A seller disclosure statement is a document disclosing the seller’s knowledge of the condition of the property. A seller disclosure lists any known problems with the property on the disclosure form, giving the buyer advance notice of any repairs that may need to be made.The seller disclosure does not serve as a substitute for any inspections of warranties the purchaser may wish to obtain.
Sometimes problems with a property are uncovered during the pre-purchase inspection. And sometimes these problems are significant enough to warrant renegotiating the price in order to accommodate the remediation of the problems.
Agreement of Sale
This legal document that outlines the terms of a real estate transaction. It lists the price and other details of the transaction, and is signed by the seller and the buyer. An agreement of sale is also known as the contract of purchase, contract for sale, contract agreement or sale agreement. An agreement of sale is a contract to transfer property. Even after both parties sign the agreement, the property hasn’t changed hands, and the deed isn’t in the buyer’s name.
A deed is the document that transfers ownership of real estate. It will identify the buyer and seller, provide a legal description of the property, and be signed by the person transferring the property. The seller’s signature must be notarized. The deed is the official “proof of transfer” for real estate, which can include land on its own or land that has a house or other building on it.
Title insurance protects the policyholder from the possibility that something in a property’s past could come back to impact future ownership rights. This could include unsatisfied liens or unpaid property taxes and fraud. Title insurance protects against these types of potential problems and more. Unlike other forms of insurance, title insurance is billed in a single one-time premium, paid at the time you purchase your property. The “owner’s policy” protects the owner(s) by insuring up to the full sale price of the property. The premium entities you, and your successors and/or heirs, to a valid title policy for as long as you own the property. In Pennsylvania, pricing for title insurance is regulated by the state, meaning you pay the same rate for title insurance no matter where you buy it.
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Residential and commercial sales and acquisitions; commercial lease drafting; residential lease drafting; residential leasing compliance reviews; security deposit compliance reviews; condominium law; foreclosure purchases; litigation; real estate owner business formation.
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