Consumer Notice
Pennsylvania Law requires real estate brokers and salespersons to provide a Consumer Notice to all prospective buyers and sellers who are seeking to sell or purchase residential or commercial real estate at first contact. The Consumer Notice explains to consumers who the real estate broker or salesperson represents – The notice explains Seller Agency, Buyer Agency, Dual Agency, Designated Agency and Transaction Licensee.
Listing Contract
The Listing Contract explains to the seller the property description, the listing price, starting and ending dates of the contract, broker’s fee, the duties of the broker and seller, deposit monies, conflicts of interest, marketing of property, taxes and association dues (if any) and other pertinent information.
Seller’s Property Disclosure Statement
The Real Estate Seller Disclosure Act requires that a seller of a property must disclose to a buyer all known material defects about the property being sold that are not readily observable. A material defect is a problem with a residential property that would have a significant adverse impact on the value of the property. This is a document that must be filled out exclusively by the seller and is a critical aspect of a complete Listing Agreement.
Seller’s Estimated Closing Statement
The Seller’s Estimated Closing Statement explains to seller’s what they would expect to clear after all expenses have been paid. Expenses include the broker’s fee, transfer tax, preparation of deed, attorney fees, certificate of resale……and other smaller fee’s. There is a purchase price, minus adjustments, and net proceeds to the seller.
Survey Map & Deed
Survey maps and deeds are an important part of a listing agreement. If no survey map is available a tax map will do. A deed to the property is also required.
Residential Lead-Based Paint Act
If a home was built prior to 1978 a lead-based paint disclosure will be required.
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It is critical that a Listing Agency keep Sellers informed on all aspects of a real
estate transaction. While REALTORS are not attorneys, they do need to provide
Sellers with expert advice on all the above referenced documents. At Mountain
View Realty you can be assured our professional staff of REALTORS will
handle all your needs – from contract to closing!