Updated June 14, 2022
A Pennsylvania commercial real estate purchase and sale agreement formalizes terms and conditions for a real estate transaction between a property owner and a potential buyer. The agreement begins as a non-binding contract that outlines various conditions of the buyer’s offer (e.g., possession date, purchase price, financial contingencies). After the agreement is prepared, it will be presented to the seller for assessment. Sellers will then have the option of accepting the proposal, rejecting the offer, or negotiating new terms with the buyer via a counteroffer. The agreement will become legally binding once signed by each party.
Disclosures
Consumer Notice (§ 35.336) – Real estate licensees are obligated to provide this notice to consumers to disclose the nature of their agency relationship.
Residential Property
Pennsylvania Residential Purchase Agreement – A purchase and sale contract used to convey the terms and conditions of a residential real estate transaction between the buyer and seller.
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