Under the PAR Agreement of Sale, the inspection contingency allows the buyer to hire inspectors to evaluate various systems. Which of the following inspections is the buyer MOST likely to conduct in a rural Pennsylvania property with a private well and septic system?
Correct Answer
D) General home inspection, well water quality test, and septic system evaluation
For a rural PA property with a private well and septic system, the buyer would typically conduct a general home inspection, a well water quality test (for bacteria, nitrates, and other contaminants), and a septic system evaluation. These are the most relevant inspections for properties not connected to municipal services.
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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:
A licensed salesperson in Pennsylvania mishandles the hand money deposit by depositing it into their personal account instead of the broker's escrow account. The buyer later defaults, and the deposit is not fully available. What are the consequences for the salesperson?
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A buyer in Blair County closes on a property and later discovers the seller's real estate agent knew about a major plumbing defect but did not disclose it. The buyer sues both the seller and the agent. If the buyer obtains a judgment against the agent but the agent cannot pay, what is the maximum the buyer can recover from the PA Real Estate Recovery Fund per transaction?
- → 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 includes a sale-of-buyer's-property contingency in the Agreement of Sale. The seller accepts with a kick-out clause. The seller receives another offer and provides the buyer with 72-hour notice. If the buyer cannot remove the contingency within 72 hours, what happens?
Next Question
A buyer in Pennsylvania has both a mortgage contingency and an appraisal contingency in the Agreement of Sale. The property appraises at full value, satisfying the appraisal contingency. However, the buyer's loan is denied due to a job loss. Can the buyer terminate under the mortgage contingency?