A Pennsylvania seller transfers residential property to an irrevocable trust where the seller is not the beneficiary. Two years later, the trustee sells the property to a third party. Under 68 Pa.C.S. §7304, is the trustee exempt from the disclosure requirement?
Correct Answer
D) No, because the trustee is selling residential property and no specific exemption applies to this type of trust sale
The fiduciary exemption in 68 Pa.C.S. §7304 applies to fiduciaries administering the estate of a deceased person. A trustee of an irrevocable trust selling to a third party is not administering a deceased person's estate and may not qualify for the fiduciary exemption. The trustee should provide the disclosure based on available knowledge.
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More Pa Seller Disclosure Questions
A Pennsylvania homeowner transfers his property to his ex-wife as part of a court-approved property settlement two years after their divorce was finalized. Under 68 Pa.C.S. §7304, is this transfer exempt from the disclosure requirement?
Under 68 Pa.C.S. §7304, which of the following transfers is exempt from Pennsylvania's seller disclosure requirement?
A Pennsylvania seller sells a mixed-use property that has a ground-floor commercial space and a second-floor residential apartment. The buyer intends to use both portions. Under the PA Seller Disclosure Law, what is the seller's disclosure obligation?
A Pennsylvania seller is selling their primary residence in a standard transaction. The seller tells the listing agent that they heard from a neighbor that the property might be in a flood zone, but the seller has never experienced flooding and has no documentation. Under 68 Pa.C.S. §7303, how should the seller complete the flood-related question on the disclosure?
A Pennsylvania seller's property was previously used for dry cleaning operations before being converted to residential use. The seller is aware that perchloroethylene (PERC), a common dry cleaning solvent, was used on site. The PA DEP classified the site as a brownfield but issued a final cleanup letter under Act 2 (Land Recycling Program). Must the seller disclose this history?
- → A Pennsylvania seller knows that an underground storage tank (UST) was removed from the property five years ago, and the PA DEP issued a closure letter confirming no contamination. Must the seller disclose the UST history on the Property Disclosure Statement?
- → A buyer in Pennsylvania is purchasing a home built in 1975 that has vermiculite insulation in the attic. The seller knows about the vermiculite but has never had it tested for asbestos. What should the seller disclose?
- → A seller in Pennsylvania has a property where an underground heating oil tank was decommissioned in place (filled with sand or foam) rather than physically removed. The seller has documentation from the company that performed the decommissioning. What should the seller disclose?
- → A seller in Pennsylvania provides the lead paint disclosure form but forgets to include the EPA pamphlet when selling their 1970 home. Has the seller satisfied the federal lead paint disclosure requirements?
- → In Pennsylvania, what is the primary health concern associated with lead-based paint in residential properties?
- → Under federal law, what pamphlet must be provided to buyers of pre-1978 homes in Pennsylvania?
- → In Pennsylvania, the lead paint disclosure form for a pre-1978 home sale must be signed by which parties?
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Previous Question
A Pennsylvania real estate investor purchases a home at a tax sale conducted by the county tax claim bureau. After renovating the property, the investor sells it to a retail buyer. Under 68 Pa.C.S. §7303, must the investor provide a Seller's Property Disclosure Statement?
Next Question
A married couple in Pennsylvania is refinancing their home. As part of the refinance, the lender requires the property to be retitled solely in the wife's name. Under 68 Pa.C.S. §7304, is a Seller's Property Disclosure Statement required for this transfer?