Read. The. Forms.

Each year the PAR Legal Hotline fields a fair number of calls with questions can be answered simply by taking the time to carefully read some of the most common transactional forms every so often.

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Agreement of Sale to be Updated July 1

Beginning July 1, all of the agreements should have the following elements to them, where applicable: fixtures and personal property, inspection limitations and reports and the Internet of Things and recordings.

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Inspection Contingency Review

If you have been involved in the resale of a unit in a condominium or planned community (and who hasn’t?), then you are familiar with the necessity of buyer’s receipt […]

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Does anybody really care what time it is?

Timing is not always everything, but it is critical in the executory period that exists between signing an agreement and settlement. A good practitioner should never lose sight of the timing of events, the periods within which tasks must be completed and even the timing of settlement. 

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Deposits: Too little, too late

The standard Agreement of Sale does not dictate a norm. The norm is not to have an agreement funded by a deposit paid five days after execution. It is one option among a near infinitive number of options. 

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Exercise due diligence early

The revised Agreement for the Sale of Real Estate (Form ASR) published by the Pennsylvania Association of Realtors® includes a new requirement that buyers order a title report from a reputable title company within so many days of execution. The provision, vetted for a least a year and approved by PAR’s Standard Forms Committee, is intended to address a range of frequently recurring problems in residential transactions.   

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Revised Agreement of Sale available

Revisions to PAR’s Agreement of Sale were approved by the Standard Forms Committee in the fall for publication on Jan. 1. The revised form is available now on PAR’s website, along with updated Guidelines for Preparation & Use.

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