A buyer in Pennsylvania is purchasing a townhouse. The Agreement of Sale includes an HOA contingency. The buyer receives the HOA documents and discovers monthly dues of $450 and a pending special assessment of $5,000. Under the contingency, what can the buyer do?
Correct Answer
D) The buyer may terminate within the review period if the HOA terms are unacceptable
Under the HOA contingency provisions and the PA Planned Communities Act, the buyer has a review period after receiving HOA documents. If the buyer finds the HOA terms unacceptable (including dues and assessments), the buyer may terminate the agreement within the review period.
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Previous Question
A buyer in Berks County has an inspection contingency in the PA Agreement of Sale. During the inspection, the inspector discovers the property is connected to a shared private well serving three homes. The buyer was not aware of this arrangement. How does this affect the buyer's contingency rights?
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A buyer in Pennsylvania has a mortgage contingency in the PAR Agreement of Sale specifying a VA loan. The VA appraisal includes a Tidewater notice, indicating the appraiser believes the value may be below the purchase price. After review, the appraisal comes in $15,000 below the purchase price. Under the VA loan program and the PA Agreement of Sale, what are the buyer's options?