Act 133 of 2016 is a Pennsylvania law that allows that, once a municipality has conducted a resale code inspection, it must issue a resale certificate (U&O) to allow real estate settlements to move forward. For details on the history of Act 133 and how it works visit the Suburban REALTORS Alliance website.

Paragraph 15 of the PAR Agreement of Sale was revised earlier this year to reference the buyer’s option to accept a temporary U&O permit, allowing new owners to move in immediately and make repairs within 12 months; or a temporary access permit, allowing buyers of homes deemed “unfit for habitation” to access the building (without residing in it), and make substantial repairs within 12 months.  Buyer’s agents should make their buyer client aware of the impact of accepting a temporary access or temporary use and occupancy certificate. If the buyer agrees to accept one of these, the buyer is also releasing the seller from responsibility for the necessary repairs. When assisting a buyer to make an informed decision, it is wise to advise the buyer to thoroughly consider the costs involved in bringing the property up to code within 12 months. 

Philadelphia officials announced the Philly First Home Program that will give first-time home buyers and other eligible city residents up to $10,000 when they purchase a home in the city. The program is expected to launch in June and aims to make homeownership more affordable. Residents who have lived in the city for three years, are first-time homebuyers or have not owned a home for at least three years, have a household income at or below 120 percent of the area median income, and complete housing counseling at an agency funded by the Division of Housing and Community Development, will be eligible to receive up to $10,000 or 6% of the purchase price of a home, whichever is less. Read more.

For more news items from the Suburban REALTORS Alliance, click here to access their Weekly News Briefs.