A Pennsylvania residential purchase agreement is a document that forms a legally binding contract between a buyer and seller for the transaction of residential property. This crucial document includes essential details such as the buyer and seller’s information, a comprehensive property description, the agreed purchase price, the financing method, and specific sales conditions.
Both parties negotiate the terms, and the agreement becomes binding once all conditions are settled and the document is signed.
State Laws
- Legal Obligation to Disclose: Pennsylvania law mandates home sellers and condominium unit sellers to inform potential buyers about any “known material defects” that are not easily noticeable. This includes issues like structural problems and hazardous substances. [1]
- Language Requirements: Pennsylvania statutes include a list of items and exact language for the disclosure form. [2]
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
Property Disclosure Statement
The seller must provide a disclosure of the property's condition and any material defect (§ 7304).
Pennsylvania Sellers Property Disclosure Statement (Realtors Version)
Realtor's version of the previous property disclosure form provided by the Pennsylvania Association of Realtors.
Do Sellers in Pennsylvania Have to Disclose Property Defects?
Yes, in Pennsylvania, sellers must disclose any significant defects in the property to potential buyers.
