We are starting 2015 with a new sales contract to purchase real estate in Virginia. Our local association of Realtors(R) just released the new copy of the contract as of January 1, 2015. Make sure your agent knows there’s a new contract to be used. You’d be surprised how many still use old and obsolete renditions of paperwork!
Noteworthy Changes:
- There is no more Regional Sales Contract and Virginia Jurisdictional. They’ve now been combined into 1 16-page document known as the Virginia Residential Sales Contract.
- Some language has been changed in the Property Owner Association and Condo Association paragraphs, but the purchaser still only has 3 days from receipt to void.
- Some basic administrative changes were made that agents were already writing into the contract anyway (for example, now you have the option of a % or $ for a down payment, before it was just a $ amount).
Happy House Hunting Buyers!!
To find out how I can help you buy and/or sell a property, please contact me.