that a seller discloses to a buyer any material defects with the property known to the seller. A material defect is a problem with the property that would have a significant adverse impact on the value of the property or that involves an unreasonable risk to people on the property.

By a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust. From one co-owner to one or more other co-owners. Made to a spouse or to a person or persons in the lineal line of consanguinity of one or more of the transferors.

J. on the ESD requires Exempt Seller to disclose Material facts or defects affecting he Property not otherwise disclosed to Buyer. Question 4.

Philadelphia Pennsylvania Seller's Disclosure Statement for Vacant Land

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FAQ

What is a disclosure exemption?

What transactions are exempt from the transfer disclosure requirements?

Does seller have to disclose previous inspection pa?

What is an exempt seller disclosure?

What is sellers disclosure PA?

Is sellers disclosure mandatory in PA?

What do sellers have to disclose in PA?

Who is exempt from a seller's disclosure in Texas?

What is exempt seller disclosure California?

Interesting Questions

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What kind of information does a Seller's Disclosure Statement include?

Can a seller hide information about a known problem in the Seller's Disclosure Statement?

Do sellers need to disclose potential zoning changes that could affect the land?

Are sellers required to disclose any environmental concerns related to the vacant land?

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