About This Book
Pennsylvania Chapter 73 (68 Pa.C.S. §§ 7301–7314) requires home sellers to provide buyers with a comprehensive disclosure statement identifying all known material defects in the property. This document must be delivered before any transfer agreement is signed and covers a wide range of issues, from structural integrity to environmental hazards.
Key Requirements
- Material Defects: Sellers must disclose any condition that significantly and adversely affects the property's value or the health and safety of future occupants.
- No Duty to Investigate: Sellers are not legally obligated to hire professionals to uncover hidden defects; however, they are prohibited from concealing or misrepresenting any issues they are already aware of.
- Standard Form: The Pennsylvania State Real Estate Commission requires sellers to complete a standardized disclosure statement in its entirety.
Core Areas Covered
The disclosure form addresses the following categories:
- Structural Elements: Roof, basement, crawl spaces, and foundation.
- Systems: Plumbing, electrical, heating, and air conditioning.
- Water and Sewage: Wells, septic systems, and water service.
- Environmental Hazards: Presence of hazardous materials such as radon, lead, and asbestos.
- Legal and Property Issues: Zoning violations, boundary disputes, deed restrictions, and homeowners association (HOA) regulations.
Practice Tests Using This Book
This book is required or recommended for 1 licensing exam. Our practice tests include questions based on this material.