When it comes to selling or buying a property, it is important to have a written agreement between the two parties. This agreement is known as the Agreement of Sale Form, also known as the PAR Form.
What is a PAR Form?
The PAR Form is a legally binding document that outlines the terms and conditions of the sale of a property. It includes details such as the purchase price, the closing date, the deposit amount, and any contingencies that must be met before the sale can be finalized.
This document is used in many states across the United States, including Pennsylvania. It is a standardized form that is created by the Pennsylvania Association of Realtors (PAR) and is used by real estate agents and attorneys.
Why is it important?
Having a PAR Form is important because it protects both the buyer and the seller. It ensures that both parties are on the same page and that there are no misunderstandings or miscommunications about the terms of the sale.
For example, if the buyer needs to sell their current property before they can purchase the new property, this contingency would be included in the PAR Form. If the buyer fails to sell their property by the agreed-upon date, the sale of the new property would not proceed.
Additionally, the PAR Form outlines the responsibilities of each party. For example, the seller is typically responsible for making any necessary repairs to the property before the sale, while the buyer is responsible for obtaining financing.
What should be included in the PAR Form?
The PAR Form should include the following details:
– The legal description of the property
– The purchase price and deposit amount
– The closing date
– Any contingencies or conditions, such as the need to sell another property before purchasing the new property
– The responsibilities of each party, such as repairs or obtaining financing
– The names and signatures of both the buyer and seller
It is important to note that while the PAR Form is a standardized form, it can be modified or customized to fit the specific needs of the buyer and seller. This is usually done with the help of a real estate agent or attorney.
In conclusion, the PAR Form is a crucial document in the sale of a property. It ensures that both parties are on the same page and that the terms of the sale are clearly outlined. If you are buying or selling a property in Pennsylvania, be sure to use a PAR Form to protect your interests.