Best of the Legal Hotline: Frequently Asked Questions on Four Standard Forms
PAR’s Legal Hotline attorneys held a webinar yesterday discussing frequently asked questions on standard forms, specifically, Seller’s Property Disclosure, Appraisal Contingency Addendum, Price Escalation Addendum and COVID-19 Property Access Notice.
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New and Improved Seller’s Property Disclosure Statement
Although it may seem at first glance that there are many changes to the form, most of the new language you’ll see is a clarification of current questions and not the addition of new ones.
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New and Revised Forms to be Released on July 1
New and revised forms include the Seller’s Property Disclosure, the Appraisal Contingency Addendum, the COVID-19 Property Access Notice and the Commercial Property Management Agreement:.
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When a Sale Is Terminated, What Happens to That Inspection?
The Pennsylvania Seller Disclosure Law requires sellers to disclose known material defects of a residential property to potential buyers, but it does not matter how a seller learns of that material defect. This includes material defects identified through a buyer’s inspection when the transaction does not ultimately close. In this situation, the seller’s property disclosure must be updated.
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Do I Really Need to Disclose That?
Remember that more disclosure is usually better than less disclosure, and that disclosing items during a transaction is likely to be less risky (and far less expensive) than explaining the lack of disclosure in a deposition after the transaction.
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Seller Disclosure overhaul
Recently, several member volunteers met at PAR headquarters to review common questions and figure out if PAR’s seller’s property disclosure statement needs a remake. A task force led by Pat Moyer of the Suburban West Realtors® Association has begun working its way through the form, while trying to strike a balance between information a seller should disclose and a buyer’s obligation to perform due diligence.
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Realtors® advocate at the state capital
More than 100 Pennsylvania Realtors® met with 40 state legislators during PAR’s Day on the Hill in Harrisburg yesterday.
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Seller Disclosure requirements when an estate is selling
If your client is selling a property from an estate, what does (s)he need to disclose?
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Small change to the Seller’s Property Disclosure
Stay updated on the latest update to our standard form, the Seller’s Property Disclosure Statement.
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Help consumers understand the terms in a real estate transaction
It’s advantageous to review PAR’s Standard Forms on a regular basis. It’s a good way to refresh your memory so when you’re talking with your clients, you’re able to impress upon them the importance of carefully completing these forms.
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