Legal Question in Real Estate Law in Pennsylvania
Dear Sir/Madam,
What are the common time frames for the signing of the Agreement of Sale, Closing Date, Due Diligence investigations period of the property and the time frame for the seller to provide all necessary documents?
Thank you,
Anna
1 Answer from Attorneys
They are all a matter of contract: they are negotiated by the parties and then stated in the Agreement of Sale.
Due diligence would be the inspections that the buyer has the right to do, and should be contingencies that, if not satisfied, do not require the buyer to settle on the property.
The Agreement should state clearly what documents the seller has to provide and when.
There are many other terms that should be in the Agreement, too many to list in a forum like this one.
Parties to Agreements of Sale for real estate should each have a lawyer representing them before they sign the agreement. It is penny wise and pound foolish to try to save money by not involving a lawyer on what is, for most people, the largest investment that they make: buying the property.
This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.
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