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Purchasing your first home is a very big achievement. Oftentimes a person will work and save for years to make the dream of homeownership a reality. Once the buyer and seller have reached an agreement regarding the price of the home, a real estate purchase contract will need to be executed. Potential homeowners in Virginia who want to learn more about this type of contract will want to read further.

Purchase contracts are a binding agreement between the buyer and seller. To have a valid contract, there must be an exchange of "consideration." When it comes to purchase contracts, in general this means the exchange of the property for money or for the promise of money. Real estate contracts must be written to be enforceable. These are not handshake deals -- the written purchase contracts must also bear the signature of all parties to the contract.

In general, purchase contracts will identify the parties to the agreement and will describe the property. Any contingencies that must be fulfilled before the sale can close will be included in the purchase contract as will the essential rights and obligations of the parties. Other details will also be included, such as the condition of the property being sold along with any fixtures and appliances that will be included in the deal. Purchase contracts will also identify the deposit amount as well as what the projected closing costs will be and who will be responsible for paying these costs. Finally, the date of closing will be included in the purchase contract as will the terms of possession.

This is only a general overview of purchase contracts in the world of real estate. A real estate purchase agreement may contain provisions not listed here, and in some cases consideration other than money is exchanged for the property. A home is often the most valuable thing a person will ever purchase, so it is important that potential homeowners have all the information they need before entering into a purchase contract.

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Roeder, Cochran, Phillips, PLLC

Roeder, Cochran, Phillips, PLLC
8280 Greensboro Dr.
Suite 550
McLean, VA 22102

Phone: 703-749-6050
Fax: 703-749-6027
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