The Need to Understand the Agreement of Sale
Published on Friday, 05 August 2011 20:39 Written by Matthew J. DeReno
Pennsylvania’s Real Estate Seller Disclosure Law requires that the seller provide the buyer with a signed and dated copy of the property disclosure form before the Agreement of Sale is executed. Although the Seller’s Disclosure encompasses the structural elements of the real property as well as fixtures (such as chandeliers), personal property (furniture) and appliances (washers, dryers, etc.), it is vital that all potential purchasers understand that the executed Agreement of Sale between the parties as well as any applicable addendums will control the inclusion or exclusion of any such property.
Misunderstandings in this area can be avoided simply by ensuring that the purchaser receives the proper information and that the Agreement of Sale is properly drafted to cover the subject matter of the sale, adequately reflecting the negotiations and the intentions of the parties.
Realtors can make sure this is achieved. The inclusion or exclusion of a fixture or personal property on the seller disclosure statement, multi-list or presentation package are not part of the agreement of sale to which the parties contract.
Failure to include or exclude can cause discord among all parties, making an already stressful process that much more difficult and causing post-closing issues that can be time-consuming, challenging and expensive to remedy.
Contact Jennifer Enciso at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. or Darcy Dayton at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. or toll free at (855)935-1400 for more information