The Pennsylvania purchase agreement creates a secured contract involving the exchange of a residential property for a determined monetary consideration. The contents of the agreement are generally negotiated between the buyer and seller along with possible professional advisement, to be then endorsed upon acceptance. Included in the form is printed information associated with the buyer, seller, property, and purchase details.
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.
Standard Agreement for the Sale of Real Estate – Adobe PDF