Contracts
Pennsylvania's Real Estate Seller Disclosure Law does NOT apply to which type of transfer?
ASale of a single-family home between two individuals
BTransfer by court order, such as a sheriff's sale or bankruptcy court sale✓ Correct
CSale of a condominium unit
DSale of a duplex by an owner-occupant
Explanation
Pennsylvania's seller disclosure law has exemptions for transfers by court order (sheriff's sales, bankruptcy), transfers between certain family members, new construction covered by a written warranty, and other specified categories. These sellers typically lack personal knowledge of the property's condition.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Disclosure Requirements
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