HARRISBURG – Rep. Rob Mercuri (R-Allegheny) announced today that his bill, which would create a more transparent and modern home mortgage market, unanimously passed the House Urban Affairs Committee.
“In many cases, a buyer receives the community declaration and bylaws, as required by law, but they do not fully read or comprehend the way that the community operates, and the rules they are bound by,” Mercuri said. “My bill would strengthen the real estate disclosure process so prospective homeowners have all the details they need before committing.”
Mercuri said adding an easy to read statement for a customer will enable them to dedicate the utmost attention to the agreement before signing off on it, but the onus will not just be on the buyer.
“My bill will clarify when a buyer should receive the necessary documents to give them time to review the document prior to signing the contract of sale,” Mercuri said. “It will also more clearly outline the homeowner’s association’s responsibilities to provide these documents to a unit owner in a timely manner for them to provide to the purchaser as required by law.”
To view Rep. Mercuri’s remarks, click the link here
The bill heads to the House of Representatives for consideration.
Representative Robert Mercuri
28th Legislative District
Pennsylvania House of Representatives
Media Contact: Nate Temple