A buyer in Pennsylvania signs a standard Agreement of Sale for a single-family home. Which of the following documents is MOST commonly used as the standard residential purchase contract in Pennsylvania?
Correct Answer
A) The PAR Standard Agreement of Sale (Form ASR)
The Pennsylvania Association of Realtors (PAR) publishes the Standard Agreement of Sale (Form ASR), which is the most widely used residential purchase contract in Pennsylvania. While not mandated by law, it is the industry standard used by most licensees.
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Under the PAR Agreement of Sale, all of the following are obligations of the buyer under the mortgage contingency EXCEPT:
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- → A buyer in Montgomery County defaults on a PA Agreement of Sale. The seller wants to pursue both liquidated damages (retaining the hand money) AND actual damages through a lawsuit. Under PA law, can the seller do both?
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