Lisa is purchasing a condominium in Pittsburgh. Under the PA Uniform Condominium Act, after receiving the resale certificate from the condo association, how many days does Lisa have to review it and cancel the agreement without penalty?
Correct Answer
D) 5 calendar days
Under the Pennsylvania Uniform Condominium Act (68 Pa.C.S. §3407), a buyer of a resale condominium unit has 5 calendar days after receiving the resale certificate to cancel the agreement of sale without penalty.
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More Pa Specific Contract Provisions Questions
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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- → In Pennsylvania, the Statute of Frauds requires that real estate contracts be in writing. Which of the following contracts is subject to this requirement?
- → Under the PAR Agreement of Sale, which of the following is NOT a standard remedy available to the seller when a buyer defaults on the contract?
- → A buyer in Lancaster County signs a PA Agreement of Sale. The agreement includes a provision allowing the buyer to assign the contract to another party. Under Pennsylvania law, which statement about contract assignment is correct?
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Under the PAR Agreement of Sale in Pennsylvania, all of the following are typically included as standard provisions EXCEPT:
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Marcus, a licensed salesperson in Pennsylvania, is helping a buyer prepare an offer. The buyer wants to include a clause making the purchase contingent on the sale of the buyer's current home. How should Marcus handle this in the PA Agreement of Sale?