PRINTER'S NO. 501
No. 450 Session of 1997
INTRODUCED BY DeLUCA, LAUGHLIN, YOUNGBLOOD, GIGLIOTTI, WALKO,
TRELLO, RAMOS AND CAWLEY, FEBRUARY 11, 1997
REFERRED TO COMMITTEE ON PROFESSIONAL LICENSURE,
FEBRUARY 11, 1997
AN ACT
1 Amending the act of February 19, 1980 (P.L.15, No.9), entitled
2 "An act establishing the State Real Estate Commission and
3 providing for the licensing of real estate brokers and
4 salesmen," further providing for broker's disclosure to
5 buyer.
6 The General Assembly of the Commonwealth of Pennsylvania
7 hereby enacts as follows:
8 Section 1. Section 607 of the act of February 19, 1980
9 (P.L.15, No.9), known as the Real Estate Licensing and
10 Registration Act, amended July 1, 1990 (P.L.304, No.69), is
11 amended to read:
12 Section 607. Broker's disclosure to buyer.
13 (a) In any sales agreement or sales contract, a broker shall
14 make the following disclosures to any prospective buyer of real
15 property:
16 (1) A statement that the broker is the agent of the
17 seller or that the broker is the agent of the buyer.
18 (2) A statement describing the purpose of the Real
19 Estate Recovery Fund established under section 801 and the
1 telephone number of the commission at which the purchaser can
2 receive further information about the fund.
3 (3) A statement of the zoning classification of the
4 property except in cases where the property (or each parcel
5 thereof, if subdividable) is zoned solely or primarily to
6 permit single-family dwellings. Failure to comply with this
7 requirement shall render the sales agreement or sales
8 contract voidable at the option of the buyer, and, if voided,
9 any deposits tendered by the buyer shall be returned to the
10 buyer without any requirement for any court action.
11 (4) A statement that access to a public road may require
12 issuance of a highway occupancy permit from the Department of
13 Transportation.
14 (5) A statement that upon sale the real property may be
15 subject to reassessment.
16 (b) The disclosure requirement under paragraph (5) shall
17 apply only in counties of the second class.
18 Section 2. This act shall take effect in 60 days.
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