Main Line Homes Blog

head_left_image

An explanation of Pennsylvania Agreement of Sale Part 3

PA Agreement of Sale Part 3

Part 1

Part 2

Part 4

Part 5

Part 6

Part 7

Part 8

Part 9

A short post today to complete Page 3.

Page continues with Paragraph 7 revised in September 2005 which is a warning about meeting deadlines. If the agreement is contingent upon inspections and/or repairs, insurability, environmental conditions etc, if these are not carried out by the times stated in the agreement it is the same as if the contingency has been waived and the Buyer accepts the property and agrees to the RELEASE stated in Paragraph 27. This is one of the duties of the Buyers agent to make sure you are staying within your time lines and if extensions are needed as a result of discoveries negotiating those or terminating the contract so that the buyer is protected.

Paragraph 8 added in September 2005 deals with Property Insurance Availability. Option is to waive or elect. This paragraph allows the buyer to make sure the property is insurable with conditions that are reasonably acceptable to the buyer. As stated above this is a new paragraph and has not seen a courtroom as yet. It most likely will get tightened up as a result of a lawsuit as the language is too loose and allows a buyer room to get out of a contract if they wish. Sub paragraphs deal with steps as a result of the findings, A is acceptance; B Termination in writing with all monies returned to buyer according to the terms of paragraph 30; C enter into a mutually acceptable written agreement. If the buyer and seller do not reach a mutually written agreement during the contingency period and buyers does not terminate the agreement then as stated above in Paragraph 7 buyer accepts the property and agrees to the Release in paragraph 27.

Paragraph 9 revised in September 2005 deals with Inspections. There are five sub paragraphs. Paragraph A states that the seller will provide access to those who are making inspections. This also applies if the buyer is obtaining a mortgage. If the mortgage contingency is not elected make sure your agent specifies that access is given to appraisers if you are going to get a mortgage but the agreement is not contingent upon that. Buyers may also attend any inspections. Paragraph B allows the buyer to make a pre-settlement walk through inspection, even if all other contingencies are waived. Paragraph C states that seller will have heating and all utilities including fuel on for all inspections. Paragraph D allows any of those professionals making inspections to provide a copy of the inspection to the broker for the buyer. Paragraph E allows the seller to obtain without cost a copy of any inspection report from the party for whom it was prepared. Often if a deal falls apart it is important to now the reasons. Buyers usually resent handing over their inspection reports as they have paid for them, but this paragraph is clear in its wording that sellers can ask for it without charge.

If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you,  contact us or connect

  Twitter link  Linked in linkl our blog RSS feed of MainLineHomes Blog

Feel free to subscribe to our blog to stay up to date with our latest posts and information on the Tredyffrin Easttown and Main Line Real Estate Market. 

 

Comment balloon 0 commentsNick Vandekar, 610-203-4543 • November 01 2007 09:14AM
An explanation of Pennsylvania Agreement of Sale Part 3
share
PA Agreement of Sale Part 3 Part 1 Part 2 Part 4 Part 5 Part 6 Part 7 Part 8 Part 9 A short post today to complete Page 3. Page continues with Paragraph 7 revised in September 2005 which is a warning about meeting deadlines. If the agreement is… more
An Explanation of the Pennsylvania Agreement of Sale Part 2
share
PA Agreement of Sale Part 2 Continuing with our explanation of the PA Agreement of Sale (AOS) we will start at the top of page 2. If you want to read other parts of this explanation Part 1 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8 Part 9 Paragraph 4… more
An explanation of The PA Agreement of Sale Part 1
share
The PA Agreement of Sale (AOS) is 10 pages long, 11 if you include the Lead-based paint hazards disclosure and inspection contingency addendum and consists of 34 paragraphs and 622 lines excluding Notices on the back of the pre-printed pages, which… more
3 Treaty Drive, Chesterbrook - New listing
share
When looking for a town home location is everything. 3 Treaty Drive is one of those locations. Very private and NOT near the turnpike. Updated bathrooms, new carpets on the second floor, hardwood floors on… more
Home InspectionProcess
share
Part of the process of selling or buying a home is the home inspection. However, many people do not understand the purpose of the home inspection. So let's look at what it is not and what it should be whether you are a seller, a buyer or simply a… more
1031 Exchange Update
share
October 2008 Information supplied by David Gorenberg of LandAmerica 1031 Exchange Update §1031 Tax-Deferred Exchanges to Undergo Scrutiny On September 17, 2007, the Treasury Inspector General for Tax Administration issued a report regarding taxpayer… more
1031 Exchanges
share
This week at our office meeting I attended an excellent seminar given by LandAmerica about 1031 exchanges. David Gorenberg of LandAmerica 1031 is a Certified Exchange Specialist® and has the experience to not only handle the exchange smoothly but… more
Giving more than 100%… maybe this will help.
share
I do not know where this came from, but our manager shared it with us the other day in a meeting and I thought after a little editing it was worth passing on. From a strictly mathematical viewpoint it goes like this: What makes 100%? What does it… more
How involvement in the Suburban West Realtors Association helped my…
share
This is a copy of a recent article I wrote for Realotr News, the September/October 2007 issue. Simply put I am a great believer in giving back to your industry. Before becoming a real estate practitioner in the United States, I was an antiques… more
If priced correctly and marketed properly properties sell
share
We recently were asked to list a home that was part of an estate on Derwen Road in Lower Merion. Great location and a wonderful old house, but it had suffered over the years. Originally a large and invitingl family home and the practice of a dentist… more