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Sales Contract Virginia Form Demand Assistance

hello I'm Karina Taylor Brown an.Associate Broker with Remax allegience.and I'm here to spend a couple of.minutes to review the Regional Sales.contract with you so that you can have.this information before you make your.offer the regional sales contract will.all together will be about twenty four.pages the main body of the contract is.eight pages designed to work in DC.Maryland and Virginia and from there we.add the relevant jurisdictional addendum.and the other addenda that you'll want.to have in your contract we're just.going to talk about the first eight.pages on the first page of the contract.we have the date that the contracts.written you want to make sure that your.name is spelled correctly whether you're.the purchaser or the seller next the.real-estate companies are listed the.listing company represents the seller.and the selling company represents the.purchaser the real property is described.both with a street address and also with.the legal description this could be the.unit number and condominium or it could.be the lot block and section number.within the subdivision that describes.the property the way that the real.estate tax assessor looks at the.property next we determine whether.you're adding Virginia DC or Maryland.jurisdictional addendum and that is an.important part of the contract paragraph.3 you'll be making your offer how much.the price is what the down payment is.and then the amount of the financing 3 C.outlines the type of financing whether.you're obtaining a loan.assuming a loan whether it's FHA.conventional VA etc and then there's.some more terms in the financing to be.concerned about paragraph for the.deposit we often call this the earnest.money deposit this is a check that holds.the contract together this is the.strength of your offer and that check.means that the seller cannot sell the.property to somebody else and also you.can't just go and buy another property.without being in risk of losing that.check now once the contracts ratifies.you'll have your contingencies before.the contract becomes completely firm and.binding but the deposit is there is the.strength of your contract your down.payment you have to have the balance of.your down payment ready.the closing date the closing date is.called a settlement date that's outlined.in paragraph six and where you would.like to go for settlement property seven.paragraph seven is the property.maintenance and condition paragraph.sellers are no longer selling their.property in normal working order the.seller is selling whatever it is that's.standing there and that's what you're.buying so you probably will want to get.an inspection so that you can determine.the accurate condition of the property.and if it meets your satisfaction if not.you'll want to negotiate so that you and.the seller determine whether you're.accepting a leaky faucet or if you want.them to replace the roof etc access to.the property the seller has to grant.reasonable access for the home.inspection for the termite report and.for the bank's appraiser to come through.to evaluate the market price of the.property they don't have to allow other.access to the property although they.might if you ask them nicely utilities.the utilities that run with the property.are described in paragraph nine public.water and public sewer or is it on well.and septic is gas available at the.property paragraph ten describes the.personal property of fixtures that come.with the real estate the built in.cabinets the wall-to-wall carpeting.screens storm doors landscaping they're.listed in the boilerplate and then also.whether or not they're adding the.refrigerator the dishwasher the disposer.if you want the washer and dryer made.sure that the correct box is checked on.your contract least items will be.described these could be satellite.dishes or propane tanks etc if the.property is to sell as is it should be.noted here in a special addendum should.be attached to the contract if is.selling completely as is with mold etc.paragraph 11 financing you are to.complete your financing within seven.days of the contract being ratified.so once the buyer and seller have agreed.to all the terms in the contract then.the purchaser has to make sure that all.their documents are over to the lender.within seven days the purchaser can go.with a different mortgage company or a.different finance saying as long as they.do not.lay settlement and you do lose some.protections when you move.mortgage companies paragraph 13 the.purchaser represents whether or not.they'll be living in the property and.whether or not their mortgage officer.their loan officer can tell the seller.how strong their mortgage application is.paragraph 14 is the termite inspection.these are required on single-family.homes.townhouses and garden style condos on.the first three floors this could be.performed by the seller's age the.sellers termite company or this.purchases termite company however the.seller is required to remedy termite.damage and make sure that the property.is free of termites damage or loss.you'll be buying the property on the.closing date in the same condition that.you sort when you contract it for it so.the seller has to be sure to keep their.insurance in place through the term of.the contract title the seller will be.conveying good title to you the.purchaser so the sellers lien should be.paid off any judgments against the.seller have to be discussed and remedied.before title can be transferred also we.have to make sure we have the right.people signing the contract the.purchaser designates the settlement.company and they'll be doing a title.search to identify all the title issues.and make sure that they're taken care of.in time for closing possession date here.in Northern Virginia by convention when.you go to the closing table with your.money and the loan is there you walk.away with the keys seized the purchaser.and the seller will pay the normal.closing cost fees as outlined either.from an estimate from their realtor or.from their mortgage company etc the.brokers fees are paid for by the seller.adjustments real estate taxes rents.insurance these are paid up to the date.of closing by the seller and after.closed the buying after closing by the.purchaser so the title company will be.making sure that any adjustments are.accurately made to the date of closing.for the different costs involved in.owning the property attorneys fees if.either party if either the purchaser or.the seller breaches the contract and the.contract goes into default then the.losing party would pay the attorney's.fees performance this says that the.buyer and the seller will be ready on.the date of closing so the buyer has to.have their their deposit ready and their.loan ready and the seller has to have.the property vacated and title issues.remedied in time for closing paragraph.23 outlines default if the purchase is.not ready they could be in default and.likewise with the seller paragraph 24.the other disclosures these used to be.on a separate page and these the things.that you should consider and educate.yourself about really before you write a.real estate contract hey is the property.condition things such as let's see here.we have septic field zoning issues.airplane noise radon mold this is we.catch a lot of these at the home.inspection legal requirements be the.property the contract has to be in.writing in order for it to be.enforceable see financing buyers can go.wherever they want to for financing and.have a look around D brokers brokers can.tell you about mold about home.inspection issues however they are not.mold inspectors they're not home.inspectors they can tell you about tax.issues and contract issues but they're.not tax advisers and they're not.attorneys so that's the role of the.broker also some brokers will have most.brokers will have affiliations with.title companies and mortgage companies.and these have to be disclosed to you.property taxes can go up if you paid a.lot more for the property and it hasn't.been recently assessed in Virginia we.don't worry too much about that our.properties are assessed every year in.Maryland they're assessed biennially so.that can be more of an issue F property.insurance there is a clue database for.insurance claims so if our properties.have a lot of insurance claims against.it it can be a little bit difficult to.obtain insurance this is something that.we often check out when we're doing the.home inspection assign ability this.contract is specific to the purchasers.and sellers listed on the front page of.the contract.we don't assign these contracts to other.people.26 definitions days are calendar days so.if the contract calls for seven days.that does include Saturday and Sunday.male and female all are the same and.whenever we talk about a day our real.estate days end at 9:00 p.m. the date of.ratification is once all parties have.agreed to the contract and initialed off.on all the changes we can send faxes and.emails just as easily as sending.originals if the contract becomes void.because of contingency then all parties.work quickly to obtain a release so the.seller can go about reselling their home.and the purchaser can get their deposit.back if that's applicable whether or not.a home warranty conveys with the.property time is of the essence this.means that we're working on American.time if it says xx be ready on xx the.entire agreement will be these eight.pages the jurisdictional addendum and.then any other addenda such as financing.addenda home inspection contingencies.are added to the contract many times.you'll be able to use electronic.signatures and electronic initials as.you go through the contract and then.you'll sign and date to make your offer.you have any questions you can call or.email me or contact your real estate.broker.

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Sales Contract Virginia Form FAQs

Here you can acquire solutions to the most popular questions about Sales Contract Virginia Form . If you have specific doubts, press 'Contact Us' at the top of the site.

Need help? Contact support

How do you fill out a W2 tax form if I'm an independent contractor?

A W-2 is a record of employment earnings. Independent contractors issue W-2 forms for their employees. An independent contractor would not receive a W-2, because the independent contract is not an employee.

Is Virginia a buyer beware state?

New York has one of the best consumer protection laws on the books. There are more workers protection laws than most any other state also. Doesn’t mean that you should let your guard down, just like anything else, protecting yourself in all situations is always a good idea.

Do un-contracted workers have to fill out IRS W4 form?

I have no idea what an “un-contracted worker” is. I am not familiar with that term. Employees working in the U.S. complete a Form W-4. Independent contractors in the U.S. do not. Instead, they usually complete a Form W-9. If unclear on the difference between an employee or an independent contractor, see Independent Contractor Self Employed or Employee

What does buyer beware state mean?

The phrase buyer beware in both legal parlance and as a common piece of advice means that a person who is buying a good or service needs to acquaint themselves with the quality of that good or service and be happy with it before they buy. It is particularly relevant when buying a good or service which has been advertised with certain features, attributes, or results. Where the buyer fails to do so, they risk being left with a defective good, or substandard service below the quality they have paid for. Many modern societies have enacted consumer protection laws preventing a buyer beware policy op Continue Reading

How can I fill out Google's intern host matching form to optimize my chances of receiving a match?

I was selected for a summer internship 2016. I tried to be very open while filling the preference form: I choose many products as my favorite products and I said I'm open about the team I want to join. I even was very open in the location and start date to get host matching interviews (I negotiated the start date in the interview until both me and my host were happy.) You could ask your recruiter to review your form (there are very cool and could help you a lot since they have a bigger experience). Do a search on the potential team. Before the interviews, try to find smart question that you are Continue Reading

Which of the following terms refers to the concept of buyer beware?

Ashkenazi Jews are the cream of Judaism, and the source of all that is good in the world. Our delicious cuisine has inspired the world. Behold the Gefilte fish. You are welcome, world. And kneylach. Now, that is Jewish cuisine. And of course, shmaltz and gribbenes. We are the greatest gift to the culinary Gods. Jokes aside, I say we abandon the distinctions outside a historical interest. We’re intermarrying together, we’re one people.

Do you have to disclose a death in a house in Virginia?

No. Realtors are only required to disclose things that are relevant to the condition of the physical property, that they know and zoning changes that are on record.

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