Seller agrees to sell and the buyer agrees to buy a condominium unit under the terms and conditions of the contract. Other provisions of the agreement include: closing costs, deposits, insurance and proration.
Virginia Condominium Purchase Agreement
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FAQ
A buyer representation (agency) agreement is a contract that delineates the relationship between a prospective home purchaser and a real estate broker or agency. While the agreement serves as good protection for the real estate agent, the home buyer can get significant value out of it as well.
The Standards of Practice created a few exceptions to the general rule against contacting another Brokers client directly. However, none of them appear to authorize the Buyer Agent to contact the seller when a Listing Agent fails to respond.
Yes, you can buy a home without using a real estate agent. There's no law that says you have to use an agent to purchase real estate. It's just that the process is complicated and many people don't know where to begin.
Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.
As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.
Once the time limit has expired on the contingencies, you can still walk away from the house right up until closing, although you may lose your deposit. This is called liquidated damages. The seller could potentially sue you for specific performance, which means that you would be required to complete the contract.
Florida Agency Rules say that unless you have an written agreement with a buyers agent for representation, you are not really being represented (99.9% of real estate licensees in Florida practice as Transaction brokers) Transaction Brokers offer NO fiduciary duties of loyalty, confidentiality, or full disclosure.
As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.
As of July 1, 2012, there is a new law that requires all REALTORS® in Virginia to have a signed written Buyer Brokerage Agreement prior to showing any property in Virginia.
Writing a real estate purchase agreement.Identify the address of the property being purchased, including all required legal descriptions.Identify the names and addresses of both the buyer and the seller.Detail the price of the property and the terms of the purchase.Set the closing date and closing costs.More items...