1. (a) Before an agreement of sale is executed, the brokers involved in the transaction shall provide each party with a written estimate of reasonably foreseeable expenses associated with the sale that the party may be expected to pay, including, but not limited to:

   1. (1) The broker’s commission.
   2. (2) The mortgage payments and financing costs.
   3. (3) Taxes and assessments.
   4. (4) Settlement expenses.
2. (b) The estimates of costs required under subsection (a) shall be as accurate as may be reasonably expected of a person having knowledge of, and experience in, real estate sales.

3. (c) The following statement of estimated costs to the buyer at settlement is exemplary of the requirements of subsection (a):

   Estimated Settlement Date Property Broker

   Purchase Price
   Payment on Account
   Balance at Settlement
   Estimated Closing Expenses
   Title Search and Insurance
   Conveyancing or Preparation of Papers Charge
   Recording Fees
   Deed
   Mortgage
   Mortgagee’s Charges
   Appraisal Fee
   Credit Report
   Origination and Placement
   Fees
   Mortgage Service Charge
   Fire Insurance ($ for years)

   Miscellaneous Charges
   Local Realty Transfer Tax	( %)
   Pennsylvania Realty Transfer Tax	( %)
   Notary Fees
   Other Charges
   Total Closing Expenses
   Costs for Rebates and Advances Rebates to Seller Insurance
   Annual Taxes and Water- Sewer Rents
   Advances by Buyer
   Insurance
   Taxes (Escrow)
   Total Costs for Rebates and Advances
   Total Estimated Costs at Settlement
   Estimated Monthly Payments
   First Lien $ years at %.
   Interest and Principal
   Monthly FHA Mortgage
   Insurance Premium
   		$
   Real Estate Taxes		$
   Fire Insurance		$
   Water-Sewer Rents		$
   Total Estimated Monthly Payments		$

   I/we have read and received a copy of the estimated settlement costs and estimated monthly carrying charges prior to the signing of an agreement of sale to purchase the property noted above.

   I/we understand that the above costs are estimated and based on the best information available at this date and that they are subject to change, particularly in the case of the escrow charges such as taxes, water and sewage, rent and insurance.

   WITNESS:

   … (SEAL) Buyer

   … (SEAL) Buyer

4. (d) The following statement of estimated costs to the seller at settlement is exemplary of the requirements of subsection (a):

   STATEMENT OF ESTIMATED COSTS TO SELLER AT SETTLEMENT
   

   Estimated Settlement Date
   Property
   Broker
   Purchase Price
   Payment on Account
   Balance
   Estimated Closing Expenses
   Penna. Realty Transfer Tax ( %)
   Local Realty Transfer Tax ( %)
   Federal Documentary
   Stamps
   Notary Fee
   Mortgage Discount
   Unpaid Annual Taxes
   Broker’s Commission
   Total Expenses
   Estimated Closing Credits TaxRefund
   Estimated Net Charges
   Estimated Net Proceeds

   WITNESS:

   … Seller

   … Seller

STATEMENT OF ESTIMATED COSTS TO BUYER AT SETTLEMENT

Authority

The provisions of this § 35.334 issued under the Real Estate Licensing and Registration Act (63 P. S. § § 455.101—455.902).

Source

The provisions of this § 35.334 adopted February 24, 1989, effective February 25, 1989, 19 Pa.B. 781.

Cross References

This section cited in 49 Pa. Code § 43b.8 (relating to schedule of civil penalties—real estate and cemetery brokers, real estate schools).