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Linda Willer

RE/MAX Action Real Estate
Charlottesville, Virginia
Real Estate Agent
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What's Involved in a Purchase Contract?

The eight-page legally binding Contract of Purchase is accompanied by property disclaimers/disclosures, home inspection addendums, earnest money check, and a pre-approval letter from your lender. The contract protects both the buyer and seller. The natural focal point of a real estate purchase contract is the selling price of the home, but the price isn’t the only factor that determines the net bottom line for both the buyer and the seller. Terms are also involved, such as financing contingency with your downpayment amount and type of loan, home inspection contingency, proposed move-in or closing date, personal property to be included, earnest money deposit amount, and the length of time the offer is valid.

A sale commitment depends on negotiating a satisfactory contract with the seller, not just making an offer.

* The bill of sale states the transference of any appliances or other items (such as a hot tub or lawnmower) with the property.

* The property disclaimer/disclosure states often that the sellers are stating that the property is sold in an "as is" condition, stating no warranties on the condition of the property. This does not apply to new construction homes. Of course, you can still add a home inspection contingency to the contract.

* A lead-based paint disclosure will also be provided for properties being built before 1978. It provides information on whether or not the seller is aware/is not aware of any lead-based paint located on the property.

* Any inspection addendums will be chosen by the buyer and may include a home inspection, radon inspection, and/or other inspections deemed necessary at the time of purchase offer.

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Linda Willer | 434-985-4094 | Contact Me
1770 Timberwood Blvd, Suite 101 - Charlottesville, VA 22911
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