What is the difference between an offer to purchase and a purchase agreement?

An offer is a written proposal to buy a property with conditions baked in. The buyer's agent helps to write it up and delivers it to the seller's agent. Purchase agreements are an actual agreement between the buyer and the seller also sometimes called a real estate contract.

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Pennsylvania Residential Real Estate Sales Disclosure Statement

Real Estate Contract To Purchase

Category:

Real Estate - Home Sale

State:

Pennsylvania

Control #:

PA-37014

Format:

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Description

The Pennsylvania Seller's Property Disclosure Statement is a crucial document that assists sellers in disclosing known material defects of a property to potential buyers. It outlines a seller's knowledge regarding various aspects of the property, including structural integrity, water issues, pest problems, and compliance with local regulations. This form is not a warranty; it emphasizes the seller's responsibility to inform buyers about any issues that may affect the property's value or safety. Sellers must answer multiple questions regarding the condition of the roof, plumbing, electrical systems, and more. The form encourages buyers to seek professional inspections to further evaluate the property. This document is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides essential information that can guide property transactions and legal discussions. By ensuring transparency, the form helps prevent disputes and fosters trust in the buying process.

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How to fill out Pennsylvania Residential Real Estate Sales Disclosure Statement?

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FAQ

Write the contract in six steps Start with a contract template. ... Open with the basic information. ... Describe in detail what you have agreed to. ... Include a description of how the contract will be ended. ... Write into the contract which laws apply and how disputes will be resolved. ... Include space for signatures.

Any purchase agreement should include at least the following information: The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.

How to Write an LOI in Commercial Real Estate Structure it like a letter. ... Write the opening paragraph. ... State the parties involved. ... Draft a property description. ... Outline the terms of the offer. ... Include disclaimers. ... Conclude with a closing statement.

A sales contract should include the type of agreement, its parties, their responsibilities, the cost of services or goods, deadlines, delivery details, termination conditions, and penalties. Different types of sales contracts will also include other information related to the type of deal.

An offer is a written proposal to buy a property with conditions baked in. The buyer's agent helps to write it up and delivers it to the seller's agent. Purchase agreements are an actual agreement between the buyer and the seller also sometimes called a real estate contract.

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Residential Real Estate Sales Disclosure Statement

Pennsylvania Statutes

TITLE 68 REAL AND PERSONAL PROPERTY (Pa.C.S.A.)

PART III RESIDENTIAL REAL PROPERTY

CHAPTER 73 SELLER DISCLOSURES

68 Pa.C.S.A. Â§ 7301. Short title of chapter.

68 Pa.C.S.A. Â§ 7302. Application of chapter

68 Pa.C.S.A. Â§ 7303. Disclosure of material defects

68 Pa.C.S.A. Â§ 7304. Disclosure form

68 Pa.C.S.A. Â§ 7305. Delivery of disclosure form68 Pa.C.S.A. Â§ 7306. Information unavailable to seller

68 Pa.C.S.A. Â§ 7307. Information subsequently rendered inaccurate

68 Pa.C.S.A. Â§ 7308. Affirmative duty of seller

68 Pa.C.S.A. Â§ 7309. Nonliability of seller

68 Pa.C.S.A. Â§ 7310. Nonliability of agent

68 Pa.C.S.A. Â§ 7311. Failure to comply

68 Pa.C.S.A. Â§ 7312. Amendment of disclosure

68 Pa.C.S.A. Â§ 7313. Specification of items for disclosure no limitation on other disclosure obligations

68 Pa.C.S.A. Â§ 7314. Cause of action

68 Pa.C.S.A. Â§ 7315. Preemption of local requirements

68 Pa.C.S.A. Â§ 7301. Short title of chapter.

Text of section effective one year from December 20, 2000

This chapter shall be known and may be cited as the Real Estate Seller Disclosure Law.

2000, Dec. 20, P.L. 815, No. 114, Â§ 1, effective in one year.

68 Pa.C.S.A. Â§ 7302. Application of chapter

Text of section effective one year from December 20, 2000

(a) General rule. This chapter shall apply to all residential real estate transfers except the following:

(1) Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship or trust.

(2) Transfers of new residential construction that has not been previously, occupied when:

(i) the buyer has received a one-year or longer written warranty covering such construction;

(ii) the dwelling has been inspected for compliance with the applicable building code or, if there is no applicable code, for compliance with a nationally recognized model building code; and

(iii) a certificate of occupancy or a certificate of code compliance has been issued for the dwelling.

(b) Limitations in the case of condominiums or cooperatives. Under Subpart B of Part II (relating to condominiums) or a similar provision of prior law or a cooperative as defined in section 4103 (relating to definitions), a seller shall be obligated to make disclosures under this chapter only with respect to the seller's own unit and shall not be obligated by this chapter to make any disclosure with respect to any common elements or common facilities of the condominium or cooperative. The provisions of section 3407 (relating to resales of units) shall control disclosures a seller is required to make concerning common elements in a condominium, and section 4409 (relating to resales of cooperative interests) shall control disclosures a seller is required to make concerning common elements in a cooperative.

2000, Dec. 20, P.L. 815, No. 114, Â§ 1, effective in one year.

68 Pa.C.S.A. Â§ 7303. Disclosure of material defects

Text of section effective one year from December 20, 2000

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). A signed and dated copy of the property disclosure statement shall be delivered to the buyer in accordance with section 7305 (relating to delivery of disclosure form) prior to the signing of an agreement of transfer by the seller and buyer with respect to the property.

2000, Dec. 20, P.L. 815, No. 114, Â§ 1, effective in one year.

68 Pa.C.S.A. Â§ 7304. Disclosure form

Text of section effective one year from December 20, 2000

(a) General rule. The form of property disclosure statement that satisfies the requirements of this chapter shall be promulgated by the State Real Estate Commission. Nothing in this chapter shall preclude a seller from using a form of property disclosure statement that contains additional provisions that require greater specificity or that call for the disclosure of the condition or existence of other features of the property.

(b) Contents of property disclosure statement. The form of property disclosure statement promulgated by the State Real Estate Commission shall call for disclosures with respect to all of the following subjects:

(1) Seller's expertise in contracting, engineering, architecture or other areas related to the construction and conditions of the property and its improvements.

(2) When the property was last occupied by the seller.

(3) Roof.

(4) Basements and crawl spaces.

(5) Termites/wood destroying insects, dry rot and pests.

(6) Structural problems.

(7) Additions, remodeling and structural changes to the property.

(8) Water and sewage systems or service.

(9) Plumbing system.

(10) Heating and air conditioning.

(11) Electrical system.

(12) Other equipment and appliances included in the sale.

(13) Soils, drainage and boundaries.

(14) Presence of hazardous substances.

(15) Condominiums and other homeowners associations,

(16) Legal issues affecting title or that would interfere with use and enjoyment of the property.

(c) Transitional rule. Until a form of property disclosure statement has been promulgated by the commission, the form prescribed under the act of July 2, 1996 (P.L. 500, No. 84), [fn1] known as the Real Estate Seller Disclosure Act, shall be deemed to be the form contemplated under subsection (b).

[fn1] 68 P. S. Â§ 1021 et seq. (repealed).

2000, Dec. 20, P.L. 815, No, 114, Â§ 1, effective in one year.

68 Pa.C.S.A. Â§ 7305. Delivery of disclosure form

Text of section effective one year from December 20, 2000

(a) Method of delivery. The seller shall deliver the property disclosure statement to the buyer by personal delivery; first class mail; certified mail, return receipt requested; or facsimile transmission to the buyer or the buyer's agent.

(b) Parties to whom delivered. For purposes of this chapter, delivery to one prospective buyer or buyer's agent is deemed delivery to all persons intending to take title as co-tenants, joint tenants or as a tenant by the entireties with the buyer. Receipt may be acknowledged on the statement, in an agreement of transfer for the residential real property or shown in any other verifiable manner.

2000, Dec. 20, P.L.

Residential Real Estate Sales Disclosure Statement

Pennsylvania Statutes

TITLE 68 REAL AND PERSONAL PROPERTY (Pa.C.S.A.)

PART III RESIDENTIAL REAL PROPERTY

CHAPTER 73 SELLER DISCLOSURES

68 Pa.C.S.A. Â§ 7301. Short title of chapter.

68 Pa.C.S.A. Â§ 7302. Application of chapter

68 Pa.C.S.A. Â§ 7303. Disclosure of material defects

68 Pa.C.S.A. Â§ 7304. Disclosure form

68 Pa.C.S.A. Â§ 7305. Delivery of disclosure form68 Pa.C.S.A. Â§ 7306. Information unavailable to seller

68 Pa.C.S.A. Â§ 7307. Information subsequently rendered inaccurate

68 Pa.C.S.A. Â§ 7308. Affirmative duty of seller

68 Pa.C.S.A. Â§ 7309. Nonliability of seller

68 Pa.C.S.A. Â§ 7310. Nonliability of agent

68 Pa.C.S.A. Â§ 7311. Failure to comply

68 Pa.C.S.A. Â§ 7312. Amendment of disclosure

68 Pa.C.S.A. Â§ 7313. Specification of items for disclosure no limitation on other disclosure obligations

68 Pa.C.S.A. Â§ 7314. Cause of action

68 Pa.C.S.A. Â§ 7315. Preemption of local requirements

68 Pa.C.S.A. Â§ 7301. Short title of chapter.

Text of section effective one year from December 20, 2000

This chapter shall be known and may be cited as the Real Estate Seller Disclosure Law.

2000, Dec. 20, P.L. 815, No. 114, Â§ 1, effective in one year.

68 Pa.C.S.A. Â§ 7302. Application of chapter

Text of section effective one year from December 20, 2000

(a) General rule. This chapter shall apply to all residential real estate transfers except the following:

(1) Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship or trust.

(2) Transfers of new residential construction that has not been previously, occupied when:

(i) the buyer has received a one-year or longer written warranty covering such construction;

(ii) the dwelling has been inspected for compliance with the applicable building code or, if there is no applicable code, for compliance with a nationally recognized model building code; and

(iii) a certificate of occupancy or a certificate of code compliance has been issued for the dwelling.

2000, Dec. 20, P.L. 815, No. 114, Â§ 1, effective in one year.

68 Pa.C.S.A. Â§ 7303. Disclosure of material defects

Text of section effective one year from December 20, 2000

2000, Dec. 20, P.L. 815, No. 114, Â§ 1, effective in one year.

68 Pa.C.S.A. Â§ 7304. Disclosure form

Text of section effective one year from December 20, 2000

(1) Seller's expertise in contracting, engineering, architecture or other areas related to the construction and conditions of the property and its improvements.

(2) When the property was last occupied by the seller.

(3) Roof.

(4) Basements and crawl spaces.

(5) Termites/wood destroying insects, dry rot and pests.

(6) Structural problems.

(7) Additions, remodeling and structural changes to the property.

(8) Water and sewage systems or service.

(9) Plumbing system.

(10) Heating and air conditioning.

(11) Electrical system.

(12) Other equipment and appliances included in the sale.

(13) Soils, drainage and boundaries.

(14) Presence of hazardous substances.

(15) Condominiums and other homeowners associations,

(16) Legal issues affecting title or that would interfere with use and enjoyment of the property.

[fn1] 68 P. S. Â§ 1021 et seq. (repealed).

2000, Dec. 20, P.L. 815, No, 114, Â§ 1, effective in one year.

68 Pa.C.S.A. Â§ 7305. Delivery of disclosure form

Text of section effective one year from December 20, 2000

2000, Dec. 20, P.L.

Real Estate Contract To Purchase

This form is part of a form package!

Description

Viewed forms

How to fill out Pennsylvania Residential Real Estate Sales Disclosure Statement?

Form popularity

FAQ

How do you write a simple contract?

How do you fill out a contract to purchase?

How do I write a letter of intent for a real estate purchase?

How do I write a contract for a seller?

What is the difference between an offer to purchase and a purchase agreement?

Trusted and secure by over 3 million people of the world’s leading companies

Real Estate Contract To Purchase

This form is part of a form package!

Description

Related legal definitions

Viewed forms

How to fill out Pennsylvania Residential Real Estate Sales Disclosure Statement?

Form popularity

FAQ

How do you write a simple contract?

How do you fill out a contract to purchase?

How do I write a letter of intent for a real estate purchase?

How do I write a contract for a seller?

What is the difference between an offer to purchase and a purchase agreement?

Real Estate Contract To Purchase Related Searches

Trusted and secure by over 3 million people of the world’s leading companies