”This agreement may be executed in one of more counterparts, each of which shall be deemed to be an original and which counterparts … together shall constitute one and the same Agreement of the Parties.”

This means two Agreements with identical terms can have acknowledgment at different locations and still be counted as an executed contract. Should this occur, all parties must have a copy all counterparts including the agents, brokers and lawyers.

My experience in the past has had this happen without any problems. Now, with the electronic means available with scan and email, it is less difficult to have all acknowledgments on one document. In the past when only the fax was available repeated copies corrupted the resolution to the point the final copy was illegible, so counterparts became a necessity.

Buyer Must Initial Six Items?

Lines 623 – 632, part of the Buyer acknowledgment, list all six items for the Buyer to initial. Seller only signs the Agreement and does not need to individually initial three (3) items necessary. These are the items required by Pennsylvania real estate law for both parties:

• Buyer and Seller must receive the Consumer Notice

• Buyer and Seller must receive a statement of their closing costs before signing the agreement

• Buyer and Seller have read and understand the notices and explanatory information in this Agreement. There are notices on the back of eight (8) pages of the Agreement that explain or clarify information on the front. There is no indication on the front to see additional information on the back.

• Buyer has received a Seller’s Property Disclosure Statement (SPDS) before signing this Agreement. Note: there may be times the SPDS will not have any information included if the seller did not live in the house. This would apply to corporations, executors, investors, banks and properties in foreclosure to name a few.

• Buyer has received a Deposit Money Notice before signing this Agreement. This applies when the Buyer’s deposit is transferred from the Buyer’s Broker to the Seller’s Broker, which is the practice. Checks for deposit must be made payable to the Broker for the Seller.

• Buyer has received the Lead-Based Paint Hazards Disclosure, which is attached to this Agreement of Sale, and the pamphlet Protect Your Family from Lead in Your Home (pertains only to properties built before 1978)

Delivery – Last Important Step

Acknowledgments are now complete and only one more item is necessary. Delivery of the fully signed and executed Agreement to the parties, or their agents, is the last important step in the completion process. The agent for the last party to sign or ratify the Agreement is responsible for delivering the contract to the other party or agent. Any delay gives the other party an opportunity to rescind the offer of counteroffer.

Note: I make it a practice to immediately send the completed copy to the other agent via email (with a return receipt) and a phone call announcing the Agreement is executed. All parties must remember the executed copy must be delivered to the other party before the binding contract goes into effect.

Return From Part 5 – Acknowledgment To Agreement of Sale