A Pennsylvania buyer's offer includes a home sale contingency. The seller accepts the offer but wants the right to continue marketing the property. Under the PAR Home Sale Contingency Addendum, what is the standard mechanism for this?
Correct Answer
A) The seller may accept another offer and give the buyer a specified number of days to remove the contingency or terminate
Under the PAR Home Sale Contingency Addendum, the seller typically retains the right to continue marketing the property. If the seller receives another acceptable offer, the seller provides notice to the buyer, who then has a specified number of days (typically 48-72 hours) to either remove the home sale contingency or terminate the agreement.
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More Pa Specific Contract Provisions Questions
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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 PA Agreement of Sale, when is the buyer typically entitled to conduct a final walk-through inspection of the property?
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