Legal Question in Real Estate Law in Pennsylvania

Re: Contract in perpetuity

It could be written that way, but it would not be enforceable or valid. Real Estate Purchase and Sale agreements must have all of the important terms contained within the contract, such as purchase price, how and when it will be paid, and settlement or closing date, plus identifying the Seller, the Buyer, and the property being contracted for.

If the buyer is uncertain about wanting to buy, you could have an option agreement, with an up-front payment by the buyer to the seller for the option itself, and not applicable to the purchase price. The option agreement should also have an end date, or the Seller may be stuck without the ability to sell to another buyer.

You should have a real estate lawyer review or prepare any such agreements.