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.
Pennsylvania Contract for the Sale of Commercial Property - Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement
State:
Multi-State
Control #:
US-01325BG
Format:
Word;
Rich Text
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How to fill out Contract For The Sale Of Commercial Property - Owner Financed With Provisions For Note And Purchase Money Mortgage And Security Agreement?
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FAQ
The Pennsylvania Real Estate Seller Disclosure Law requires that a seller of residential property provide a signed and dated copy of a property disclosure form, which covers specific topics relating to the condition of the property for a prospective buyer prior to the signing of an agreement of sale.
Pennsylvania has a single-document rule applicable to the installment sales of motor vehicles that requires all agreements between buyers and sellers must be found in one document, the retail installment sales contract.
A statute of frauds is in place on all real estate sales in Pennsylvania, requiring acceptance of both parties in some form of writing. This holds both parties accountable to the provisions set forth in the written acceptance.
(The statute of frauds requires contracts that contain a right or interest in real property to be in writing in order to be enforceable. These types of agreements would be purchase contracts, deeds, easements and options.
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.
Pennsylvania applies a two year statute of limitation for personal injury and property damage and a four year statute of limitations for breach of contract actions.
§ 7303. 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).
To be enforceable, a contract should have the following elements: Offer: One party must make an offer to the other party. Acceptance: The other party must accept the offer. Consideration: Each party must give something of value to the other party.
