A buyer in Pennsylvania wants to include a contingency in the Agreement of Sale that requires the property to pass a water quality test for the private well. Where should this contingency be documented?
Correct Answer
D) In the Agreement of Sale or a written addendum attached to it
All contingencies must be documented in writing as part of the Agreement of Sale or in a written addendum attached to it. The PAR form includes provisions for well/water testing, and specific terms should be clearly stated in the contract documents.
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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?
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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 Lehigh County, PA has a mortgage contingency specifying a conventional loan at no more than 6.5% interest for 30 years. The buyer receives a commitment at 6.75%. Under the PAR Agreement of Sale, what should the buyer do?
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Under the PAR Agreement of Sale, the buyer has an inspection contingency with a 10-day inspection period. On day 8, the buyer submits a repair request. The seller does not respond by the end of day 10. What happens under the standard PAR provisions?