Ch. 13 - Seller's Property Disclosure
Pennsylvania's Real Estate Seller Disclosure Law (RESDL), 68 Section 7301
-home sellers must advise potential buyers before a sale is completed about known material defects that are not readily seen. -This includes such things as structural defects, plumbing problems, and even title clouds. -The purpose is to make sure that residential buyers know what they are purchasing and to discourage sellers from hiding any flaws or problems.
Under RESDL, within how many years of settlement on real estate does someone have to bring a lawsuit? 1 year 2 years 3 years 5 years
2 years
If a buyer signs the SPD, what are his or her rights to a professional inspection?
A buyer may request that the property be inspected, at buyer's expense, by qualified professionals to determine the condition of the structure or its components.
How might a buyer determine property easements?
A buyer may wish to determine the existence of easements by examining the property and ordering an Abstract of Title or searching the records in the Office of the Recorder of Deeds for the county.
If indoor air quality is a concern to buyers, who should they engage the services of? An inspector A qualified professional A broker An attorney
A qualified professional
When must a seller give the buyer the SPD?
A seller must give a completed disclosure statement to the buyer before they both sign the purchase agreement.
What can a buyer order to determine the existence of easements and restrictions on a property? A legal description An abstract of title An appraisal An acceleration clause
An abstract of title
What should a seller do if a question does not apply to the property? Check Yes. Leave blank. Check No. Check N/A.
Check N/A.
What section identifies services provided by the condominium community? Ownership/Occupancy Seller's Expertise Condominiums/Planned Communities/Homeowners Associations Additional/Alterations
Condominiums/Planned Communities/Homeowners Associations
Identify at least 3 types of plumbing pipe systems.
Copper Galvanized Lead PVC Polybutylene pipe (PB) Cross-linked polyethylene (PEX)
Name at least 3 types of heating fuels used in home heating.
Electric Natural gas Fuel oil Propane Geothermal Coal Wood
Where on the form would a seller indicate if he or she is aware of any tests for fungi? Flooding, Drainage and Boundaries Miscellaneous Hazardous Substances and Environmental Issues Land/Soils
Hazardous Substances and Environmental Issues
What type of electrical system used ceramic items to support the wires?
Knob-and-Tube Wiring
Home sellers must advise potential buyers about what type of defects?
Known material defects that are not readily seen
In what paragraph of the Disclosure will the seller report any existing or past mining? Land/Soils Structural Items Other Equipment Flooding, Drainage and Boundaries
Land/Soils
Where can a seller gain access to maps of mine locations?
Mine maps are available through the Department of Environmental Protection.
Where would a seller put any information regarding roof repairs? Structural Items Other Equipment Roof and Attic Acknowledgement
Roof and Attic
What is the purpose for a Seller's Property Disclosure Statement Addendum (SDA)?
SDA is used to update or make additions to the Seller's Property Disclosure Statement (SPD).
In what section would the seller provide information about ice damage to the property? Structural Items Miscellaneous Land/Soils Flooding, Drainage and Boundaries
Structural Items
What are the four possible responses to grid questions on the SPD?
The seller is to check yes, no, unknown (Unk) or not applicable (N/A) for each question.
What is required at the bottom of each page of the SPD?
The seller's and buyer's initials and date
What are disclosures for condominiums limited to? Common grounds The seller's particular unit The HOA All units
The seller's particular unit
What should a seller do if after the inspection he or she becomes aware of additional information that was not on the Property Disclosure? Let the broker know. Inform the buyer's agent. Update the Seller's Property Disclosure. Inform the seller's license.
Update the Seller's Property Disclosure.
On the Ownership/Occupancy section of the Seller's Property Disclosure what must the seller disclose? The age of the home The property boundaries Who the last occupants were and when they lived there How many people occupied the home
Who the last occupants were and when they lived there
What is the distance requirement for disclosure of a sewage system near a water well?
Within 100 feet of a well
A material defect is something that would have an adverse impact on the value of a property or: land use. the contents of the property. something that involves an unreasonable risk. property features.
something that involves an unreasonable risk.
In the Electrical System section, the seller should describe if the electrical system has fuses and if: the system has a cover box. the electrical system has circuit breakers. so what they are made of. they need to be replaced.
the electrical system has circuit breakers.
The purpose of the Seller's Property Disclosure is to discourage sellers from hiding any flaws and letting buyers know: what they are purchasing. a survey has been done. the purchase price. of soon to be updates.
what they are purchasing.