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In Pennsylvania, the standard Agreement of Sale typically includes:

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Question & Answer

Review the question and all answer choices

A

A 30-day inspection period

A is incorrect because Pennsylvania does not mandate a specific 30-day inspection period in standard agreements. Inspection periods are negotiable and typically range from 7-21 days, not automatically 30 days.

B

A contingency period for inspections

Correct Answer
C

Automatic financing approval

C is incorrect because standard agreements never include automatic financing approval. Financing is always contingent on the buyer obtaining acceptable financing terms, never guaranteed in the contract.

D

Seller financing terms

D is incorrect because seller financing terms are not part of the standard Agreement of Sale. These terms are negotiated separately and would be included in a separate financing agreement or addendum.

Why is this correct?

B is correct because Pennsylvania's standard Agreement of Sale typically includes contingencies for inspections. These contingencies protect buyers by allowing them to back out or renegotiate if inspections reveal problems, making this a standard and essential provision.

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