Thank you, Desiree. As always, very informative and it is always good to get a souvenir! I have a question about paragraph 3. I have had cases of a sale that has not been concluded for one reason or another. Does the seller have to provide a copy of this report at the request of the next buyer? The report has been paid for and is owned by the first buyer. I have had this proposal in the past and I have not shared the report. There will also be two new changes – what else? – Form-ASR (and of course other sales contracts). Although minor, these changes are very important because they affect the rights and remedies that your clients have under the contract. The first change affects the buyer`s rights if the seller is not able to transfer a little less than the full title. Since the form is currently written, the buyer`s only option is to terminate the contract if the seller is unable to transfer “good marketable securities”; From July, the buyer will have an additional opportunity to “take a title that the seller can pass on.” This allows the buyer to choose between taking a less than perfect security and terminating the agreement. The buyer is aware of an inspection. Some buyers may opt for an inspection.
Other buyers may forego an inspection. There is no absolute that says that a property must have an inspection. If the buyer #1 share after the inspection, why should a seller be required to disclose each item? Our sales agreement allows a buyer to leave after inspections, regardless of the problem with which he is not comfortable. EVERY, NOMBREUX buyers just get cold feet and finish with inspection as their out. It happens all the time. This puts the seller in a difficult situation…. and do we not forget inspectors who do not say “as well informed” as others and who totally get something wrong on a report? Should this be disclosed? It doesn`t seem fair to protect a seller. Put too much power on the buyers` side. It is basically all cards in the hands of buyers as leverage to negotiate a credit or giant repairs… basically because they know that a seller must disclose or correct, instead of negotiating on the basis of the sale price, etc.
The contract to purchase and sell residential real estate in Pennsylvania allows a potential owner to enter into a legal agreement with a seller for the acquisition of real estate. The agreement covers a wide range of conditions, including the agreed purchase price, personal property that must remain on the ground, closing conditions, serious money and other financial contingencies. Ownership of the property can only be legally transferred if the buyer and seller accept the terms of the contract and enter their signature into the contract. Before the contract is signed, the seller must submit to the buyer a disclosure statement mentioning known material defects that could affect the buyer`s purchase decision.