A Pennsylvania residential purchase and sale agreement allows a prospective buyer to purchase residential real estate from a seller. This document is not legally binding until both parties agree to all terms and conditions and sign the document. Any potential buyers must be provided with certain details of the property, including any known defects, when the seller last occupied the property, any legal issues affecting title, and any hazardous substances on the premises. Once signed, ownership of the residence will transfer from seller to buyer on the agreed-upon date indicated in the agreement.
In order to comply with federal law, sellers of a residential property constructed before 1978 must furnish buyers with this document detailing whether or not there is lead-based paint on the premises.
Any property owner wishing to transfer ownership to an interested party must be supplied with a comprehensive account of the property in question.