pa sellers disclosure form 2022 pdf

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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...
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by the ordinary consumer. The seller will be issued a certificate of completion and will be required to post a bond for not more than $100,000.00. Failure to pay these penalties will result in the suspension or revocation of the seller's REAL PROPERTY SELLER's license, and in the case of a violation of the Real Estate Seller Disclosure Law, the real estate broker is subject to the penalties listed above for violating the Real Estate Seller Disclosure Law. PAR SELLERS The Uniform Disclosure of Real Property Acquisition Costs Statute (11 P.S. § 240.100 et seq.) requires that a real estate broker or salesperson disclose to a borrower at closing any acquisition costs not disclosed on the selling price of the property. Par sellers must also disclose a non-applicable fee for use of the property, as specified in the Uniform Disclosure Code (UDC) for non-Approved REALTOR Certificates of Title (CCT), Section 7.20. The UDC requires that such information be disclosed to a prospective purchaser when the loan document is signed by the borrower. A Par Seller will be issued a Certificate of Registration (CO) for the REALTOR or REALTOR's Associates, and will be required to sign a Form 6, "Non-Approved Certificates of Title," and a Form 12, "Certificate of Registration for Non-Approved REALTOR," and to maintain such certificates with reasonable care and promptness after their issuance. The CO is issued by: Pennsylvania Real Estate Association 1211 E. Carson St., Suite 705 Philadelphia, PA 19148 REALTOR'S INFORMATION PROMISE, A REVIEW OF PRACTICE The Pennsylvania Association of REALTORS (PAR) and the Pennsylvania Real Estate Board of Examiners' (REAB) are committed to improving the practice of real estate advertising. PAR's information promise is summarized below: Every real property listing in Pennsylvania, including all advertising materials, is subject to a Pennsylvania public records review, which can be requested from the Pennsylvania Board of Real Estate Review and/or from the Pennsylvania State Corporation Commission. In addition, the Pennsylvania Real Estate Board shall provide all prospective buyers with an advertisement that may contain a full disclosure about the property, including a description, size, condition, and dimensions of the property, as well as any of the following: · The name(s) and address of the property's property manager, mortgagee, or REO manager;
PA Sellers Property Disclosure Statement

Before you put that “fixer-upper” on the market, you should stop to consider the consequences of lying on your property disclosure statement.

Do you remember the time that you did some repairs to the windows and your contractor took you aside and quietly said that he had encountered something that resembled the dreaded four-letter word M-O-L-D in your home? Do you remember averting your eyes as the wall was resealed without the proper steps having been taken to deal with the chronic moisture?  Do you recall skimming over the question 5B on your PA Sellers Property Disclosure Statement about water infiltration?

While it behooves the buyer to do their due diligence, starting with professional housing inspections and extending to chatting up the neighbors, it is also the responsibility of the seller to document, to the best of their ability, any incidents which might affect the value of the property.

A seller’s property disclosure statement is something given to the buyer by the seller documenting their knowledge of potential issues with the property. It is not the same thing as an inspection; because there are things the seller may not be aware of that an inspection can bring to light.  The statement covers things like repairs or issues with the roof and/or basement, the seller’s awareness of termite damage, structural issues with the property, water supply, sewage and heating and cooling systems, electrical systems, land and flooding problems, hazardous waste issues, and finally any legal restrictions.

Lying on your statement may open you up to lawsuits down the road, especially if a buyer is able to gather evidence which points to your prior knowledge of a problem.  Each state has its own disclosure requirements, and municipalities within the state may have their own additional requirements.  Click PA Sellers Property Disclosure Statement form with PDFfiller now.

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What is pa form disclosure?
A seller's property disclosure statement is something given to the buyer by the seller documenting their knowledge of potential issues with the property. ... Click PA Sellers Property Disclosure Statement form with PDFfiller now.
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