Pennsylvania Residential Real Estate Sale Contract
Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
Residential Real Estate Sale Contract for use in Pennsylvania. Can be used when selling or buying a free-standing residential home.
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The Residential Real Estate Sale Contract form is designed for use by a buyer and a seller of a free-standing residential home. The agreement provides for the traditional terms between a seller and buyer, including purchase price, financing contingencies, surveys, pest and other inspections, title matters and more. This contract is for use in transactions that do not involve a Broker and where the Buyer is obtaining a new loan or is assuming an existing loan.
When signed by one party, this signed contract constitutes a formal offer. The contract allows the person making the offer to designate a time and date by which the contract must be signed and returned before it expires.
These are just some of the important provisions included in this Pennsylvania Residential Real Estate Sale Contract:
- Parties: Identifies the Seller and Buyer involved in the transaction;
- Property to be Sold: Specific property being sold, including a legal description;
- Price and Payment: The price for the property and when and how payments are to be made;
- Earnest Money and Other Deposits: How the earnest money is to be kept and handled ;
- Contingencies: Allows certain contingencies with regard to the property;
- Removal Of Contingencies: What happens if contingencies are not removed;
- Time For Acceptance And Effective Date: Time by which offer needs to be executed by both parties;
- Condition of the Property: Defines the condition of the property
- Inspection: Mechanical, Pest and other inspections ;
- Radon and Lead Paint Disclosure: Disclosure about Radon testing and Lead Paints;
- Utilities: How utilities will be handles;
- Casualty Loss: Defined who bears the risk of loss;
- Title: Transfer of title from seller to buyer;
- Existing Mortgages: Seller shall furnish to Buyer a statement from all mortgagee(s);
- Professional Survey Engineering Plans And Studies: Whether a survey shall be made and the furnishing of all plans;
- Delivery Of Deed: When and how the Deed will be transferred;
- Closing And Possession of Property: Time and manner of closing and when possession occurs;
- Restrictions, Easements, Limitations: The various easements, restrictions and limitations of the property - if any;
- Obligations at Closing: Seller's and Buyer's obligation at closing;
- Closing costs: checklist for who is responsible for which closing costs;
- Defaults And Remedies: What happens in case of defaults and the remedies thereto;
- Disputes: Sets forth how disputes may be settled
- Residential Real Estate Sale Contract Instructions and Checklist
- Information about Residential Real Estate Sale Contract
- Pennsylvania Residential Real Estate Sale Contract
- Earnest Money Receipt
- Disclosure Of Information On Lead-Based Paint Or Lead-Based Paint Hazards.
Pennsylvania Residential Real Estate Sale Contract
Product Details
| Product | Pennsylvania Residential Real Estate Sale Contract |
| Country | United States |
| Pages | 23 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | New Loan or Loan Assumption Real Estate Sale Contract |
| Product number | #20967 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
This contract is a legal document used to outline the terms and conditions of a sale between a buyer and seller of residential property in Pennsylvania. It includes details such as the purchase price, contingencies, and obligations of both parties.
You should use this contract when you are buying or selling a free-standing residential home in Pennsylvania, especially in transactions that do not involve a broker. It is essential for documenting the terms of the sale.
If contingencies outlined in the contract are not met, the buyer may have the right to withdraw from the agreement without penalty. The contract specifies the process for addressing unmet contingencies.
Yes, once signed by both parties, the Pennsylvania Residential Real Estate Sale Contract becomes a legally binding agreement. It is important to ensure that all terms are clearly understood before signing.
Earnest money is a deposit made by the buyer to demonstrate their commitment to the purchase. The contract outlines how this money is to be held and under what conditions it may be forfeited or returned.
No, this contract is specifically designed for residential real estate transactions. For commercial properties, a different type of agreement should be used.
The contract requires disclosures regarding lead-based paint hazards and other property conditions. These disclosures are crucial for protecting the buyer's interests.
The contract is prepared to comply with Pennsylvania real estate laws, but it is advisable to consult with a legal professional to ensure that all aspects of the transaction adhere to state regulations.
Is This Form Right For You?
Use This Form If:
- Individuals who are looking to buy a free-standing residential home in Pennsylvania will require this contract to formalize the agreement with the seller. This document outlines the terms of the sale, including the purchase price and any contingencies that may apply.
- Sellers intending to transfer ownership of their residential property can utilize this contract to ensure that all necessary terms are documented. It provides clarity on the obligations of both parties, including the handling of earnest money and the timeline for closing.
- Situations requiring a clear understanding of property conditions, such as inspections for pests or mechanical issues, make this contract essential. It allows buyers to stipulate necessary inspections before finalizing the purchase.
- For those assuming an existing mortgage or obtaining a new loan, this contract serves as a formal agreement that addresses financing contingencies. It ensures that both parties are aware of their financial responsibilities throughout the transaction.
- Real estate agents or brokers may recommend this contract to clients who are engaging in a private sale without professional representation. The comprehensive nature of the document helps protect the interests of both the buyer and seller.
Do Not Use If:
- – This form is not appropriate for transactions involving commercial properties, as it is specifically tailored for residential real estate sales. Different legal considerations apply to commercial transactions.
- – If either party is represented by a real estate broker, this contract may not be suitable. In such cases, brokers typically provide their own agreements that comply with industry standards.
- – In situations where the buyer is not obtaining financing or assuming an existing loan, this contract may not address all necessary financial terms. Alternative agreements may be more appropriate.
- – If the property is part of a foreclosure or short sale, this contract may not be suitable due to the unique legal requirements and processes involved in such transactions.
- – For transactions that require specific contingencies or terms that are not covered in this contract, it may be necessary to create a custom agreement to address those unique needs.
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