Legal Question in Real Estate Law in Pennsylvania

Re: Contractual obligation

You asked if there was a three day buyer's remorse clause in Pennsylvania real estate contracts.

Generally there is none. But a buyer or seller can negotiate such a clause into a contract. It is highly unusual.

Real estate contracts are valid the moment the contract is signed unless the contract states otherwise. The closing is actually the formal transfer of the property which was previously sold when the contract was executed. In other words, the risk of loss to passes to the buyer when s/he and the seller have both accepted the contract. That's why most contracts call for a deposit. Since the contract is enforceable when signed a deposit functions as liquidated damages if the buyer for some reason fails to "close" on the contract.

If you have any further questions regarding this matter you can reach me at my contact number or email.

Regards,

Roger Traversa

email: [email protected]