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An explanation of Pennsylvania Agreement of Sale Part 3
PA Agreement of Sale Part 3
A short post today to complete Page 3.
Page continues with Paragraph 7 revised in September 2005 which is a warning about meeting deadlines. If the agreement is contingent upon inspections and/or repairs, insurability, environmental conditions etc, if these are not carried out by the times stated in the agreement it is the same as if the contingency has been waived and the Buyer accepts the property and agrees to the RELEASE stated in Paragraph 27. This is one of the duties of the Buyers agent to make sure you are staying within your time lines and if extensions are needed as a result of discoveries negotiating those or terminating the contract so that the buyer is protected.
Paragraph 8 added in September 2005 deals with Property Insurance Availability. Option is to waive or elect. This paragraph allows the buyer to make sure the property is insurable with conditions that are reasonably acceptable to the buyer. As stated above this is a new paragraph and has not seen a courtroom as yet. It most likely will get tightened up as a result of a lawsuit as the ... more
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