The Virginia residential real estate purchase agreement (“residential real estate purchase contract”) is a contract that is used when placing an offer to purchase real estate. The agreement initiates the negotiation process by indicating the buyer’s offer to acquire the property.
Included in the offer will be the purchase price and additional conditions established by the buyer. The seller will have an assigned period in which they can respond to the offer before it expires. During this time, the seller may alter the terms by submitting to the buyer a counteroffer. Should both parties agree on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.
Required Seller Disclosures in Virginia
Residential real estate purchase agreements typically contain promises and provisions guaranteeing a property’s condition, safety, and/or value. In most states, sellers are required to provide a purchase agreement along with documentation that guarantees the property’s condition. However, Virginia law sets the responsibility on the buyer for determining if there are any issues with the property. This is known as:
Buyer beware/Caveat emptor. Virginia law does not require the seller to make any property guarantees unless they know an issue that could affect the buyer’s health or safety. Buyers may wish to ask for professional advice and inspection of the property. (§ 55.1-703)