Unlike many other states, in Pennsylvania, there is no formal process in place for an attorney to review an agreement of sale in a real estate transaction. For instance, in New Jersey, an agreement of sale is merely voidable once entered into by the seller and buyer and will not become binding upon the parties until each of them have the opportunity to have an attorney review and comment on the agreement of sale. This process not only encourages “attorney review” as it is called from the inception of the real estate transaction, but once an attorney is retained the parties will likely have the benefit of legal counsel during the due diligence period and beyond.
A judgment recently issued by a trial court judge in Westmoreland County, Pa., in Martello v. Stoner, 2013 Pa. Dist. & Cnty. Dec. LEXIS 203 (September 20, 2013), illustrates why parties to a real estate transaction should always retain an attorney.
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