The offer includes the purchase price set by the buyer and additional conditions. The seller is given a period within which he can respond to the offer before it expires. During this period, the seller may modify the conditions by submitting a counter-offer to the buyer. If both parties reach an agreement on the terms of purchase, they can sign the document in order to create a legally binding obligation to transfer ownership of the property. The property (land and structures) is carefully identified by the legal description and address. And personal belongings (personal belongings that remain on the land as part of the sale) are also specifically identified. This section allows the parties to agree to include appliances, fixtures, window coverings and even furniture in the sale of the property. In most cases, the buyer must provide financing by a lender to purchase the property. This comes from a totally separate set of contracts and documents called “Loan Docs” together. Since they are only between the buyer and the lender, we will not discuss them in detail here. However, it is important to know that these credit documents must all be signed and notarized before the financing can be processed and the real estate transaction can be concluded. Virginia Disclosure Statement for Certain New Dwellings (§27.55.518.B) – Newly constructed residential buildings do not need to fill in the form residential Disclosure Statement Acknowledgment.
Instead of this particular form, there is an alternative for newly built houses, which serves to inform the buyer of defects in the structure. The form provided by the seller also contains information about the land if it has already been used for mining or excavation. The purchase price is clearly documented. The contract also describes how buyers want to pay the purchase price. Using a mortgage reveals the loan amount and interest rates. When using seller financing, the conditions are clearly defined. There is also a section that explains the deposit: how much the deposit will be, how it will be paid and by whom the deposit will be held. This section also determines what will happen to the deposit if the sale is cancelled by one of the parties before closing. Defective dry installation (§ 55-519.2) – Houses that contain defective sulfur oxide dry walls are subject to the supplementary disclosure form attached to the sales contract. Virginia Code § 36-156.1 contains an explanation of what specifically constitutes a defective dry wall.
This dry construction poses health risks if exposed to certain environmental and climatic conditions. The defective dry installation form draws the buyer`s attention to problems related to the defective material. Validity of the Operating License for Septic Systems (§ 32.1-164.1:1) – The Virginia State Health Board has special requirements for septic systems to be used for residential purposes. . . .