When it comes to selling or buying real estate in Pennsylvania, it is crucial to have a standard agreement in place to protect both parties involved. Luckily, the state has provided a free standard agreement for the sale of real estate in Pennsylvania for the year of 2017.
This agreement, also known as the PAR (Pennsylvania Association of Realtors) Form, is a legal document that outlines the terms and conditions of the sale between the buyer and seller. It covers various aspects such as the purchase price, earnest money deposit, financing, property condition, and closing date.
One of the significant benefits of using the PAR Form is that it is a standardized agreement accepted across the state by industry professionals. It ensures that all necessary aspects of the transaction are covered and eliminates discrepancies that could arise from using a non-standardized agreement.
The PAR Form also includes contingencies that protect both the buyer and seller in case the transaction falls through or any issues arise during the process. For instance, if the buyer is unable to obtain financing or the property does not meet the agreed-upon conditions, the parties can back out of the deal without penalty.
Another advantage of using the PAR Form is that it is a legally-binding contract. Both parties are required to sign and acknowledge the terms and conditions of the agreement, making it an enforceable document in the event of any disputes or legal actions.
In conclusion, selling or buying real estate in Pennsylvania can be complicated, and having a standardized agreement in place like the PAR Form can make the process smoother, protecting both parties. It is essential to have a professional go over the document to ensure it is clear and accurate to avoid any confusion or misunderstandings.