Current through Register Vol. 54, No. 24, June 15, 2024
Rule 5.11 - Private Sale of Real Property or Options Therefor(a)Contents of Petition. In addition to the requirements provided by the Rules in Chapter III, a petition for the private sale or exchange of real property, or for the grant of an option for any such sale or exchange, shall set forth the following: (1) The information required in a petition for the public sale of real property under Rule 5.10(a); and(2) The name and address of the proposed purchaser and the terms of the proposed sale, exchange or option, the consideration therefor, and that this consideration is more than can be obtained at public sale.(b)Exhibits. The petition shall be supported by the affidavits of at least two competent persons setting forth that they have inspected the real property to be sold, exchanged or optioned, that they are not personally interested in the proposed sale, exchange or option, that they are acquainted with the value of real estate in the area, that in their opinion the proposed consideration is more than can be obtained at public sale, and in the case of an exchange, that they are acquainted with the value of real estate in the locality of the property to be received. Note: Rule 5.11 is substantively identical to former Rule 12.10. If a person who has been adjudicated incapacitated possesses an interest in the subject real property, see also Rule 14.10.
The provisions of this Rule 5.11 amended June 1, 2018, effective 6/1/2019, 48 Pa.B. 3524.