Pennsylvania Code › Title 49 - PROFESSIONAL AND VOCATIONAL STANDARDS › Part I - DEPARTMENT OF STATE › Subpart A - PROFESSIONAL AND OCCUPATIONAL AFFAIRS › Chapter 35 - STATE REAL ESTATE COMMISSION › Subchapter E - STANDARDS OF CONDUCT AND PRACTICE › REAL ESTATE DOCUMENTS › Section 35.333 - Agreements of sale

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An agreement of
						sale, other than for a cemetery lot, mausoleum or cremation space or opening,
						shall contain:
(1) The date of the
						agreement.
(2) The names of the
						buyer and seller.
(3) A description
						of the property and the interest to be conveyed.
(4) The sale price.
(5) The dates for payment and
						conveyance.
(6) The zoning
						classification of the property, except if the property (or each parcel thereof,
						if subdividable) is zoned solely or primarily to permit single-family
						dwellings, together with a statement that the failure of the agreement of sale
						to contain the zoning classification of the property shall render the agreement
						voidable at the option of the buyer and, if voided, deposits tendered by the
						buyer shall be returned to the buyer without a requirement of court
						action.
(7) A statement identifying
						the capacity in which the broker, or a licensee employed by the broker is
						involved in the transaction and whether services have been provided to another
						party in the transaction.
(8) A
						provision that payments of money received by the broker on account of the
						sale-regardless of the form of payment and the person designated as payee (if
						payment is made by an instrument)-shall be held by the broker in an escrow
						account pending consummation of the sale or a prior termination
						thereof.
(9) The following
						statement:
"A Real Estate Recovery Fund exists to reimburse any
						  person who has obtained a final civil judgment against a Pennsylvania real
						  estate licensee owing to fraud, misrepresentation, or deceit in a real estate
						  transaction and who has been unable to collect the judgment after exhausting
						  all legal and equitable remedies. For complete details about the Fund, call
						  (717) 783-3658."
(10) A
						statement that access to a public road may require issuance of a highway
						occupancy permit from the Department of Transportation.
(11) In the case of an agreement of sale for
						the purchase of a time share or campground membership, a statement regarding
						the purchaser's right of cancellation that is set forth conspicuously in bold
						face type of at least 10 point size immediately above the signature line for
						the purchaser and that is in substantially the following form:
"You, the purchaser, may cancel this purchase at any
						  time prior to midnight of the fifth day following the date of this transaction.
						  If you desire to cancel, you are required to notify the seller, in writing, at
						  (insert address). Such notice shall be given by certified return receipt mail
						  or by any other bona fide means of delivery which provides you with a receipt.
						  Such notice shall be effective upon being postmarked by the United States
						  Postal Service or upon deposit of the notice with any bona fide means of
						  delivery which provides you with a receipt."