The standard procedures to follow when buying or selling a property in Pennsylvania include the following:
- Entering into a written agreement: The parties should enter into a written agreement that sets out the terms and conditions of the sale. This agreement should include the purchase price, the date of settlement, and any contingencies that need to be satisfied.
- Payment of deposit: The buyer should pay a deposit to the seller or escrow agent to show their good faith in completing the transaction. The amount of the deposit should be agreed upon in the written agreement.
- Title search: The seller should provide the buyer with a clear title to the property. This can be done by having a title search done to ensure that there are no liens or other encumbrances on the property that would prevent the buyer from taking clear title.
- Inspection: The buyer should have the property inspected to ensure that it is in good condition and to identify any defects or problems that may need to be addressed.
- Closing: The closing usually takes place at a title company or an attorney's office. At the closing, the buyer and seller execute all necessary documents, including the deed and mortgage, and the purchase price is paid.
Potential limitations or exceptions to the above advice may include situations where the property is subject to a lease, easement, or other encumbrance that needs to be addressed prior to the sale. Additionally, if the property is in a homeowners association or condominium complex, there may be additional procedures or requirements that need to be followed.
If further action is necessary, either party may need to consult with an attorney to ensure that their legal rights are protected and that the transaction proceeds smoothly.
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