Subject to additional definitions contained in subsequent provisions of this part which are applicable to specific provisions of this part, the following words and phrases when used in this part shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Agent.” Any broker, associate broker or salesperson, as defined in the act of February 19, 1980 (P.L. 15, No. 9),¹ known as the Real Estate Licensing and Registration Act.

“Agreement of transfer.” A contract between a buyer and seller setting forth the terms of a residential real estate transfer.

“Buyer.” Any person receiving any estate or interest in real property in a transfer subject to this part.

“Commission.” The State Real Estate Commission.

“Final settlement.” The time at which the buyer and seller have signed and delivered all papers and consideration necessary to convey title to the estate or interest in real property being conveyed.

“Material defect.” A problem with a residential real property or any portion of it that would have a significant adverse impact on the value of the property or that involves an unreasonable risk to people on the property. The fact that a structural element, system or subsystem is near, at or beyond the end of the normal useful life of such a structural element, system or subsystem is not by itself a material defect.

“Seller.” Any person transferring any estate or interest in residential real property in a transfer subject to this part.

“Storm water facility.” A basin, pond, ditch, drain, swale, culvert, pipe or other manmade feature of land which was constructed in accordance with Federal, State or local law or regulation to temporarily or permanently convey or manage storm water.