§ 35.334. Statements of estimated cost and return.
(a) Before an agreement of sale is executed, the brokers involved in the transaction shall provide each party with a written estimate of reasonably foreseeable expenses associated with the sale that the party may be expected to pay, including, but not limited to:
(1) The broker’s commission.
(2) The mortgage payments and financing costs.
(3) Taxes and assessments.
(4) Settlement expenses.
(b) The estimates of costs required under subsection (a) shall be as accurate as may be reasonably expected of a person having knowledge of, and experience in, real estate sales.
(c) The following statement of estimated costs to the buyer at settlement is exemplary of the requirements of subsection (a):
STATEMENT OF ESTIMATED COSTS TO BUYER AT SETTLEMENT
Estimated Settlement Date
Property
Broker
Purchase Price Payment on Account Balance at Settlement Estimated Closing Expenses Title Search and Insurance Conveyancing or Preparation of Papers Charge Recording Fees Deed Mortgage Mortgagee’s Charges Appraisal Fee Credit Report Origination and Placement Fees Mortgage Service Charge Fire Insurance ($
for
years)
Miscellaneous Charges Local Realty Transfer Tax (
%)Pennsylvania Realty Transfer Tax (
%)Notary Fees Other Charges Total Closing Expenses
Costs for Rebates and Advances Rebates to Seller Insurance Annual Taxes and Water- Sewer Rents Advances by Buyer Insurance Taxes (Escrow) Total Costs for Rebates and Advances
Total Estimated Costs at Settlement
Estimated Monthly Payments
First Lien $
years at
%.Interest and Principal Monthly FHA Mortgage Insurance Premium $
Real Estate Taxes $
Fire Insurance $
Water-Sewer Rents $
Total Estimated Monthly Payments $ I/we have read and received a copy of the estimated settlement costs and estimated monthly carrying charges prior to the signing of an agreement of sale to purchase the property noted above.
I/we understand that the above costs are estimated and based on the best information available at this date and that they are subject to change, particularly in the case of the escrow charges such as taxes, water and sewage, rent and insurance.
WITNESS:
…
(SEAL) Buyer
…
(SEAL) Buyer(d) The following statement of estimated costs to the seller at settlement is exemplary of the requirements of subsection (a):
STATEMENT OF ESTIMATED COSTS TO SELLER AT SETTLEMENT
Estimated Settlement Date Property Broker Purchase Price Payment on Account Balance Estimated Closing Expenses Penna. Realty Transfer Tax (
%)Local Realty Transfer Tax (
%)Federal Documentary Stamps Notary Fee Mortgage Discount Unpaid Annual Taxes Broker’s Commission Total Expenses Estimated Closing Credits TaxRefund Estimated Net Charges Estimated Net Proceeds WITNESS:
…
Seller
…
Seller
Authority The provisions of this § 35.334 issued under the Real Estate Licensing and Registration Act (63 P. S. § § 455.101—455.902).
Source The provisions of this § 35.334 adopted February 24, 1989, effective February 25, 1989, 19 Pa.B. 781.
Cross References This section cited in 49 Pa. Code § 43b.8 (relating to schedule of civil penalties—real estate and cemetery brokers, real estate schools).
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