Current through Register Vol. 54, No. 45, November 9, 2024
Section 35.284a - Disclosures required by the Real Estate Seller Disclosure Law(a) A licensee who represents sellers or a transaction licensee who has entered into an agreement with sellers shall: (1) Advise sellers of their duty to disclose any known material defects with the property by completing a property disclosure statement that satisfies the requirements in 68 Pa.C.S. § 7304 (relating to disclosure form).(2) Provide sellers with a property disclosure statement that meets or exceeds the disclosures set forth in § 35.335a (relating to seller property disclosure statement).(3) Deliver the completed property disclosure statement or the property disclosure statement marked "refused" to the buyer, the licensee who represents the buyer or the transaction licensee who has entered into an agreement with the buyer prior to the execution of an agreement of sale.(b) A licensee who represents buyers or a transaction licensee who has entered into an agreement with buyers shall: (1) Advise buyers that sellers have a duty to provide a completed property disclosure statement.(2) Assure that the completed property disclosure statement or the property disclosure statement marked "refused" was delivered to the buyer prior to the execution of an agreement of sale.(c) Licensees described in subsections (a) and (b) are required to disclose, to the buyer in writing, all material defects that are not otherwise disclosed and of which the licensee has actual knowledge.(d) Licensees described in subsections (a) and (b) are not required to conduct an independent investigation to confirm seller's disclosures on the property disclosure statement.The provision of this §35.284a adopted December 3, 2010, effective 12/4/2010, 40 Pa.B. 6937.The provisions of this §35.284a issued under sections 404 and 604(a)(15.1) of the Real Estate Licensing and Registration Act (63 P. S. §§ 455.404 and 455.604(a)(15.1)).