Pennsylvania Residential Purchase and Sale Agreement

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A Pennsylvania residential purchase and sale agreement enables a prospective homeowner to establish a legal arrangement with a seller for the acquisition of real estate. The agreement addresses a variety of terms including the agreed-upon purchase price, personal items to remain on the property, closing conditions, earnest money, and other financial contingencies. Ownership of the property can only be transferred lawfully if the buyer and seller consent to the contract terms and inscribe their signatures on the agreement. According to § 7304, before a contract can be signed, the seller must furnish to the buyer a Property Disclosure Statement mentioning any known material defects which could affect the buyer’s decision to purchase.

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Required Disclosures

Lead-Based Paint Disclosure – If a property is being sold to a buyer, and the property was built before 1978, the seller must provide the buyer with this disclosure form to notify them of any lead-based paint which might be contained in the dwelling.

Seller’s Property Disclosure Statement (§ 7304) – Sellers are required to complete this property disclosure and provide it to buyers before signing a purchase and sale agreement. This disclosure outlines the seller’s knowledge of material defects to their property.

Commercial Property

Commercial Purchase AgreementUse this document to purchase or sell any type of commercial property.

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