The Pennsylvania purchase agreement creates a secured contract for the transaction of a residential property. The form records critical details such as buyer and seller information, a property description, the method of financing, and sales price. The contents of the agreement are generally negotiated between the buyer and seller and endorsed upon acceptance.
Required Disclosures
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – For all homes to be sold that were constructed in 1978 or earlier, a supplemental informational packet must be distributed to the buyer. The descriptive paperwork educates the purchaser of the risks linked to lead-composed paint and health hazards that may result from contact with the substance.
Pennsylvania Seller’s Property Disclosure Statement (§ 7304) – The state of Pennsylvania stipulates the obligation for the seller of a property to equip the buyer with a property disclosure statement. The supplied form contributes a general idea of the condition of the building and land, to the best understanding of the seller. It is recommended the buyer contract the services of a licensed inspector to investigate the condition of the home further before the sale has concluded.
Realtor Versions
Standard Agreement for the Sale of Real Estate – PDF