This is the core of any residential real estate transaction in Virginia and required to sell real estate property.  Unless your attorney specializes in real estate law they are not really help you navigate through this contract.  Virginia has very specific regulations about contracts involving the sell of property, whether it’s residential, land, or commercial.  Buyers have the right to choose a settlement company.  Even if that company has an attorney to review the contract, that attorney is representing the buyer not you as a seller.   These contracts are binding and testing in the Virginia court of law so you need to make sure you understand the terms. 

Any property sold in Virginia, except for bank owned properties, land, new construction and inherited properties require the Seller to deliver to the buyer a Residential Property Disclosure form.  This contract has specific time and manner for delivery and could result in a buyer being able to terminate the contract at any point with little to no recourse, if not delivered accordingly. 

Buyers want it all from the  seller.  Part of the offer can include a number of contingencies on the sell of the home from various inspections, warranties and other things that need to be in writing and worded in such a way as to defend your best interest.  What if the buyer has a home to sell on their own before they can buy yours?  Is your home being sold AS-IS and if so, what does that mean?  There are a lot of variables and you’ll need a properly worded agreement to protect your interest.

Almost every buyer wants a home inspection even if the property is sold AS-IS.   If you home has a basement, the majority of buyers also want to have a radon inspection conducted.  There are agreements for those defining the scope, timeline, and terms for such inspections.  These terms are critical to the buying  & selling process.

Does your property have a well or septic system?  There are forms and agreements for those as well.  Depending on how these inspections are conducted, your systems may actually be damaged by the inspections.   It is important to have a well-defined, written agreement on how these inspections are to be conducted and who will cover expenses and liability.

Not everyone’s schedule for closing lines up perfectly.  Maybe your buyers need to move in early or you need to stay in the home a little longer until you find your next home.    In either of these situations, you need an agreement in place to protect both parties.

If your home was built before 1978, federal law requires  a specific disclosure and buyer lead based paint manual to be delivered from the seller to the buyer.  Selling your home on your own does not exempt you from that regulation.   There are federal regulations to how this pamphlet has to be delivered to the buyer.  Failing to deliver documents could allow your buyer grounds to terminate the contract at any time.

Most buyer’s have real estate agents they use to represent their best interest in finding a home, negotiating terms, and overseeing their best interests in paperwork.  In this regards, they are accustomed to seller’s covering the buyer’s agents commission fees.  Be prepared to have an agreement in place regarding commission fees whether you will or will not cover them.

Conventional, VA, FHA loan or cash?  How is the buyer paying for the purchase?  Having an written agreement on terms and timelines, makes sure the buyer follows through on loan obligations in a timely manner.  

Along this line, how do you know your buyer is qualified to purchase your home? Do you have prove of funds available for a cash offer?  Are they prequalified or preapproved for a mortgage? Do you have evidence that they are prequalified or preapproved?  Does your buyer have enough money for the down payment and closing costs?  Do they have sufficient income to afoord the home?  Good credit?  All things that may affect whether they will actually be able to secure a mortgage loan.

Many times one of the primary reasons for a Seller to sell their home on their own is to avoid paying commissions because they owe more than they can sell it for.  If you are a distressed seller, that may fall into the category of a short sale or foreclosure, be aware that there is another list of paperwork in addition to what has been mentioned above that may be required by the bank.  Having a representative, such as short sale negotiator, on your side to navigate through the pile of paperwork will truly take away some of the additional stress of selling your home.  Also keep in mind in these situations the banks will cover commissions.  If you have questions regarding these situations, I will be happy to discuss them with you.