Pennsylvania Real Estate Purchase Agreement

The Pennsylvania residential real estate purchase agreement (“property sales agreement”) enables a prospective home buyer to establish a legal arrangement with a seller for the acquisition of real estate. The agreement addresses a variety of terms including the purchase price, closing conditions, earnest money, and other financial contingencies. Ownership of the property can only be transferred lawfully if the buyer and seller consent to the contract terms and inscribe their signatures on the agreement.

Do Sellers in Pennsylvania Have to Disclose Property Defects?

Pennsylvania does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.

Required Seller Disclosures in Pennsylvania

• Seller’s Property Disclosure Statement. According to Pennsylvania law, before a real estate purchase agreement can be signed, the seller must furnish to the buyer a Property Disclosure Statement mentioning any known material defects which could affect the buyer’s decision to purchase.
• Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.

Frequently Asked Questions

How Do You Write a Real Estate Contract in Pennsylvania? In Pennsylvania, a real estate contract should include all the following information: the buyer and seller’s information, property details, pricing and financing, closing and possession dates beside any property insurance and conflict resolution contingencies. Read more » How Can You Get Out of a Real Estate Contract in Pennsylvania? You can get out of a real estate contract in Pennsylvania during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. If the seller agrees to the offer and has not signed it yet, it can be rescinded. Read more » What Is the Effective Date of a Real Estate Contract in Pennsylvania? The effective date of a real estate contract in Pennsylvania is the date that both the buyer and seller have agreed to all terms of the contract and have executed the contract. At this time, all of the contractual obligations will be bound and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Pennsylvania? In Pennsylvania, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Pennsylvania? To fill out a real estate contract in Pennsylvania, begin by filling in the names and addresses of both parties (the buyer and seller). Next, complete the property information, purchase price, along with the terms and conditions of the deal. Read more »