Protecting For-Sale-by-Owner

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Protecting For-Sale-by-Owners

Our research shows that very few owners are aware of the minimal state requirements they MUST meet when selling real estate. Not a problem when working with a licensed real estate agent but a potential (huge) problem when going it alone. Below we describe the two documents you must give to potential buyers before a contract is accepted by law. Failure to prove a qualified form may open the floodgates for potential future legal action against you, and, even the potential for a reversal of the sale by the courts.

THE GREAT NEWS! We provide both of these documents FREE of charge to everyone that submits their property for sale into our Western PA For-Sale-by-Owner database.

CRITICAL DOCUMENT #1: SELLER'S DISCLOSURE STATEMENT. Every state REQUIRES that a seller MUST provide a perspective buyer with a Seller's Disclose. The PA state statute took effect December 20, 2001.

The form of property disclosure statement promulgated by the State Real Estate Commission shall call for disclosures with respect to a minimum of 16 specific subjects. In addition, those PA statutes are as follows:

68 Pa.C.S.A. § 7303. Disclosure of material defects

Any seller who intends to transfer any interest in real property shall disclose to the buyer any material defects with the property known to the seller by completing all applicable items in a property disclosure statement which satisfies the requirements of section 7304 (relating to disclosure form). A signed and dated copy of the property disclosure statement shall be delivered to the buyer in accordance with section 7305 (relating to delivery of disclosure form) prior to the signing of an agreement of transfer by the seller and buyer with respect to the property.

68 Pa.C.S.A. § 7305. Delivery of disclosure form

(a) Method of delivery. The seller shall deliver the property disclosure statement to the buyer by personal delivery; first class mail; certified mail, return receipt requested; or facsimile transmission to the buyer or the buyer’s agent.

(b) Parties to whom delivered. For purposes of this chapter, delivery to one prospective buyer or buyer’s agent is deemed delivery to all persons intending to take title as co-tenants, joint tenants or as a tenant by the entireties with the buyer. Receipt may be acknowledged on the statement, in an agreement of transfer for the residential real property or shown in any other verifiable manner.

NOTE: This means if your buyer is working with a real estate agent, you can give it to the buyer or to their agent to consider it "delivered."

CRITICAL DOCUMENTS #2: LEAD BASED PAINT DISCOLSURE and EPA approved information pamphlet. Congress passed the Residential Lead-Based Paint Hazard Reduction Act of 1992, also known as Title X, to protect families from exposure to lead from paint, dust, and soil. Section 1018 of this law directed HUD and EPA to require the disclosure of known information on lead-based paint and lead-based paint hazards before the sale or lease of most housing built before 1978.

What is Required?

Before ratification of a contract for housing sale or lease, sellers and landlords must:

Give an EPA-approved information pamphlet on identifying and controlling lead-based paint hazards ("Protect Your Family From Lead In Your Home" pamphlet).
Disclose any known information concerning lead-based paint or lead-based paint hazards.
Provide any records and reports on lead-based paint and/or lead-based paint hazards which are available to the seller or landlord (for multi-unit buildings,
this requirement includes records and reports concerning common areas and other units, when such information was obtained as a result of a building-wide evaluation).
Include an attachment to the contract or lease (or language inserted in the lease itself) which includes a Lead Warning Statement and confirms that the seller or landlord has complied with all notification requirements.
Sellers must provide home buyers a 10-day period to conduct a paint inspection or risk assessment for lead-based paint or lead-based paint hazards. Parties may mutually agree, in writing, to lengthen or shorten the time period for inspection. Home buyers may waive this inspection opportunity.

NOTE: The content above is focused on and dedicated to the selling and buying of real estate in PA. All other states, counties, and area have their own laws, rules and regulations. Before your sell or buy any real estate you should investigate what those requirements are for your area.


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