(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).
