Residential Purchase Agreement Virginia
The offer includes the purchase price and the additional conditions set by the buyer. The seller is given a deadline to respond to the offer before it expires. During this period, the seller can change the conditions by making a counter-offer to the buyer. If the two parties agree on the terms of purchase, they can sign the document in order to create a legally binding obligation to transfer ownership of the property. Virginia Disclosure Statement for Certain New Dwellings (No. 27.55.518.B) – Newly constructed residential buildings do not need to complete a housing declaration form. Instead of this particular form, there is an alternative for newly built houses, which serves to inform the buyer of any defects in the structure. The form provided by the seller also contains information about the land, if it has ever been used for demerition or excavation purposes. In most cases, the buyer must secure financing from a lender to acquire the property.
This is done with a completely separate set of contracts and documents, collectively referred to as „loan documents.“ As these are only between the buyer and the lender, we will not discuss them in detail here. But it is important to know that all of these loan documents must be signed and notarized before the financing can be processed and the real estate transaction can be completed. Contracts for the sale of residential real estate generally contain promises and provisions that guarantee the condition, security and/or value of a property. In most countries, sellers are required to submit a sales contract with documentation guaranteeing the condition of the property. However, Virginia law determines the buyer`s liability to determine if there are any problems with the property. This is known: the contract to purchase and sell residential real estate in Virginia is used by potential home buyers as a means of submitting an official bid. The document describes the buyer`s initial terms and conditions to which the seller must respond within a specified time frame, or the offer is cancelled. In addition to the price, the parties can negotiate various terms such as the deadline, inspection procedures, financing details and other conditions relevant to the offer. Upon agreement, the seller must complete a disclosure statement on residential real estate and the buyer in accordance with the intended delivery methods. 55-520.
Residential Real Estate Disclosure Statement (No. 27.55.517-525) – Following the latest update of the Virginia Residential Property Disclosure Act, home sales require this scheduled disclosure to accompany the sales contract.