Jump to Navigation

Residential Real Estate Archives

Seller's market in Philly shows no sign of slowing

Philadelphia's housing inventory, that is, the number of properties available for sale, is notably low right now, and it means that sellers are getting multiple offers on homes even days after they go on the market. Buyers are having to offer above list price and have also been willing to make important concession in their real estate contracts, such as agreeing to be bound by a sale even if an appraisal suggests they are paying too much.

Protecting against violations of disclosure laws

A previous post here discussed Pennsylvania's Seller Disclosure Law and how that law changes the traditional doctrine of "caveat emptor," or let the buyer beware. A seller not only has to be truthful in what he or she does say about a home or other residential property, the seller also has a duty to report certain material defects.

Philadelphia still a great value for newcomers

Although slipping a bit from the number two spot last year, a recent report prepared by a website specializing in personal finance found Philadelphia to be one of the top ten most "undervalued" cities in the country, coming in at number eight. In the survey, an "undervalued" city is one in which a person buying a home in that city will likely get more out of their real estate investment in the city than the are likely to put in.

Overview of Pennsylvania's real estate disclosure law

Many residents of Philadelphia have probably heard the phrase "caveat emptor," a legal doctrine that basically means "let the buyer beware." The doctrine, which traditionally applied to almost all purchases, including purchases of a new home, means it is the buyer's responsibility to check out property before they sign an agreement and pay money for it.

What is a title examination and why is it important?

An examination of a title may be something buyers and sellers have heard about doing, but it is also something they wonder about pertaining to the details of the process. A title examination is one of the most important aspects of a real estate transaction and can be essential to a successful transaction when purchasing real estate. Title examinations, in general, assure that the property being purchased is suitable for sale. The process looks for encumbrances on the property, which may not make it suitable to sell or may otherwise impact the transaction.

The residential real estate process is important to understand

Purchasing a home is typically a significant transaction in the lives of home buyers which is also true when homeowners are selling a home. There are a variety of important steps in the residential home buying or home-selling process. It is helpful for home buyers or sellers to be as familiar as possible with the elements and legal requirements of the process which can help ensure a smooth experience and successful transaction.

Understanding title insurance in Pennsylvania

Anyone who has bought a home in Philadelphia and borrowed a portion of the purchase price from a bank or other lender in the last forty years has been required to purchase something called "title insurance." The premium for the title insurance policy is generally one of the smaller expenses paid by the buyer at closing, and most people pay it without asking too many questions. In this post, we want to review the role of title insurance in a residential real estate transaction and help home buyers understand what it is and how it works.

Saving your home from foreclosure: having a good lawyer helps

Losing the family home to foreclosure is a nightmare that still haunts many middle and lower class families in Philadelphia. When the housing bubble burst in 2008, banks scrambled to clear their books of questionable residential real estate loans by aggressively foreclosing on loans that were delinquent. While the acute crisis of 2008 has passed, people who have lost their jobs or incurred unexpected expenses such as large medical bills are still struggling to make their regular monthly mortgage payments. A notice of foreclosure can arrive out of the blue, and with it, a feeling of utter helplessness.

Residential real estate warranties in Pennsylvania

Buying or building a new home can be the fulfillment of a dream if the house is soundly built and free from defects. A newly built house can also be the beginning of a nightmare if the builder made mistakes or took shortcuts that affect the quality of the construction. Pennsylvania does not have a statute that requires contractors to extend specific warranties concerning the condition of new residential real estate construction. Instead, buyers must rely upon on common law warranties - that is, warranties created by courts in lawsuits based on construction defects - or upon any express warranties extended by the builder or by a home warranty company.

Understanding the basics of buying a home

For most people in Philadelphia and its suburbs, buying a home will be the largest financial transaction of their lives. Even couples who are purchasing their second or third house may be unaware of changes in the complex state and federal laws that regulate land sales. The summary that follows does not pretend to provide complete and authoritative legal advice -it merely explains the basics that are common to most if not all residential real estate purchases.

Subscribe To This Blog's Feed
Contact our firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Our Real Estate Law Website >>

Office Location

Avallone Law Associates
215 South Broad Street
Fifth Floor
Philadelphia, PA 19107

Local: 215-253-3855
Toll Free: 877-223-0579
Fax: 215-545-3817

Map
Map & Directions
E-mail the firm

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.

FindLaw Network