Pennsylvania Real Estate Purchase - Understanding The Process

Every state has different guidlines for what happens during a real estate tranaction.  Most states have a formal process and set of mandated  forms that are used for real estate transactions. PA is no different. Here in the Lehigh Valley, we us a Purchase Agreement form to make an offer on a property. There are different forms for homes, land, commercial, etc.

 

For the Buyer of a home or land, there are safeguards built into the Purchase Agreement and a good agent will be sure to draw up a document that provides protection for your interests. The PA purchase agreement forms include specific deadlines for delivery of relevant documents, inspections, surveys, etc. that the Buyer can opt to include such as Home Inspection, Radon, Septic, Water/Well and Pest.

 

  • Generally speaking, you have 14 days from the time all parties sign the agreement of sale to complete the inspections and make any requests to the sellers for repairs/credits.
  • There is an earnest deposit submitted with the contract, typically ranging between $500.00 to $5000.00 depending on the value of home/property. 
  • We as your agents will prepare an Estimate of Closing costs worksheet so you know with close approximation what money you will need for closing. We will also work closely with your lender to make sure information needed such as the MLS sheet are submitted as needed.
  • In PA the buyer and seller typically split a 2% transfer tax - each paying 1% at closing.
  • You do not have to have an attorney for closnig in PA. A title company can take care of the details.

 

Can you change your mind on purchasing a home in PA once under agreement?

If the buyers decide they want out of the purchase agreement based on the reports and or the response from the sellers to their requests for repairs/credits then the buyers would normally be able to cancel the contract and receive their earnest deposits back. As a Buyer, you should be assured that you would have opportunities to cancel the transaction and your agent should advise you of how the contract is structured to protect your interests.

 

Keeping to the Deadlines

You will have various deadlines and dates for delivery documents/items and time frames to keep track of, such as making sure to get your all of your deposit to the selling agent, mortgage commitment, response to reports and we as agents are responsible to help you navigate and understand your responsibilities here. Through the process you will need to connect with a good Title Agency. In PA, the costs are regulated by the state so the prices will not vary much. Your agent can recommend a trusted title company. Title Company will handle the closing and generate the HUD-1 form, which will show your final closing costs.

 

Closing the PA Real Estate Deal

Before closing you will do a walk through of the property to make sure it is in adequate condition. We accompany you to closing and if down the road issues arise with the property we are always available to answer questions or to provide guidance with regard to your rights.

 

 

Please feel free to Contact us for any additional questions

Ron Fuhrer 484-241-5185

Jill Fuhrer 484-241-5186
Email : Homes@jillandron.com