Agreements of Sale in Pennsylvania

Underwriting

• Recorded contracts or installment contracts represent vested interests in land and are sufficient to impart notice on purchasers and lienholders. Caution should be used if relying on the terms of the contract to find it has terminated. The best practice is to obtain, and record, a written termination from the vendee in the contract.
• The statute of limitations for "an action for specific performance of a contract for sale of real property or for damages for noncompliance therewith" is 5 years. 42 Pa.C.S. 5526(2).