§ 35.333. Agreements of sale.
(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.”
(b) An agreement of sale that is conditioned upon the ability of the buyer to obtain a mortgage shall contain:
(1) The type of mortgage.
(2) The mortgage principal.
(3) The maximum interest rate of the mortgage.
(4) The minimum term of the mortgage.
(5) The deadline for the buyer to obtain the mortgage.
(6) The nature and extent of assistance that the broker will render to the buyer in obtaining the mortgage.
(c) The following terms shall be printed in bold face if made part of an agreement of sale:
(1) A provision relieving the seller from responsibility for defects involving the sale property, or a provision requiring the buyer to execute a release to that effect at the time of settlement, or a provision of similar import.
(2) A provision reserving to the builder-seller the right to change, or depart from, the building specifications for the sale property.
(d) An agreement of sale for a cemetery lot or plot or a mausoleum space or opening shall contain the requirements in subsection (a)(1)—(5) and (9).
Authority The provisions of this § 35.333 issued under the Real Estate Licensing and Registration Act (63 P. S. § § 455.101—455.902); amended under sections 404, 606—606.6 and 608—608.3 of the Real Estate Licensing and Registration Act (63 P. S. § § 455.404, 455.606—455.606f and 455.608—455.608c).
Source The provisions of this § 35.333 adopted February 24, 1989, effective February 25, 1989, 19 Pa.B. 781; amended June 10, 1994, effective June 11, 1994, 24 Pa.B. 2904; amended March 29, 2002, effective March 30, 2002, 32 Pa.B. 1644. Immediately preceding text appears at serial pages (201878) to (201879).
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