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Changes to PA Agreement of Sale Contract
Some new and interesting changes to the Pennsylvania Agreeement of Sale contract recently went live. As a full time Realtor since 2007, I've seen quite a few revisions to the real estate sales contract. I'm geeky enough to be excited about these changes!
After being approved earlier in the fall of 2018, the Standard Forms Committee approved the following changes:
Buyer MUST order title search within 7 days of a fully executed agreement of sale. Previously this was rather ambiguous and since title issues can take a lot of time to clear up (and can even kill a sale) it is in everyone's best interest to get the title search done as quickly as possible.
Details on who is allowed to attend inspections and the pre-settlement have been spelled out. Unless otherwise agreed to in writing, only the named parties on the contract and their real estate agent are allowed to attend.
I have attended some inspections where the buyers brought their entire family, including Uncle Joe, who "knows stuff." If a buyer wants to bring a third party to the inspection, they must name that person and get the seller's permission - it's just common sense. It is still the seller's ... more
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