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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