Updated Pennsylvania Sales Agreements Coming July 1
All five of PAR’s standard sales contracts – commercial, manufactured housing, new construction, residential and vacant land – will be updated as of July 1.
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Hotline FAQS: Commonly Misunderstood Clauses
Aside from reading JustListed and calling the PAR Legal Hotline with your individual questions, brokers and agents should review the Guidelines for Preparation and Use for the forms you use the most.
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Can My Buyer Waive Receipt of HOA Documents?
Because there is no waiver provision for residential transactions, the law appears to say that buyers are not able to waive receipt of association documents as part of their offers.
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Something Breaks, Floods or Needs Repair Right Before Closing… Now What?
Closing is scheduled for tomorrow morning and everyone is excited to finalize the deal. You suddenly get a frantic call from your seller who explains they were about to leave the house with the last few boxes when a torrential downpour blew through the area and they now have an inch of standing water in the basement. Now what do you do about the closing in the morning?
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What Waiving the Mortgage Contingency Really Means
Plainly stated, waiving the mortgage contingency has no effect on whether a buyer is allowed to obtain mortgage financing to complete the purchase.
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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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Best of the hotline: Mobile homes and Agreement of Sale acknowledgements
As a Realtor®, can you sell a mobile home? Does a seller’s agent have to provide the Consumer Notice and the Statement of Estimated Closing Costs to the listing agent? Recent calls to the hotline yielded answers.
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Commitment Issues
On Jan. 1, a new Standard Agreement for the Sale of Real Estate will be published with a noticeably different paragraph 8.
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Post-inspection negotiation – Is “good faith” required?
Attorney James Goldsmith discusses a seller’s “obligation” to negotiate repairs or improvements during the negotiation period.
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Protect yourself and your clients with proper lead-based paint disclosures
The Residential Lead-Based Paint Hazard Reduction Act of 1992 requires certain property sellers and lessors to disclose the known presence of lead-based paint, and also places a burden on agents to ensure compliance with the regulations.
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