In Virginia, without a properly structured real estate contract it would be very difficult and risky to buy any residential or commercial property in the state.
The state guidelines regarding what information and disclosures need to be included in a Virginia real estate contract are there to help both the buyer and the seller agree on a purchase price that is fair and terms that are legally binding.
Having said that, it is not always easy to know what information to include in a real estate contract or how to handle it if the deal falls through.
At Doorloop, you will find all the information, advice, templates, and forms that you need to make this process as easy as possible. Visit the website now and download all the real estate contract documents that you need!
Virginia Real Estate Purchase Agreement
A Virginia real estate purchase and sale agreement is a binding legal document drafted by Virginia realtors or attorneys on behalf of their clients that are conducting a real estate sale or purchase.
It contains all the necessary disclosures and details required to make any agreements made between the two parties lawful.
A good real estate contract needs to cover all the bases of the property sale so that neither the buyer nor the seller is left exposed after signing. Usually, the following items are included in any Virginia residential purchase and sale agreement:
- The details of both parties, such as names, addresses, and phone numbers
- A complete description of the property's condition
- Details of the ownership of the property are provided by the County Recorder's Office
- Date for the home inspection
- The agreed-upon closing date
- All required disclosures
- Final purchase price and any required earnest money deposits
- Buyer beware statement and guidelines
- Any other contingencies either party wishes to include in the sales contract
Things To Include
When drafting a residential property disclosure statement, the seller needs to make sure that any required disclosures that apply to their property are listed and included in the document.
Failure to do so may have serious legal consequences should anything go wrong after the sale agreement has been concluded.
Different properties have different required disclosures. This is why it is necessary to look at the particular circumstances of the residential property before including one of the many disclosures, such as:
- Military air installation disclosure
- Septic system disclosure
- Methamphetamine disclosure
- Lead-based paint disclosure
- Local zoning ordinance violations disclosure
Terminating a Purchase Agreement
The reason why contingencies and the "buyer beware" policy are included in a residential contract of purchase is to make sure both parties are completely aware of the property's condition and sign the agreement knowingly.
However, at times, either the buyer or the seller may decide to terminate the purchase and sale agreement. If the reasons for the termination are not any of those included in the contingencies, the responsible party may face serious financial and legal consequences.
Terminating a purchase agreement is, therefore not an easy thing to do and should not be done lightly. It is important to read and fully understand all the terms and conditions of the property sale before signing.
In that regard, downloading easy-to-use templates from dorrloop.com may be the best solution to prevent signing things that will end up putting you into a corner.
The following are some of the main reasons why either buyers or sellers may decide to terminate a contract:
- Seller fraud, such as not disclosing important information that affects the property's condition, such as the use of lead-based paint or violation of a building code
- Failure to secure proper financing
- Seller unable to find a replacement home
- Agreement between the buyer and seller to mutually terminate the contract
At doorloop.com, you will find lots of forms, resources, and templates that are relevant to the particular state guidelines of your area. If you are about to enter into a Virginia residential property purchase agreement, visit doorloop.com and download some useful templates.
Is a Local Zoning Ordinance Violations Disclosure Required?
The type of required disclosures varies from one property to the next depending on the specific area, environmental effects, state guidelines, and many other things.
It is important to consider your individual circumstances before creating a disclosure document.
Can You Hire Virginia Realtors to Draft Your Real Estate Contract?
Yes, your purchase and sales contract can be drafted and executed by either a Virginia real estate agent or an attorney.
Is It the Buyer's Responsibility To Pay Transfer Taxes?
Yes, the buyer needs to pay transfer taxes as required by the state of Virginia for all residential and commercial property ownership transfers.
Do You Need Warranty Deeds for a Real Estate Purchase Agreement?
Without warrant deeds, you cannot be sure of the ownership of the property, which would leave you exposed to fraud. It is, therefore, vital that you see the warrant deeds before progressing.