COVID-19 Addendum Available for Use
The COVID-19 Addendum to the Agreement of Sale can be used to modify the terms of the sales agreement in the event third-party services become unavailable or so limited that meeting deadlines in the sales agreement are impossible or impractical.
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Newer, Smarter Forms Debuting Jan. 1
Several forms will be updated as of Jan. 1 to address issues related to smart home technology. Here’s what you need to know.
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Drafting Legal Documents
Anticipate the unanticipated and prepare an agreement that offers guidance.
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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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Inspection Contingency Review
The inspection contingency in the Standard Agreement for the Sale of Real Estate (PAR Form ASR) is one of the most frequent topics for the PAR legal hotline. The election, performance and ensuing negotiations make up a procedure that – it seems – has become so commonplace that many licensees don’t know what to do […]
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Revised Agreement of Sale debuting July 1
The only substantive change to its content is in Paragraph 8(I), which relates to FHA and VA financing.
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Summer forms update
Summer will bring one small change to the Agreement of Sale and more work for task forces.
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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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Smart homes and smarter forms
A task force led by Bill Lublin of the Bucks County Association of Realtors® has identified four key issues PAR’s forms should address: notification to buyers and sellers of video and audio surveillance, data privacy and security issues, contractual obligations on energy-efficient equipment and passively-collected data.
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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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