Licensing and Registration Act Clause Samples

Licensing and Registration Act. Buyer agrees that the person keeping the deposit monies may wait to deposit any uncashed check 100 that is provided as deposit money until Seller has accepted an offer. 101 (B) Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies to 102 determine who is entitled to the deposit monies when settlement does not occur. Broker can only release the deposit monies: 103 1. If an agreement of sale is terminated prior to settlement and there is no dispute over entitlement to the deposit monies. A written 104 agreement signed by both parties is evidence that there is no dispute regarding deposit monies. 105 2. If, after Broker has received deposit monies, Broker receives a written agreement that is signed by Buyer and Seller, directing 106 Broker how to distribute some or all of the deposit monies. 107 3. According to the terms of a final order of court. 108 4. According to the terms of a prior written agreement between Buyer and Seller that directs the Broker how to distribute the 109 deposit monies if there is a dispute between the parties that is not resolved. 110 (C) Buyer agrees that if Buyer names Broker or Broker’s licensee(s) in litigation regarding deposit monies, the attorneys’ fees and costs 111 of the Broker(s) and licensee(s) will be paid by Buyer. 112 Buyer Initials: BAC Page 2 of 3 Broker/Licensee Initials: 113 11. CIVIL RIGHTS ACTS 115 ABILITY (physical or mental), FAMILIAL STATUS (children under 18 years of age), AGE (40 or older), NATIONAL ORIGIN, USE OR 117 VIDUAL KNOWN TO HAVE A DISABILITY as reasons for refusing to sell, show, or rent properties, loan money, or set deposit amounts, 118 or as reasons for any decision relating to the sale or rental of property. 119 12. NOTICE REGARDING CONVICTED SEX OFFENDERS (MEGAN’S LAW) 122 the Pennsylvania State Police for information relating to the presence of sex offenders near a particular property, or to check the infor- 124 13. BUYER INSPECTIONS 125 126 127 128 129 130 131 132 133 134 135 136 (A) Unless Buyer and a seller agree otherwise, real estate is sold IN ITS PRESENT CONDITION. It is Buyer’s responsibility to determine whether the condition of the property is satisfactory. Buyer is advised to carry out an inspection, at Buyer’s expense, by qualified professionals to determine the condition of the structure or its components. Areas of concern may include, but are not limited to: electrical; plumbing; heating, ventilating and air con...