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In the United States, a seller disclosure statement is a form disclosing the seller's knowledge of the condition of the property. The seller disclosure notice or statement is anecdotal and does not serve as a substitute for any inspections or warranties the purchaser may wish to obtain. It also does not serve as a warranty of any kind. [1]
Pennsylvania's statutes are organized into seventy-nine topic groups, ranging from "Aeronautics" to "Zoning," spread across one hundred and seven volumes. [2] An alternate publication, "Purdon's Pennsylvania Statutes Annotated," includes the text of statutes, as well as cross-references, footnotes, and commentary developed over two centuries. [2]
The Laws of the General Assembly of the Commonwealth of Pennsylvania (also known as the Pamphlet Laws or just Laws of Pennsylvania, as well as the Acts of the General Assembly of the Commonwealth of Pennsylvania) is the compilation of session laws passed by the Pennsylvania General Assembly. [1]
A regulated developer is to provide each purchaser with a disclosure document called a Property Report. The Property Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement and gives the purchaser at a minimum a 7-day period to cancel the purchase agreement.
Building contingencies into the contract: Most real estate contracts have contingencies that give sellers cause to back out. For instance, the seller may say they will only sell their property if ...
The Pennsylvania Consolidated Statutes are the official compilation of session laws enacted by the Pennsylvania General Assembly. [1] Pennsylvania is undertaking its first official codification process. [2] [3] It is published by the Pennsylvania Legislative Reference Bureau [4] (PALRB or LRB). [5] Volumes of Purdon's Pennsylvania Statutes ...
Civil law in some jurisdictions (Quebec, Canada) does provide for such an automatic right unless a property is sold "without guarantee" as to its quality. However, if a latent defect is discovered, there is often a presumption against the seller when a claim is made in misrepresentation that the seller knew about the latent defect.
The entity disposing, conveying, and selling the assets is referred to as the seller or vendor. [3] A PSA sets out the various rights and obligations of both the buyer and seller, and might also require other documents be executed and recorded in the public records, such as an assignment, deed of trust, or farmout agreement. [4]
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