Pennsylvania Residential Purchase Agreement

Sep 18, 2019 | Publisher: Global Documents | Category: Forms |  | Collection: Legal Forms | Views: 6 | Likes: 1

Buyer’s relatiOnshiP With Pa licensed BrOKer no Business relationship (Buyer is not represented by a broker) Transaction Licensee (Broker and Licensee(s) provide real estate services but do not represent Buyer) seller’s relatiOnshiP With Pa licensed BrOKer no Business relationship (seller is not represented by a broker) Transaction Licensee (Broker and Licensee(s) provide real estate services but do not represent Seller) Licensee(s) (Name) ________________________________________ ________________________________________ State License # __________________________________________ Direct Phone(s) ___________________________________________ Cell Phone(s) ___________________________________________ Email ___________________________________________________ Licensee(s) is (check only one): Buyer Agent (all company licensees represent Buyer) Buyer Agent with Designated Agency (only Licensee(s) named above represent Buyer) Dual Agent (See Dual and/or Designated Agent box below) Licensee(s) (Name) ________________________________________ ________________________________________ State License # __________________________________________ Direct Phone(s) ___________________________________________ Cell Phone(s) ___________________________________________ Email ___________________________________________________ Licensee(s) is (check only one): Seller Agent (all company licensees represent Seller) Seller Agent with Designated Agency (only Licensee(s) named above represent Seller) Dual Agent (See Dual and/or Designated Agent box below) Broker (Company) _______________________________________ _______________________________________ Company License # ______________________________________ Company Address _______________________________________ _______________________________________ Company Phone _________________________________________ Company Fax _________________________________________ Broker is (check only one): Buyer Agent (Broker represents Buyer only) Dual Agent (See Dual and/or Designated Agent box below) Broker (Company) _______________________________________ _______________________________________ Company License # ______________________________________ Company Address _______________________________________ _______________________________________ Company Phone _________________________________________ Company Fax _________________________________________ Broker is (check only one): Seller Agent (Broker represents Seller only) Dual Agent (See Dual and/or Designated Agent box below) ADDRESS (including postal city) ____________________________________________________________________________________ _________________________________________________________________________________ ZIP__________________________, in the municipality of __________________________________________________________, County of__________________________, in the School District of ___________________________________________________________, in the Commonwealth of Pennsylvania. Tax ID #(s): _______________________________________________________________________________________________ and/or Identification (e.g., Parcel #; Lot, Block; Deed Book, Page, Recording Date): ________________________________________________ ________________________________________________________________________________________________________________ PrOPerty standard agreement fOr the sale Of real estate This form recommended and approved for, but not restricted to use by, the members of the Pennsylvania Association of Realtors® (PAR). asr cOPyright Pennsylvania assOciatiOn Of realtOrs® 2018 rev. 1/18; rel. 4/18 Buyer initials:__________________ asr Page 1 of 13 seller initials:__________________ dual and/Or designated agency A Broker is a Dual Agent when a Broker represents both Buyer and Seller in the same transaction. A Licensee is a Dual Agent when a Licensee represents Buyer and Seller in the same transaction. All of Broker’s licensees are also Dual Agents UNLESS there are separate Designated Agents for Buyer and Seller. If the same Licensee is designated for Buyer and Seller, the Licensee is a Dual Agent. By signing this agreement, Buyer and seller each acknowledge having been previously informed of, and consented to, dual agency, if applicable. seller(s): ______________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ seller’s mailing address: _________________________________________________________ _________________________________________________________ _________________________________________________________ Buyer(s):______________________________________________ ________________________________________________________ ________________________________________________________ ________________________________________________________ Buyer’s mailing address: ________________________________________________________ ________________________________________________________ ________________________________________________________ Parties 1. By this agreement, dated , seller hereby agrees to sell and convey to Buyer, who agrees to purchase, the identified Property. 2. Purchase Price and dePOsits (4-14) (A) Purchase Price $ ( U.S. Dollars), to be paid by Buyer as follows: 1. Initial Deposit, within days (5 if not specified) of Execution Date, if not included with this Agreement: $ ____________________________________ 2. Additional Deposit within       days of the Execution Date: $ ____________________________________ 3. $ ____________________________________ Remaining balance will be paid at settlement. (B) all funds paid by Buyer, including deposits, will be paid by check, cashier’s check or wired funds. all funds paid by Buyer within 30 days of settlement, including funds paid at settlement, will be by cashier’s check or wired funds, but not by per- sonal check. (C) Deposits, regardless of the form of payment, will be paid in U.S. Dollars to Broker for Seller (unless otherwise stated here: ____ ____________________________________________________________________________________________________), who will retain deposits in an escrow account in conformity with all applicable laws and regulations until consummation or ter- mination of this Agreement. Only real estate brokers are required to hold deposits in accordance with the rules and regulations of the State Real Estate Commission. Checks tendered as deposit monies may be held uncashed pending the execution of this Agreement. 3. seller assist (if applicable) (1-10) Seller will pay $___________________________________ or _______________ % of Purchase Price (0 if not specified) toward Buyer’s costs, as permitted by the mortgage lender, if any. Seller is only obligated to pay up to the amount or percentage which is approved by mortgage lender. 4. settlement and POssessiOn (4-14) (A) Settlement Date is ___________________________________________________________, or before if Buyer and Seller agree. (B) Settlement will occur in the county where the Property is located or in an adjacent county, during normal business hours, unless Buyer and Seller agree otherwise. (C) At time of settlement, the following will be pro-rated on a daily basis between Buyer and Seller, reimbursing where applicable: current taxes; rents; interest on mortgage assumptions; condominium fees and homeowner association fees; water and/or sewer fees, together with any other lienable municipal service fees. All charges will be prorated for the period(s) covered. Seller will pay up to and including the date of settlement and Buyer will pay for all days following settlement, unless otherwise stated here: ________________________________________________________________________________________________________ (D) For purposes of prorating real estate taxes, the “periods covered” are as follows:  1. Municipal tax bills for all counties and municipalities in Pennsylvania are for the period from January 1 to December 31. 2. School tax bills for the Philadelphia, Pittsburgh and Scranton School Districts are for the period from January 1 to December 31. School tax bills for all other school districts are for the period from July 1 to June 30. (E) Conveyance from Seller will be by fee simple deed of special warranty unless otherwise stated here: ______________________ ________________________________________________________________________________________________________ (F) Payment of transfer taxes will be divided equally between Buyer and Seller unless otherwise stated here:___________________ ________________________________________________________________________________________________________ (G) Possession is to be delivered by deed, existing keys and physical possession to a vacant Property free of debris, with all structures broom-clean, at day and time of settlement, unless Seller, before signing this Agreement, has identified in writing that the Property is subject to a lease. (H) If Seller has identified in writing that the Property is subject to a lease, possession is to be delivered by deed, existing keys and assignment of existing leases for the Property, together with security deposits and interest, if any, at day and time of settlement. Seller will not enter into any new leases, nor extend existing leases, for the Property without the written consent of Buyer. Buyer will acknowledge existing lease(s) by initialing the lease(s) at the execution of this Agreement, unless otherwise stated in this Agreement. tenant-Occupied Property addendum (Par form tOP) is attached and made part of this agreement. 5. dates/time is Of the essence (1-10) (A) Written acceptance of all parties will be on or before: ____________________________________________________________ (B) The Settlement Date and all other dates and times identified for the performance of any obligations of this Agreement are of the essence and are binding. (C) The Execution Date of this Agreement is the date when Buyer and Seller have indicated full acceptance of this Agreement by sign- ing and/or initialing it. For purposes of this Agreement, the number of days will be counted from the Execution Date, excluding the day this Agreement was executed and including the last day of the time period. all changes to this agreement should be ini- tialed and dated. (D) The Settlement Date is not extended by any other provision of this Agreement and may only be extended by mutual written agree- ment of the parties. (E) Certain terms and time periods are pre-printed in this Agreement as a convenience to the Buyer and Seller. All pre-printed terms and time periods are negotiable and may be changed by striking out the pre-printed text and inserting different terms acceptable to all parties, except where restricted by law. Buyer initials:______________________ asr Page 2 of 13 seller initials:______________________ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 6. ZOning (4-14) Failure of this Agreement to contain the zoning classification (except in cases where the property {and each parcel thereof, if subdi- vidable} is zoned solely or primarily to permit single-family dwellings) will render this Agreement voidable at Buyer’s option, and, if voided, any deposits tendered by the Buyer will be returned to the Buyer without any requirement for court action. Zoning classification, as set forth in the local zoning ordinance: ____________________________________________________ 7. fixtures and PersOnal PrOPerty (1-17) (A) INCLUDED in this sale, unless otherwise stated, are all existing items permanently installed in or on the Property, free of liens, and other items including plumbing; heating; gas fireplace logs; radiator covers; lighting fixtures (including chandeliers and ceil- ing fans); pools, spas and hot tubs (including covers and cleaning equipment); electric animal fencing systems (excluding collars); garage door openers and transmitters; television antennas; mounting brackets and hardware for television and sound equipment; unpotted shrubbery, plantings and trees; smoke detectors and carbon monoxide detectors; sump pumps; storage sheds; fences; mailboxes; wall to wall carpeting; existing window screens, storm windows and screen/storm doors; window covering hardware (including rods and brackets), shades and blinds; awnings; central vacuum system (with attachments); built-in air conditioners; built-in appliances; the range/oven; dishwashers; trash compactors; any remaining heating and cooking fuels stored on the Property at the time of settlement; and, if owned, water treatment systems, propane tanks, satellite dishes and security systems. Unless stated otherwise, the following items are included in the sale, but not in the Purchase Price:________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ (B) The following items are LEASED (not owned by Seller). Contact the provider/vendor for more information (e.g., water treatment systems, propane tanks, satellite dishes and security systems): _____________________________________________________ (C) EXCLUDED fixtures and items: ____________________________________________________________________________ _______________________________________________________________________________________________________ 8. mOrtgage cOntingency (9-16) WAIVED. This sale is NOT contingent on mortgage financing, although Buyer may obtain mortgage financing and/or the parties may include an appraisal contingency. ELECTED. (A) This sale is contingent upon Buyer obtaining mortgage financing according to the following terms: (B) Upon receiving documentation demonstrating lender’s approval, whether conditional or outright, of Buyer’s mortgage applica- tion(s) according to the terms set forth above, Buyer will promptly deliver a copy of the documentation to Seller, but in any case no later than __________________________. 1. If Seller does not receive a copy of the documentation demonstrating lender’s conditional or outright approval of Buyer’s mort- gage application(s) by the date indicated above, Seller may terminate this Agreement by written notice to Buyer. Seller’s right to terminate continues until Buyer delivers documentation demonstrating lender’s conditional or outright approval of Buyer’s mortgage application(s) to Seller. Until Seller terminates this Agreement pursuant to this Paragraph, Buyer must continue to make a good faith effort to obtain mortgage financing. 2. Seller may terminate this Agreement by written notice to Buyer after the date indicated above if the documentation demon- strating lender’s conditional or outright approval of Buyer’s mortgage application(s): a. Does not satisfy the terms of Paragraph 8(A), OR b. Contains any condition not specified in this Agreement (e.g., Buyer must settle on another property, an appraisal must be received by the lender, or the approval is not valid through the Settlement Date) that is not satisfied and/or removed in writ- ing by the mortgage lender(s) within 7 DAYS after the date indicated in Paragraph 8(B), or any extension thereof, other than those conditions that are customarily satisfied at or near settlement (e.g., obtaining insurance, confirming employ- ment). 3. If this Agreement is terminated pursuant to Paragraphs 8(B)(1) or (2), or the mortgage loan(s) is not obtained for settlement, all deposit monies will be returned to Buyer according to the terms of Paragraph 26 and this Agreement will be VOID. Buyer will be responsible for any costs incurred by Buyer for any inspections or certifications obtained according to the terms of this Agreement, and any costs incurred by Buyer for: (1) Title search, title insurance and/or mechanics’ lien insurance, or any fee for cancellation; (2) Flood insurance, fire insurance, hazard insurance, mine subsidence insurance, or any fee for cancellation; (3) Appraisal fees and charges paid in advance to mortgage lender(s). second mortgage on the Property Loan Amount $ ________________________________________ Minimum Term ______________ years Type of mortgage ______________________________________ For conventional loans, the Loan-To-Value (LTV) ratio is not to exceed _______% Mortgage lender ________________________________________ ______________________________________________________ Interest rate _________%; however, Buyer agrees to accept the interest rate as may be committed by the mortgage lender, not to exceed a maximum interest rate of _________%. Discount points, loan origination, loan placement and other fees charged by the lender as a percentage of the mortgage loan (exclud- ing any mortgage insurance premiums or VA funding fee) not to exceed _________% (0% if not specified) of the mortgage loan. Buyer initials:______________________ asr Page 3 of 13 seller initials:______________________ 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 first mortgage on the Property Loan Amount $ ________________________________________ Minimum Term ______________ years Type of mortgage ______________________________________ For conventional loans, the Loan-To-Value (LTV) ratio is not to exceed _______% Mortgage lender ______________________________________ ____________________________________________________ Interest rate _________%; however, Buyer agrees to accept the interest rate as may be committed by the mortgage lender, not to exceed a maximum interest rate of _________%. Discount points, loan origination, loan placement and other fees charged by the lender as a percentage of the mortgage loan (exclud- ing any mortgage insurance premiums or VA funding fee) not to exceed _________% (0% if not specified) of the mortgage loan. (C) The Loan-To-Value ratio (LTV) is used by lenders as one tool to help assess their potential risk of a mortgage loan. A particular LTV may be necessary to qualify for certain loans, or buyers might be required to pay additional fees if the LTV exceeds a specific level. The appraised value of the Property may be used by lenders to determine the maximum amount of a mortgage loan. The appraised value is determined by an independent appraiser, subject to the mortgage lender’s underwriter review, and may be higher or lower than the Purchase Price and/or market price of the property. (D) The interest rate(s) and fee(s) provisions in Paragraph 8(A) are satisfied if the mortgage lender(s) gives Buyer the right to guarantee the interest rate(s) and fee(s) at or below the maximum levels stated. If lender(s) gives Buyer the right to lock in the interest rate(s), Buyer will do so at least 15 days before Settlement Date. Buyer gives Seller the right, at Seller’s sole option and as permitted by law and the mortgage lender(s), to contribute financially, without promise of reimbursement, to Buyer and/or the mortgage lender(s) to make the above mortgage term(s) available to Buyer. (E) Within _____ days (7 if not specified) from the Execution Date of this Agreement, Buyer will make a completed mortgage appli- cation (including payment for and ordering of credit reports without delay) for the mortgage terms and to the mortgage lender(s) identified in Paragraph 8(A), if any, otherwise to a responsible mortgage lender(s) of Buyer’s choice. Broker for Buyer, if any, otherwise Broker for Seller, is authorized to communicate with the mortgage lender(s) to assist in the mortgage loan process. Broker for Seller, if any, is permitted to contact the morgage lender(s) at any time to determine the status of the mortgage loan application. (F) Buyer will be in default of this agreement if Buyer furnishes false information to anyone concerning Buyer’s financial and/or employment status, fails to cooperate in good faith with processing the mortgage loan application (including payment for and ordering of appraisal without delay), fails to lock in interest rate(s) as stated in Paragraph 8(D), or otherwise causes the lender to reject, or refuse to approve or issue, a mortgage loan commitment. (G) If the mortgage lender(s), or a property and casualty insurer providing insurance required by the mortgage lender(s), requires repairs to the Property, Buyer will, upon receiving the requirements, deliver a copy of the requirements to Seller. Within 5 DAYS of receiving the copy of the requirements, Seller will notify Buyer whether Seller will make the required repairs at Seller’s expense. 1. If Seller makes the required repairs to the satisfaction of the mortgage lender and/or insurer, Buyer accepts the Property and agrees to the RELEASE in Paragraph 28 of this Agreement. 2. If Seller will not make the required repairs, or if seller fails to respond within the stated time, Buyer will, within 5 DAYS, notify Seller of Buyer’s choice to: a. Make the repairs/improvements at Buyer’s expense, with permission and access to the Property given by Seller, which will not be unreasonably withheld, OR b. Terminate this Agreement by written notice to Seller, with all deposit monies returned to Buyer according to the terms of Paragraph 26 of this Agreement. if Buyer fails to respond within the time stated in Paragraph 8(G)(2) or fails to terminate this Agreement by written notice to Seller within that time, Buyer will accept the Property, make the required repairs/improvements at Buyer’s expense and agree to the RELEASE in Paragraph 28 of this Agreement. fha/va, if aPPlicaBle (H) It is expressly agreed that notwithstanding any other provisions of this contract, Buyer will not be obligated to complete the pur- chase of the Property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless Buyer has been given, in accordance with HUD/FHA or VA requirements, a written statement by the Federal Housing Commissioner, Veterans Administration, or a Direct Endorsement Lender setting forth the appraised value of the Property of not less than $_________________________ (the Purchase Price as stated in this Agreement). Buyer will have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the Property. Buyer should satisfy himself/herself that the price and condition of the Property are acceptable. Warning: Section 1010 of Title 18, U.S.C., Department of Housing and Urban Development and Federal Housing Administration Transactions, provides, “Whoever for the purpose of . . . influencing in any way the action of such Department, makes, passes, utters or publishes any statement, knowing the same to be false shall be fined under this title or imprisoned not more than two years, or both.” (I) u.s. department of housing and urban development (hud) nOtice tO Purchasers: Buyer’s acknowledgement Buyer has received the HUD Notice “For Your Protection: Get a Home Inspection.” Buyer understands the importance of getting an independent home inspection and has thought about this before signing this Agreement. Buyer understands that FHA will not perform a home inspection nor guarantee the price or condition of the Property. (J) certification We the undersigned, Seller(s) and Buyer(s) party to this transaction each certify that the terms of this contract for purchase are true to the best of our knowledge and belief, and that any other agreement entered into by any of these parties in connection with this transaction is attached to this Agreement. 9. change in Buyer’s financial status (4-14) In the event of a change in Buyer’s financial status affecting Buyer’s ability to purchase, Buyer shall promptly notify Seller and lender(s) to whom the Buyer submitted a mortgage application, if any, in writing. A change in financial status includes, but is not lim- ited to, loss or a change in employment; failure or loss of sale of Buyer’s home; Buyer’s having incurred a new financial obligation; entry of a judgment against Buyer. Buyer understands that applying for and/or incurring an additional financial obligation may affect Buyer’s ability to purchase. Buyer initials:______________________ asr Page 4 of 13 seller initials:______________________ 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 10. seller rePresentatiOns (4-14) (A) status of Water Seller represents that the Property is served by: Public Water Community Water On-site Water None ________________________________________ (B) status of sewer 1. Seller represents that the Property is served by: Public Sewer Community Sewage Disposal System Ten-Acre Permit Exemption (see Sewage Notice 2) Individual On-lot Sewage Disposal System (see Sewage Notice 1) Holding Tank (see Sewage Notice 3) Individual On-lot Sewage Disposal System in Proximity to Well (see Sewage Notice 1; see Sewage Notice 4, if applicable) None (see Sewage Notice 1) None Available/Permit Limitations in Effect (see Sewage Notice 5) ________________________________________________________________________________________________ 2. notices Pursuant to the Pennsylvania sewage facilities act notice 1: there is no currently existing community sewage system available for the subject property. Section 7 of the Pennsylvania Sewage Facilities Act provides that no person shall install, construct, request bid proposals for construction, alter, repair or occupy any building or structure for which an individual sewage system is to be installed, without first obtaining a permit. Buyer is advised by this notice that, before signing this Agreement, Buyer should contact the local agency charged with administering the Act to determine the procedure and requirements for obtaining a permit for an individual sewage system. The local agency charged with administering the Act will be the municipality where the Property is located or that municipality working cooperatively with others. notice 2: this Property is serviced by an individual sewage system installed under the ten-acre permit exemption provisions of section 7 of the Pennsylvania sewage facilities act. (Section 7 provides that a permit may not be required before installing, constructing, awarding a contract for construction, altering, repairing or connecting to an individual sewage system where a ten-acre parcel or lot is subdivided from a parent tract after January 10, 1987). Buyer is advised that soils and site testing were not conducted and that, should the system malfunction, the owner of the Property or properties serviced by the system at the time of a malfunction may be held liable for any contamination, pollution, public health hazard or nuisance which occurs as a result. notice 3: this Property is serviced by a holding tank (permanent or temporary) to which sewage is conveyed by a water carrying system and which is designed and constructed to facilitate ultimate disposal of the sewage at another site. Pursuant to the Pennsylvania Sewage Facilities Act, Seller must provide a history of the annual cost of maintaining the tank from the date of its installation or December 14, 1995, whichever is later. notice 4: an individual sewage system has been installed at an isolation distance from a well that is less than the dis- tance specified by regulation. The regulations at 25 Pa. Code §73.13 pertaining to minimum horizontal isolation distances provide guidance. Subsection (b) of §73.13 states that the minimum horizontal isolation distance between an individual water supply or water supply system suction line and treatment tanks shall be 50 feet. Subsection (c) of §73.13 states that the hori- zontal isolation distance between the individual water supply or water supply system suction line and the perimeter of the absorption area shall be 100 feet. notice 5: this lot is within an area in which permit limitations are in effect and is subject to those limitations. Sewage facilities are not available for this lot and construction of a structure to be served by sewage facilities may not begin until the municipality com- pletes a major planning requirement pursuant to the Pennsylvania Sewage Facilities Act and regulations promulgated thereunder. (C) historic Preservation Seller is not aware of historic preservation restrictions regarding the Property unless otherwise stated here: _________________ _______________________________________________________________________________________________________ (D) land use restrictions 1. Property, or a portion of it, is subject to land use restrictions and may be preferentially assessed for tax purposes under the following Act(s) (see Notices Regarding Land Use Restrictions below): Agricultural Area Security Law (Right-to-Farm Act; Act 43 of 1981; 3 P.S. § 901 et seq.) Farmland and Forest Land Assessment Act (Clean and Green Program; Act 319 of 1974; 72 P.S. § 5490.1 et seq.) Open Space Act (Act 442 of 1967; 32 P.S. § 5001 et seq.) Conservation Reserve Program (16 U.S.C. § 3831 et seq.) Other ____________________________________________________________________________________________ 2. notices regarding land use restrictions a. Pennsylvania right-to-farm act: The property you are buying may be located in an area where agricultural operations take place. Pennsylvania protects agricultural resources for the production of food and agricultural products. The law limits circumstances where normal agricultural operations may be subject to nuisance lawsuits or restrictive ordinances. b. clean and green Program: Properties enrolled in the Clean and Green Program receive preferential property tax assess- ment. Buyer and Seller have been advised of the need to contact the County Tax Assessment Office before the execution of this Agreement to determine the property tax implications that will or may result from the sale of the Property, or that may result in the future as a result of any change in use of the Property or the land from which it is being separated. c. Open space act: This Act enables counties to enter into covenants with owners of land designated as farm, forest, water supply, or open space land on an adopted municipal, county or regional plan for the purpose of preserving the land as open space. A covenant between the owner and county is binding upon any Buyer of the Property during the period of time that the covenant is in effect (5 or 10 years). Covenants automatically renew at the end of the covenant period unless specific termination notice procedures are followed. Buyer has been advised of the need to determine the restrictions that will apply from the sale of the Property to Buyer and the property tax implications that will or may result from a change in use of the Property, or any portion of it. Buyer is further advised to determine the term of any covenant now in effect. Buyer initials:______________________ asr Page 5 of 13 seller initials:______________________ 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 d. conservation reserve (enhancement) Program: Properties enrolled in the Conservation Reserve Program or CREP are environmentally-sensitive areas, the owners of which receive compensation in exchange for an agreement to maintain the land in its natural state. Contracts last from 10 to 15 years and carry penalties to Seller if terminated early by Buyer. Buyer has been advised of the need to determine the restrictions on development of the Property and the term of any contract now in effect. Seller is advised to determine the financial implications that will or may result from the sale of the Property. (E) real estate seller disclosure law Generally, the Real Estate Seller Disclosure Law requires that before an agreement of sale is signed, the seller in a residential real estate transfer must make certain disclosures regarding the property to potential buyers in a form defined by the law. A residen- tial real estate transfer is defined as a sale, exchange, installment sales contract, lease with an option to buy, grant or other transfer of an interest in real property where nOt less than One and nOt mOre than fOur residential dWelling units are involved. Disclosures for condominiums and cooperatives are limited to the seller’s particular unit(s). Disclosures regarding common areas or facilities are not required, as those elements are already addressed in the laws that govern the resale of condominium and cooperative interests. (F) Public and/or Private assessments 1. Seller represents that, as of the date Seller signed this Agreement, no public improvement, condominium or homeowner asso- ciation assessments have been made against the Property which remain unpaid, and that no notice by any government or public authority (excluding assessed value) has been served upon Seller or anyone on Seller’s behalf, including notices relating to vio- lations of zoning, housing, building, safety or fire ordinances that remain uncorrected, and that Seller knows of no condition that would constitute a violation of any such ordinances that remain uncorrected, unless otherwise specified here: ________ ____________________________________________________________________________________________________ 2. Seller knows of no other potential notices (including violations) and/or assessments except as follows: __________________ ____________________________________________________________________________________________________ (G) highway Occupancy Permit Access to a public road may require issuance of a highway occupancy permit from the Department of Transportation. 11. Waiver Of cOntingencies (9-05) If this Agreement is contingent on Buyer’s right to inspect and/or repair the Property, or to verify insurability, environmental conditions, boundaries, certifications, zoning classification or use, or any other information regarding the Property, Buyer’s failure to exercise any of Buyer’s options within the times set forth in this agreement is a Waiver of that contingency and Buyer accepts the Property and agrees to the release in Paragraph 28 of this agreement. 12. Buyer’s due diligence/insPectiOns (9-16) (A) rights and responsibilities 1. Seller will provide access to insurers’ representatives and, as may be required by this Agreement or by mortgage lender(s), to surveyors, municipal officials, appraisers and inspectors. All parties and their real estate licensee(s) may attend any inspections. 2. Buyer may make two pre-settlement walk-through inspections of the Property. Buyer’s right to these inspections is not waived by any other provision of this Agreement. 3. seller will have heating and all utilities (including fuel(s)) on for all inspections/appraisals. 4. All inspectors, including home inspectors, are authorized by Buyer to provide a copy of any inspection Report to Broker for Buyer. 5. Seller has the right, upon request, to receive a free copy of any inspection Report from the party for whom it was prepared. Unless oth- erwise stated, Seller does not have the right to receive a copy of any lender’s appraisal report. (B) Buyer waives or elects at Buyer’s expense to have the following inspections, certifications, and investigations (referred to as “Inspection” or “Inspections”) performed by professional contractors, home inspectors, engineers, architects and other properly licensed or otherwise qualified professionals. All inspections shall be non-invasive, unless otherwise agreed in writing. If the same inspector is inspecting more than one system, the inspector must comply with the Home Inspection Law. (See Paragraph 12(D) for Notices Regarding Property and Environmental Inspections) (C) For elected Inspection(s), Buyer will, within the Contingency Period stated in Paragraph 13(A), complete Inspections, obtain any Inspection Reports or results (referred to as “Report” or “Reports”), and accept the Property, terminate this Agreement, or submit a written corrective proposal to Seller, according to the terms of Paragraph 13(B). home/Property inspections and environmental hazards (mold, etc.) Buyer may conduct an inspection of the Property’s structural components; roof; exterior windows and exterior doors; exterior building material, fascia, gutters and downspouts; swimming pools, hot tubs and spas; appliances; electrical systems; interior and exterior plumbing; public sewer systems; heating and cooling systems; water penetration; elec- tromagnetic fields; wetlands and flood plain delineation; structure square footage; mold and other environmental haz- ards (e.g., fungi, indoor air quality, asbestos, underground storage tanks, etc.); and any other items Buyer may select. If Buyer elects to have a home inspection of the Property, as defined in the Home Inspection Law, the home inspection must be performed by a full member in good standing of a national home inspection association, or a person super- vised by a full member of a national home inspection association, in accordance with the ethical standards and code of conduct or practice of that association, or by a properly licensed or registered engineer or architect. (See Notices Regarding Property & Environmental Inspections) Wood infestation Buyer may obtain a written “Wood-Destroying Insect Infestation Inspection Report” from an inspector certified as a wood-destroying pests pesticide applicator and will deliver it and all supporting documents and drawings provided by the inspector to Seller. The Report is to be made satisfactory to and in compliance with applicable laws, mortgage lender requirements, and/or Federal Insuring and Guaranteeing Agency requirements. The Inspection is to be limited to all readily-visible and accessible areas of all structures on the Property, except fences. If the Inspection reveals Buyer initials:______________________ asr Page 6 of 13 seller initials:______________________ 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 elected ________ elected ________ Waived ________ Waived ________ active infestation(s), Buyer, at Buyer’s expense, may obtain a Proposal from a wood-destroying pests pesticide appli- cator to treat the Property. If the Inspection reveals damage from active or previous infestation(s), Buyer may obtain a written Report from a professional contractor, home inspector or structural engineer that is limited to structural damage to the Property caused by wood-destroying organisms and a Proposal to repair the Property. deeds, restrictions and Zoning Buyer may investigate easements, deed and use restrictions (including any historic preservation restrictions or ordi- nances) that apply to the Property and review local zoning ordinances. Buyer may verify that the present use of the Property (such as in-law quarters, apartments, home office, day care, commercial or recreational vehicle parking) is permitted and may elect to make the Agreement contingent upon an anticipated use. Present use: _______________ ______________________________________________________________________________________________ Water service Buyer may obtain an Inspection of the quality and quantity of the water system from a properly licensed or otherwise qualified water/well testing company. If and as required by the inspection company, Seller, at Seller’s expense, will locate and provide access to the on-site (or individual) water system. Seller will restore the Property to its previous condition, at Seller’s expense, prior to settlement. radon Buyer may obtain a radon test of the Property from a certified inspector. The U.S. Environmental Protection Agency (EPA) advises corrective action if the average annual exposure to radon is equal to or higher than 0.02 working levels or 4 picoCuries/liter (4pCi/L). Radon is a natural, radioactive gas that is produced in the ground by the normal decay of uranium and radium. Studies indicate that extended exposure to high levels of radon gas can increase the risk of lung cancer. Radon can find its way into any air-space and can permeate a structure. If a house has a radon problem, it usually can be cured by increased ventilation and/or by preventing radon entry. Any person who tests, mitigates or safeguards a building for radon in Pennsylvania must be certified by the Department of Environmental Protection. Information about radon and about certified testing or mitigation firms is available through Department of Environmental Protection, Bureau of Radiation Protection, 13th Floor, Rachel Carson State Office Building, P.O. Box 8469, Harrisburg, PA 17105-8469, (800) 23RADON or (717) 783-3594. www.epa.gov On-lot sewage (if applicable) Buyer may obtain an Inspection of the individual on-lot sewage disposal system from a qualified, professional inspector. If and as required by the inspection company, Seller, at Seller’s expense, will locate, provide access to, and empty the individual on-lot sewage disposal system. Seller will restore the Property to its previous condition, at Seller’s expense, prior to settlement. See Paragraph 13(C) for more information regarding the Individual On-lot Sewage Inspection Contingency. Property and flood insurance Buyer may determine the insurability of the Property by making application for property and casualty insurance for the Property to a responsible insurer. Broker for Buyer, if any, otherwise Broker for Seller, may communicate with the insurer to assist in the insurance process. If the Property is located in a specially-designated flood zone, Buyer may be required to carry flood insurance at Buyer’s expense, which may need to be ordered 14 days or more prior to Settlement Date. Revised flood maps and changes to Federal law may substantially increase future flood insurance premiums or require insurance for formerly exempt properties. Buyer should consult with one or more flood insur- ance agents regarding the need for flood insurance and possible premium increases. Property Boundaries Buyer may engage the services of a surveyor, title abstractor, or other qualified professional to assess the legal description, certainty and location of boundaries and/or quantum of land. Most sellers have not had the Property sur- veyed as it is not a requirement of property transfer in Pennsylvania. Any fences, hedges, walls and other natural or constructed barriers may or may not represent the true boundary lines of the Property. Any numerical representations of size of property are approximations only and may be inaccurate. lead-Based Paint hazards (for Properties built prior to 1978 only) Before Buyer is obligated to purchase a residential dwelling built prior to 1978, Buyer has the option to conduct a risk assessment and/or inspection of the Property for the presence of lead-based paint and/or lead-based paint haz- ards. regardless of whether this inspection is elected or waived, the residential lead-Based Paint hazard reduction act requires a seller of property built prior to 1978 to provide the Buyer with an ePa-approved lead hazards information pamphlet titled “Protect your family from lead in your home,” along with a sep- arate form, attached to this agreement, disclosing seller’s knowledge of lead-based paint hazards and any lead-based paint records regarding the Property. Other __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ The Inspections elected above do not apply to the following existing conditions and/or items:________________________________ ______________________________________________________________________________________________________________ ______________________________________________________________________________________________________________ (D) notices regarding Property & environmental inspections 1. exterior Building materials: Poor or improper installation of exterior building materials may result in moisture penetrating the surface of a structure where it may cause mold and damage to the building’s frame. Buyer initials:______________________ asr Page 7 of 13 seller initials:______________________

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