A buyer and seller in Pennsylvania enter into an Agreement of Sale. The buyer wants to include a contingency that allows termination if the property is located in a flood zone. Under the PAR Agreement of Sale, which statement about flood zone provisions is accurate?
Correct Answer
A) The agreement addresses flood zone disclosure and the buyer may have rights regarding flood insurance requirements
The PAR Agreement of Sale includes provisions addressing flood zone status and flood insurance requirements. If the property is located in a designated flood zone, the buyer is informed of potential flood insurance requirements, and the agreement may provide the buyer with rights related to this discovery.
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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?
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- → 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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Previous Question
A buyer in Pennsylvania purchases a property and discovers shortly after settlement that the property has a right-of-way easement that was not disclosed in the Agreement of Sale. The easement allows a neighbor to access a rear parcel through the buyer's property. Under PA law, what is the buyer's potential claim?
Next Question
A buyer in Pennsylvania includes a mortgage contingency in the PAR Agreement of Sale. What is the primary purpose of this contingency?