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SELLER S PROPERTY DISCLOSURE STATEMENT SPD This form recommended and approved for but not restricted to use by the members of the Pennsylvania Association of REALTORS PAR. For a list of exempt sellers see Information Regarding the Real Estate Seller s Property Disclosure Law found on the last page of this document. A Material Defect is a problem with a residential real property or any portion of it that would have a significant adverse impact on the value of the property or that involves an...unreasonable risk to people on the property. While the Law requires certain disclosures this statement includes disclosures beyond the basic requirements of the Law in an effort to assist sellers in complying with seller disclosure requirements and to assist buyers in evaluating the property being considered. Sellers who wish to see or use the basic disclosure form can find the form on the Web site of the Pennsylvania State Real Estate Commission. This Statement discloses Seller s knowledge of...the condition of the property as of the date signed by Seller and is not a substitute for any inspections or warranties that Buyer may wish to obtain. This Statement is not a warranty of any kind by Seller or a warranty or representation by any listing real estate broker any selling real estate broker or their licensees. PROPERTY SELLER The Real Estate Seller Disclosure Law 68 P. S. 7301 et seq. requires that a seller of a property must disclose to a buyer all known material defects about the...property being sold that are not readily observable. BUYER Generally speaking the Real Estate Seller Disclosure Law requires that before an agreement of sale is signed the seller in a residential real estate transfer must make certain disclosures regarding the property to potential buyers in a form defined by the law. SELLER S EXPERTISE A Does Seller possess expertise in contracting engineering architecture environmental assessment or other areas related to the construction and conditions of the...property and its improvements B Is Seller the landlord for the property C Is Seller a real estate licensee Explain any yes answers in section 1 2. OWNERSHIP/OCCUPANCY Yes No Unk N/A A Occupation 1. When was the property most recently occupied 2. Was the Seller the most recent occupant If no when did the Seller most recently occupy 3. How many persons most recently occupied the property B Role of Individual Completing This Disclosure. 2. After completing this form if Seller becomes aware of...additional information about the property including through inspection reports from a buyer the Seller must update the Seller s Property Disclosure Statement and/or attach the inspection s. These inspection reports are for informational purposes only. 21. ATTACHMENTS A The following are part of this Disclosure if checked The undersigned Seller represents that the information set forth in this disclosure statement is accurate and complete to the best of Seller s knowledge. Seller hereby...authorizes the Listing Broker to provide this information to prospective buyers of the property and to other real estate licensees. SELLER ALONE IS RESPONSIBLE FOR THE ACCURACY OF THE INFORMATION CONTAINED IN THIS STATEMENT. Seller shall cause Buyer to be notified in writing of any information supplied on this form which is rendered inaccurate by a change in the condition of the property following completion of this form. DATE INFORMATION REGARDING THE REAL ESTATE SELLER DISCLOSURE LAW EXECUTOR...ADMINISTRATOR TRUSTEE SIGNATURE BLOCK According to the provisions of the Real Estate Seller Disclosure Law the undersigned executor administrator or trustee is not required to fill out a Seller s Property Disclosure Statement. The executor administrator or trustee must however disclose any known material defect s of the property. RECEIPT AND ACKNOWLEDGEMENT BY BUYER warranty and that unless stated otherwise in the sales contract Buyer is purchasing this property in its present condition. It is...Buyer s responsibility to satisfy himself or herself as to the condition of the property.
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Comprehensive Guide to the Pennsylvania Sellers Disclosure Form
Understanding the Pennsylvania Sellers Disclosure Form
The Pennsylvania Sellers Disclosure Form is a legal document mandated by state law that requires sellers to disclose known material defects in a property. This form is pivotal for transparency in real estate transactions, ensuring that potential buyers have access to essential information regarding the condition of the property. Among the most critical aspects disclosed are structural issues, pest infestations, and significant repairs that have been conducted.
Key Features of the Form
The Pennsylvania Sellers Disclosure Form comprises several key features designed to assist both sellers and buyers. Notable attributes include:
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Sellers are required to provide detailed information about the condition of the property, covering various areas such as plumbing, electrical systems, and roofing.
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The form explicitly states that while it provides information regarding property conditions, it does not serve as a warranty or guarantee.
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Buyers are encouraged to conduct thorough inspections independent of the disclosure to ensure informed purchasing decisions.
Who Needs the Pennsylvania Sellers Disclosure Form
Any seller of residential property in Pennsylvania must complete the Sellers Disclosure Form unless exempt. This includes homeowners, real estate investors, and developers. However, certain categories of sellers may be exempt, such as estates, certain banks, and other transactions where the seller has not occupied the property.
Best Practices for Accurate Completion
To ensure accuracy when completing the Pennsylvania Sellers Disclosure Form, sellers should consider the following best practices:
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Sellers should assess each part of the property critically to disclose all known defects.
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Including details about repairs helps provide transparency and assurance to potential buyers.
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Advising with a realtor or attorney can provide clarity on disclosure obligations and minimize risks.
Common Errors to Avoid
When completing the Pennsylvania Sellers Disclosure Form, sellers should be wary of common errors, such as:
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Failing to disclose known material defects can lead to serious legal consequences.
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Sellers must ensure they fully understand what needs to be disclosed beyond obvious defects.
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Completing the form in a timely manner is crucial to avoid complications during the sale process.
Eligibility Criteria for the Form
The eligibility criteria for using the Pennsylvania Sellers Disclosure Form primarily focus on ownership status. Sellers must be the legal owners of the property being sold and must have knowledge of its condition. If sellers are part of a partnership or corporation, those responsible for managing the property must fill out the form, providing full disclosure of any known issues.
Frequently Asked Questions about pa sellers disclosure form pdf
What happens if a seller does not complete the Pennsylvania Sellers Disclosure Form?
If a seller fails to complete the Pennsylvania Sellers Disclosure Form, they may face legal consequences related to nondisclosure of material defects. Buyers could seek damages or rescind the property sale based on undisclosed issues.
Can a seller be exempt from using the form?
Yes, certain sellers, such as those selling property through a court order or certain financial institutions, may be exempt from completing the Pennsylvania Sellers Disclosure Form.
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People Also Ask about seller disclosure form
What is the sellers disclosure statute in PA?
§ 7308. In completing the property disclosure statement, the seller shall not make any representations that the seller or the agent for the seller knows or has reason to know are false, deceptive or misleading and shall not fail to disclose a known material defect.
How long are you liable after selling a house in PA?
C.S. §§7501, up to two years from the date of closing. A claim may be provable through information gained from neighbors, utility bills, former Disclosure Statements, failed sales inspection reports, home warranty claims, and/or insurance claims.
What is the statute of limitations on seller disclosure in PA?
For example, under Pennsylvania law, a suit against a home inspector must be brought within one (1) year of the date the home inspection report is given to the buyer. The Pennsylvania Seller Disclosure Law requires the suit to be filed within two (2) years of the date closing.
Is Pennsylvania a full disclosure state?
Pennsylvania home sellers must, by law, advise potential buyers of the property about "known material defects" that are not readily observable, including structural problems, hazardous substances, and more, before the sale is completed.
Is a sellers disclosure required in PA?
Any seller who intends to transfer any interest in real property shall disclose to the buyer any material defects with the property known to the seller by completing all applicable items in a property disclosure statement which satisfies the requirements of section 7304 (relating to disclosure form).
What do you have to disclose when selling a house in Pennsylvania?
Seller: A seller must disclose to a buyer all known material defects about property being sold that are not readily observable. This disclosure statement is designed to assist the seller in complying with disclosure requirements and to assist the buyer in evaluating the property being considered.
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