This list is not complete, but it does show how important it is to be thorough before the agreement is signed. Only your lawyer has the duty to worry about these and other details so that they do not become problems later. Unfortunately, many times a seller or buyer will sign without fully understanding the terms of the agreement. Remember, once you sign a document, it is too late. Before signing, make sure you understand everything!

4. Buyer or Seller- What Does The Seller Have To Disclose?
The Real Estate Seller Disclosure Law took effect Aug. 30,1996. Intended to make potential buyers aware of any material defects, this law requires a seller to complete a detailed disclosure form regarding the condition and structural soundness of the property that is for sale. The law also stipulates that sellers can be held liable for related damages if they fail to disclose defects they know about. This law applies to properties that are for sale both through a real estate agent and for sale by owner. On the form, sellers are asked to provide detailed information about such areas as the installation and repair of the roof, gutters and downspouts; water leakage; termites and dry rot; shifting or movement of walls and foundations; additions and remodeling jobs; water, sewage and plumbing; heating and air conditioning; the electrical system; all appliances included in the sale and many other things including condominium or association assessments and mine subsidence, if applicable. There are many legalities involved in providing or failing to provide this form. An Attorney can help you understand the responses on this form if you are the buyer. If you are the seller, an Attorney can review your completed form to ensure you haven't failed to answer a question or suggest when you need to include more detail to an answer.

5. Buyer- What Is A Home Inspection And Why Would I Want One?
Home inspections, performed by professional home inspectors, are the buyers' opportunity to evaluate the condition of the home and see if there are any issues prior to settlement. The visual inspection usually takes one to two hours and the inspector examines the heating/cooling systems, electrical systems, and any appliances included in the sale of the property to make sure all are working properly. They will also look at drainage from gutters, roof condition, and exterior condition of the home. Home inspectors work for the buyer and will make recommendations on keeping the home in good condition. Other inspections can be ordered such as septic, wood destroying insect, and chimney inspections for examples. All charges for inspections are the responsibility of the buyer.

6. Buyer- Why Is A Title Examination Necessary?
Before settlement, the title should be examined to determine whether there are any liens, encumbrances or other potential clouds on the title. Most institutions providing a mortgage will require that you purchase title insurance. The title examination or title search is usually done by a title insurance company. The buyer pays for the title search and for the title insurance. Your lawyer will examine it to determine that you will receive proper and legal title to the property. Only a lawyer is qualified to evaluate the legal implications that may arise as a result of the title examination. In many parts of Pennsylvania, the title officer, who works for a title insurance company, is the person who will conduct the closing or settlement for your new home.

7. Buyer - When Do I Receive Title To The Property?
The final stage in the purchase of property is called the closing or settlement. The closing may be held in the office of the title insurance company, in your attorney’s office, or at the bank or any mutually agreeable location. At closing, the terms of the Agreement of Sale will be carried out, the mortgage documents will be signed, the title, in the form of a deed, will be transferred to the buyer, and the seller will be paid. There are many documents to be signed and many others to be reviewed. Your lawyer will attend the settlement with you to help you understand exactly what takes place and to protect your interests should any problems arise prior to or at the settlement.

8.  Seller- Can A House Fail A Home Inspection?
No. A professional home inspection is an examination of the current condition of a house. It is not an appraisal, which determines market value. It is not a municipal inspection, which verifies local code compliance. A home inspector, therefore, will not pass or fail a house, but rather describe its physical condition and indicate what components and systems may need major repair or replacement. If a problem were revealed through a home inspection, depending on  the agreement of sale, the buyer or seller can opt to terminate the agreement and not go through with the sale, or price terms or other remedies can be re-negotiated. In any case, it is important that any issues that are revealed in a home inspection are reflected in your seller's disclosure statement to any future buyers.

9. Seller- How Can I Determine How Much Cash I Will Walk Away With? 
 Based on your sale price, an Attorney will be able to give you an idea of your expected expenses and estimated proceeds…or net “walk away” cash and can provide you an with a form called "Seller's Estimated Costs." Basically, beginning with the sale price, subtract the mortgage payoff including any home equity loans, the settlement fees, commission and pro-rated taxes. Remember, this is only an estimate, any change in the figures will affect the final outcome.

10. Buyer or Seller - What Will I Need To Bring To Settlement?

1. The Seller should bring paid and unpaid water bills for the last several months, the most recent mortage statements and copies of paid and unpaid tax bills for the past year. You should also bring all keys and garage door openers for the property and two forms of identification.
2. The Buyer should bring two forms of identification, and sufficient funds to complete the transaction.
3. Both parties should bring their copies of the Agreement of Sale and the Disclosure Statement to settlement.