Section 35.373. Offering statements

(a) The Commission also requires the applicant to prepare and deliver at its own expense, to each prospective purchaser in this Commonwealth an offering statement which shall be revised annually. The offering statement shall be approved by the Commission and shall contain a detailed description, price and terms of the offer as well as financial information disclosing assets and liabilities of the applicant. The offering statement shall also inform prospective purchasers of the following:

(1) Tax liabilities.

(2) Basis for guarantees.

(3) Public transportation facilities.

(4) Terrain details.

(5) Climate.

(6) Proposed and existing improvements.

(7) Roads.

(8) Water supply.

(9) Public utilities.

(10) An objectionable condition of air, sight or terrain.

(11) Sewage disposal facilities.

(12) Recreational and community facilities.

(13) The distances to a nearby populated area.

(b) The offering statement shall also set forth on the front page in large bold face type or italics, the following statement:

‘‘The State Real Estate Commission’s requirements of this broker, developer or subdivider does not constitute approval of the land being offered for sale or lease. The State Real Estate Commission has not in any way passed upon the merits of such offer.’’

The provisions of this § 35.373 adopted February 24, 1989, effective February 25, 1989, 19 Pa.B. 781.

Notation

Authority

The provisions of this § 35.373 issued under the Real Estate Licensing and Registration Act (63 P. S. § § 455.101—455.902).