Marple Township, PA

One of the biggest items people are concerned about as they begin the process of finding a new home is the paperwork. Everyone enjoys the hunt for a home: the search on-line, the discovery of new areas, and the rush of walking into that new great space, but no one really enjoys the paperwork that this leads to.

Once familiar with the forms, however, it becomes much easier to write up a contract and stay focused on the end goal of owning the new property. In order to help ease this process, I have included links to some of the common forms as found directly on the Pennsylvania Association of Realtors' site. This will allow you to review the forms prior to looking at any homes and certainly prior to writing up an offer. This is by no means all inclusive as each transaction is different and each real estate office can require additional forms and disclosures.

The key thing to remember in real estate is that all contracts must be in writing to be legally enforceable. As a result, every year new and updated forms, contracts and disclosures are mandated by the various federal, state, and local agencies that have some input on the real estate transaction. These forms and requirements vary by state, local requirements, and local custom. The following are some of the primary forms used in the state. Other disclosures are required, but these will provide you with a good overview of some key documents in the transaction. The links take you directly to the association site.

In Pennsylvania:

Pennsylvania Consumer Notice:

Drafted by the Pennsylvania State Real Estate Commission, this notice must be provided at the first contact where a substantive discussion about real estate occurs. Please click here to see the entire notice.

Business Relationship Between Broker and Buyer:

Satisfies Agency Law requirements when working with buyers as a buyer's agent, a subagent, or a transaction licensee. Includes a buyer agency contract (for buyer's agents) and a disclosure notice (for subagents and transaction licensees). This creates the agency relationship.

Agreement of Sale - Residential:

All inclusive residential Agreement of Sale. Contains most commonly used clauses including the lead based paint disclosure. This is the primary form for the transaction. It describes all aspects of the sale and inspections. It also confirms the agency relationships.

Seller's Property Disclosure Statement:

Complies with Real Estate Seller Disclosure Law. Seller's disclosure of known defects and conditions on the Property.

Buyer's Financial Information:

Used by Buyer's Agent to get overview of Buyer's financial situation. Most sellers will want to see this information to confirm the Buyer's preapproval capabilities.

Deposit Money Notice:

Required to be used when Buyer's Broker is holding deposit monies prior to delivery to the listing broker.

This is clearly not an all-inclusive list and there are many additional forms that can be used for any given situation. In addition, most real estate firms have their own forms and disclosures that are required based on their business relationships and local area requirements. All the above forms are generally required for a purchase of residential property in the state.

I hope this helps. As always, should you have any questions, please do not hesitate to contact me anytime. The process and the forms will continue to evolve and change, but at the end of the process you should have a new home with no surprises that you will be able to enjoy for years to come.

Slowly but surely we are beginning to move in the right direction.

After a tough October and November throughout Delaware County PA, the numbers in December began to look a bit more robust. Although down, all the numbers are improving from the last couple of months. Overall, both units sold(339) and homes put under contract(253) were down 14% from December 2007, while new listings(388 ) were down approximately 7%. Average sold prices were down over 8% from 2007, but I would say this reflects more the mix of homes sold and the realities of the available financing rather than a dramatic shift in pricing. Countywide, average days on the market remains a bit higher at 78 days on the market, but time on the market varies widely depending on the price range as seen from the Luxury Market report.

Again, we are seeing a wide range of activity on a more local level. In Newtown Square PA, the number of homes sold(16) were up 23% from last year (with prices up 23%) while the homes put under contract(5) declined 45%, and newly listed homes(5) fell 61%. Next door in Marple Township PA, homes sold (6) declined 60% (with prices down 3%) with 6 new homes under contract (down 40%) and 9 new listings (-18%). Across the county in Lansdowne PA, homes sold during the month (9) declined 18% with an 8% price decline, while new pending (5) and new homes listed (10) both increased 25% from 2007.

Bottom line: We're getting there.

After a rough fourth quarter, it does look like we are trending back to a more stable market, but we may remain in a bit of a holding pattern until we see the new adminstrations' plans. In the short term, the overall unsettled economy will probably keep a rein on both prices and activity, but this remains one of the best buying opportunities we have seen in years with lower home prices, more inventory, and incredible financing for well qualified buyers. In addition, we have seen some move up activity as homeowners take advantage of the available financing and reduced prices to expand their options. Once financing becomes more available for the larger loans, this could help to accelerate the activity.

(All information is based on TrendMLS Market Statistics and believed correct but not guaranteed)