State College

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Title companies, real estate agents, and approved attorneys may handle closings. Conveyance is by special or general warranty deed. Mortgages are the security instruments. Foreclosures take 1-6 months from filing through judgment plus another 2 months or more from judgment through sale. State law restricts aliens in owning real property with respect to acreage and income and includes special restrictions affecting farmland. Pennsylvanians use ALTA owner’s, lender’s, and leasehold policies. Buyers pay closing costs and title insurance fees; buyers and sellers split the transfer taxes. Property tax payment dates differ across the state.

Differs across the state

YES. Key components of property management (leasing and renting) are considered real estate activities under existing Pennsylvania real estate licensing laws. If a property manager is going to lease, list or manage real estate, or promote the rental of real estate, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

YES. For example, employees of owners of multifamily residential property who manage and maintain the property are exempt if they do not negotiate lease terms, hold money belonging to tenants other than on behalf of the owner and if they are not authorized to enter into leases on the owner's behalf. If the owner retains the authority to make all of those decisions, the employees may show apartments and provide information on rental amounts, building rules and regulations and leasing determinations. For more information about these and other Pennsylvania property management requirements and exceptions, please contact the Pennsylvania Real Estate Commission. Before hiring a property manager to manage your Pennsylvania rental property, you should always check that he or she is licensed appropriately. You can check the license status of Pennsylvania property managers using the state's Pennsylvania License Verification webpage.

There is no requirement that a community association manager or condo association manager in Pennsylvania hold a real estate broker's license.

Pennsylvania real estate broker requirements include: - Age: must be at least 21 years of age - High School: must be a high school graduate or equivalent - Experience: must have a minimum of three years real estate experience, accumulating a total of 200 points under a system established by the Commonwealth which designates points for certain transactions. - Education: submit evidence of successful completion of 240 hours of instruction in courses approved by the Commonwealth. Courses must be completed within 10 years prior to taking the exam, unless part of a bachelors degree or J.D. degree - Trustworthiness: provide documentation about all felony and/or misdemeanor criminal convictions, as well as any disciplinary actions taken against any professional license of the applicant - Exam: must pass the broker examination - Fee: application fee is $40

Pennsylvania real estate salesperson requirements include: - Age: must be at least 18 years of age - High School: must be a high school graduate or equivalent - Fees: $107 (includes $72 licensure fee, $25 application fee and $10 recovery fund fee) - Education: submit evidence of successful completion of 60 hours of instruction of basic real estate courses. Courses must be completed within 10 years prior to taking the exam, unless part of a bachelors degree or J.D. degree - Trustworthiness: provide documentation about all felony and/or misdemeanor criminal convictions, as well as any disciplinary actions taken against any professional license of the applicant; provide criminal background check - Exam: must pass the salesperson examination