No Broker Residential Sales Virginia PDF Details

When selling a home, many people opt to use a real estate broker to help them through the process. However, there are some cases where a homeowner may wish to sell their home without using a broker. In Virginia, there is a specific form that must be filled out in order to complete a sale without a broker. This form is called the No Broker Residential Sales Virginia Form. In this blog post, we will discuss the requirements of this form and explain what homeowners need to do in order to complete a sale without using a broker. We will also provide an example of how this form can be used.

Below is the details relating to the file you were looking for to complete. It will tell you the time it may need to fill out no broker residential sales virginia, exactly what parts you need to fill in and a few other specific facts.

QuestionAnswer
Form NameNo Broker Residential Sales Virginia
Form Length8 pages
Fillable?No
Fillable fields0
Avg. time to fill out2 min
Other namesvirginia real estate sales contract, virginia purchase contract, real estate contract virginia, virginia purchase agreement

Form Preview Example

CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE

(NO BROKER)

 

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,

 

 

 

,“Seller” whether one or more, and

 

 

 

,“Buyer” whether one or more,

 

do hereby covenant, contract and agree as follows:

 

 

1.

AGREEMENT TO SALE AND PURCHASE:

Seller agrees to sell, and Buyer agrees to buy from Seller the

property described as follows: (complete adequately to identify property) County, Virginia.

Address:

Legal Description (or see attached exhibit):

As described in attached Exhibit.

Together with the following items, if any: (Strike items to be retained by Seller) curtains and rods, draperies and rods, valances, blinds, window shades, screens, shutters, awnings, wall-to-wall carpeting, mirrors fixed in place, ceiling fans, attic fans, mail boxes, television antennas and satellite dish system with controls and equipment, permanently installed heating and air-conditioning units, window air-conditioning units, built-in security and fire detection equipment, plumbing and lighting fixtures including chandeliers, water softener, stove, built-in kitchen equipment, garage door openers with controls, built-in cleaning equipment, all swimming pool equipment and maintenance accessories, shrubbery, landscaping, permanently installed outdoor cooking equipment, built-in fireplace screens, artificial fireplace logs and all other property owned by Seller and attached to the above described real property except the following property which is not included (list items not included):

All property sold by this contract is called the "Property."

2.SALES PRICE: The parties agree to the following sales price:

 

Amount

Amount

Purchase Price

$

 

Earnest Money

 

$

New Loan

 

$

Assumption of Loan

 

$

Seller Financing

 

$

Cash at Closing

 

$

Total ( both columns should be equal)

$

$

Both columns should be an equal amount.

 

 

If the unpaid principal balance(s) of any assumed loan(s), if any, as of the Closing Date varies from the loan balance(s) stated above, the cash payable at closing will be adjusted by the amount of any variance.

3.FINANCING: The following provisions apply with respect to financing:

Buyer Initials ______ _______

- 1 -

Seller Initials _______ _______

 

 

 

CASH SALE: This contract is not contingent on financing.

OWNER FINANCING: Seller agrees to finance

 

 

 

 

dollars of the purchase price pursuant

to a promissory note from Buyer to Seller of $

 

, bearing

 

 

% interest per annum, payable

 

 

 

 

 

 

 

 

 

 

 

over a term of

 

years with even monthly payments, secured by a deed of trust or mortgage lien

with the first payment to begin on the

 

day of

 

, 20

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining financing. Within

days after the effective date of this contract Buyer shall apply for all financing or noteholder's approval of any assumption and make every reasonable effort to obtain financing or assumption approval. Financing or assumption approval will be deemed to have been obtained when the lender determines that Buyer has satisfied all of lender's financial requirements (those items relating to Buyer's net worth, income and

creditworthiness). If financing or assumption approval is not obtained within days after the effective date hereof, this contract will terminate and the earnest money will be refunded to Buyer. If Buyer intends to obtain a new loan, the loan will be of the following type:

Conventional

VA

FHA

Other:

The following provisions apply if a new loan is to be obtained:

FHA. It is expressly agreed that notwithstanding any other provisions of this contract, the Purchaser (Buyer) shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the Purchaser (Buyer) has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value of the Property of

not less than $. The Purchaser (Buyer) shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the Property. The Purchaser (Buyer) should satisfy himself/herself that the price and condition of the Property are acceptable.

VA. If Buyer is to pay the purchase price by obtaining a new VA-guaranteed loan: It is agreed that, notwithstanding any other provisions of this contract, Buyer shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete the purchase of the Property described herein, if the contract purchase price or cost exceeds the reasonable value of the Property established by the Veterans Administration. Buyer shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Veterans Administration.

Existing Loan Review. If an existing loan is not to be released at closing, Seller shall provide copies of the loan documents (including note, deed of trust or mortgage, modifications) to Buyer within

calendar days from acceptance of this contract. This contract is conditional upon Buyer's review and approval of the provisions of such loan documents. Buyer consents to the provisions of such loan

documents if no written objection is received by Seller from Buyer withincalendar days

from Buyer's receipt of such documents. If the lender's approval of a transfer of the Property is required, this contract is conditional upon Buyer's obtaining such approval without change in the terms of such loan, except as may be agreed by Buyer. If lender's approval is not obtained on or before

 

 

 

,

 

this contract

shall be terminated on such date. The Seller

shall

shall not, be released from liability under such

existing loan. If Seller is to be released and release approval is not obtained, Seller may nevertheless elect to proceed to closing, or terminate this agreement in the sole discretion of Seller.

Credit Information. If Buyer is to pay all or part of the purchase price by executing a promissory note in favor of Seller or if an existing loan is not to be released at closing, this contract is conditional upon Seller's

Buyer Initials ______ _______

- 2 -

Seller Initials _______ _______

 

 

 

approval of Buyer's financial ability and creditworthiness, which approval shall be at Seller's sole and

absolute discretion. In such case: (l) Buyer shall supply to Seller on or before

 

,

,at, Buyer's expense, information and documents concerning Buyer's financial, employment and credit condition; (2) Buyer consents that Seller may verify Buyer's financial ability and creditworthiness; (3) any such information and documents received by Seller shall be held by Seller in confidence, and not released to others except to protect Seller's interest in this transaction; (4) if Seller does

 

not provide written notice of Seller's disapproval to Buyer on or before

,

,

 

then Seller waives this condition.

 

 

 

 

 

 

4.

EARNEST MONEY: Buyer shall deposit $

 

as earnest money with

 

 

 

 

 

upon execution of this contract by both parties.

 

 

 

 

 

 

5.PROPERTY CONDITION:

RESIDENTIAL DISCLOSURE STATEMENT: As required by Virginia law, §55-517 to §55-525:

Seller has furnished, and Buyer has received and reviewed, a Residential Property Disclosure Statement; or

Seller is exempt from furnishing a Property Disclosure or Disclaimer, because:

SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is required by Federal law for a residential dwelling constructed prior to 1978. An addendum providing such disclosure is attached is not applicable.

Buyer hereby represents that he has personally inspected and examined the above-mentioned premises and all improvements thereon. Buyer hereby acknowledges that unless otherwise set forth in writing elsewhere in this contract neither Seller nor Seller's representatives, if any, have made any representations concerning the present or past structural condition of the improvements. Buyer and Seller agree to the following concerning the condition of the property:

Buyer accepts the property in its "as-is" and present condition.

Buyer may have the property inspected by persons of Buyer's choosing and at Buyer's expense. If the inspection report reveals defects in the property, Buyer shall notify Seller within 5 days of receipt of the report and may cancel this contract and receive a refund of earnest money, or close this agreement notwithstanding the defects, or Buyer and Seller may renegotiate this contract, in the

discretion of Seller. All inspections and notices to Seller shall be complete within days after execution of this agreement.

Buyer accepts the Property in its present condition; provided Seller, at Seller’s expense, shall complete the following repairs and treatment:

Buyer agrees that he will not hold Seller or its representatives responsible or liable for any present or future structural problems or damage to the foundation or slab of said property. If the subject residential dwelling was constructed prior to 1978, Buyer may conduct a risk assessment or inspection for the presence of lead-based

paint and/or lead-based paint hazards, to be completed within days after execution of this agreement. In the alternative, Buyer may waive the opportunity to conduct an assessment/inspection by indicating said waiver on the attached Lead-Based Paint Disclosure form.

MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: All such equipment is sold

"as-is" without

warranty, or

shall be in good working order on the date of closing. Any repairs needed to mechanical equipment

or appliances, if any, shall be the responsibility of

Seller Buyer.

 

 

UTILITIES: Water is provided to the property by

 

 

, Sewer is provided

by

 

 

.

Gas is provided by

 

 

.

Buyer Initials ______ _______

- 3 -

Seller Initials _______ _______

 

 

 

Electricity is provided by

.

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The present condition of all utilities is accepted by Buyer.

HOMEOWNERS/NEIGHBORHOOD ASSOCIATION DISCLOSURE:

The property is bound to a Homeowners/Neighborhood Association. YES NO

If YES, BUYER, by initialling immediately below, indicates receipt and review of the Association Disclosure Package provided by the Association to Seller.

 

BUYER INITIALS _____ _____

 

6.

CLOSING: The closing of the sale will be on or before

, 20

 

, unless extended pursuant

 

to the terms hereof.

 

 

 

 

Closing may be extended to within 7 days after objections to matters disclosed in the title abstract, certificate or Commitment or by the survey have been cured.

If financing or assumption approval has been obtained, the Closing Date will be extended up to 15 days if necessary to comply with lender's closing requirements (for example, appraisal, survey, insurance policies, lender-required repairs, closing documents). If either party fails to close this sale by the Closing Date, the non-defaulting party will be entitled to exercise the remedies contained herein. The closing date may also be extended by written agreement of the parties.

7.TITLE. The title report and survey, if required, will be ordered promptly and, if not available on the Settlement Date, then Settlement may be delayed for up to 10 business days to obtain the title report and survey after which this Contract, at the option of the Seller, may be terminated and the Deposit will be refunded in full to the Purchaser according to the terms of the DEPOSIT paragraph. Fee simple title to the Property, and everything that conveys with it, will be sold free of liens except for any loans assumed by the Purchaser. The Seller will pay any special assessments and will comply with all orders, requirements, or notices of violations of any county or local authority, condominium unit owners’ association, homeowners’ or property owners’ association or actions in any court on account thereof, against or affecting the Property on the Settlement Date. Title is to be good and marketable, and insurable by a licensed title insurance company with no additional risk premium. Title may be subject to commonly acceptable easements, covenants, conditions and restrictions of record, if any; otherwise, the Purchaser may declare this Contract void, unless the defects are of such character that they may be remedied within 30 Days beyond the Settlement Date. In case action is required to perfect the title, such action must be taken promptly by the Seller at the Seller’s expense. The Broker is hereby expressly released from all liability for damages by reason of any defect in the title. The Seller will convey the Property by general warranty deed with English covenants of title. The Seller will sign such affidavits, lien waivers, tax certifications, and other documents as may be required by the lender, title insurance company, Settlement Agent, or government authority, and authorizes the Settlement Agent to obtain pay- off or assumption information from any existing lenders.

8.APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal of the property shall be the responsibility

Buyer Seller. A survey is: not required required, the cost of which shall be paid by Seller

Buyer. A termite inspection is

not required

required, the cost of which shall be paid by

Seller

Buyer. If a

survey is required it shall be obtained within 5 days of closing.

 

 

9.POSSESSION AND TITLE: Seller shall deliver possession of the Property to Buyer at closing. Title shall be

conveyed to Buyer, if more than one as

Joint tenants with rights of survivorship,

tenants in common,

Other:

 

 

Prior to closing the property shall remain

in the possession of Seller and Seller shall deliver the property to Buyer in substantially the same condition at closing, as on the date of this contract, reasonable wear and tear excepted.

Buyer Initials ______ _______

- 4 -

Seller Initials _______ _______

 

 

 

10.CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provided. (Leave blank if the closing cost does not apply.)

Closing Costs

Buyer

Seller

Both*

Attorney Fees

Title Insurance

Title Abstract or Certificate

Property Insurance

Recording Fees

Appraisal

Survey

Termite Inspection

Origination fees

Discount Points

If contingent on rezoning, cost and expenses of rezoning

Other:

All other closing costs

* 50/50 between buyer and seller.

11.PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and rents, if any, will be prorated through the Closing Date. If taxes for the current year vary from the amount prorated at closing, the parties shall adjust the prorations when tax statements for the current year are available. If a loan is assumed and the lender maintains an escrow account, the escrow account must be transferred to Buyer without any deficiency. Buyer shall reimburse Seller for the amount in the transferred account. Buyer shall pay the premium for a new insurance policy. If taxes are not paid at or prior to closing, Buyer will be obligated to pay taxes for the current year.

12.CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss after the effective date of the contract, Seller shall restore the Property to its previous condition as soon as reasonably possible. If Seller fails to do so due to factors beyond Seller’s control, Buyer may either (a) terminate this contract and the earnest money will be refunded to Buyer, (b) extend the time for performance and the Closing Date will be extended as necessary, or (c) accept the Property in its damaged condition and accept an assignment of insurance proceeds.

13.DEFAULT: If the Buyer fails to complete Settlement, at the option of the Seller, the Deposit may be forfeited as liquidated damages and not as a penalty, in which event the Buyer will be relieved from further liability to the Seller. If the Seller does not elect to accept the Deposit as liquidated damages, the Deposit may not be the limit of the Buyer’s liability in the event of a default. If the Seller fails to complete Settlement, the Buyer will have all legal or equitable remedies, including specific performance and/or damages. If either the Seller or Buyer refuses to execute a release of Deposit when requested to do so in writing and a court finds that they should have executed the agreement, the party who so refused to execute a release of Deposit will pay the expenses, including, without limitation, reasonable attorney’s fees, incurred by the other party in the litigation. The Seller and Buyer agree that no Escrow Agent will have any liability to any party on account of disbursement of the Deposit or on account of failure to disburse the Deposit, except only in the event of the Escrow Agent’s gross negligence or willful misconduct. The parties further agree that the Escrow Agent will not be liable for the failure of any depository in which the Deposit is placed and that the Seller and Buyer each will indemnify, defend and save harmless the Escrow Agent from any loss or expense arising out of the holding, disbursement or failure to disburse the Deposit, except in the case of the Escrow Agent’s gross negligence or willful misconduct. If either the Buyer or the Seller is in default, then in addition to all other damages, the defaulting party will immediately pay the costs (if any) incurred by the non-defaulting party for the title examination, appraisal, and survey.

Buyer Initials ______ _______

- 5 -

Seller Initials _______ _______

 

 

 

14.ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or with respect to the transaction described in this contract is entitled to recover from the non-prevailing party all costs of such proceeding and reasonable attorney’s fees.

15.REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no liens, assessments, or security interests against the Property which will not be satisfied out of the sales proceeds unless securing payment of any loans assumed by Buyer and (b) assumed loans will not be in default. If any representation in this contract is untrue on the Closing Date, this contract may be terminated by Buyer and the earnest money will be refunded to Buyer. All representations contained in this contract will survive closing.

16.FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by applicable law, or if Seller fails to deliver an affidavit that Seller is not a "foreign person", then Buyer shall withhold from the sales proceeds an amount sufficient to comply with applicable tax law and deliver the same to the Internal Revenue Service together with appropriate tax forms. IRS regulations require filing written reports if cash in excess of specified amounts is received in the transaction.

17.AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written agreement.

18.NOTICES: All notices from one party to the other must be in writing and are effective when mailed to, hand- delivered at, or transmitted by facsimile machine as follows:

To Buyer at:

Telephone ( )

Facsimile ( )

To Seller at:

Telephone ( )

Facsimile ( )

19.ASSIGNMENT: This agreement may not be assigned by Buyer without the consent of Seller. This agreement may be assigned by Seller and shall be binding on the heirs and assigns of the parties hereto.

20.PRIOR AGREEMENTS: This contract incorporates all prior agreements between the parties, contains the entire and final agreement of the parties, and cannot be changed except by their written consent. Neither party has relied upon any statement or representation made by the other party or any sales representative bringing the parties together. Neither party shall be bound by any terms, conditions, oral statements, warranties, or representations not herein contained. Each party acknowledges that he has read and understands this contract. The provisions of this contract shall apply to and bind the heirs, executors, administrators, successors and assigns of the respective parties hereto. When herein used, the singular includes the plural and the masculine includes the feminine as the context may require.

21.NO BROKER OR AGENTS: The parties represent that neither party has employed the services of a real estate broker or agent in connection with the property, or that if such agents have been employed, that the party employing said agent shall pay any and all expenses outside the closing of this agreement.

22.EMINENT DOMAIN: If the property is condemned by eminent domain after the effective date hereof, the Seller and Buyer shall agree to continue the closing, or a portion thereof, or cancel this Contract. If the parties cannot agree,

this contract shall

remain valid with Buyer being entitled to any condemnation proceeds at or after closing, or

be cancelled and the earnest money returned to Buyer.

Buyer Initials ______ _______

- 6 -

Seller Initials _______ _______

 

 

 

23.OTHER PROVISIONS

24.TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.

25.GOVERNING LAW: This contract shall be governed by the laws of the State of Virginia.

26.DEADLINE LIST (Optional) (complete all that apply). Based on other provisions of Contract.

Deadline

Date

Loan Application Deadline, if contingent on loan

Loan Commitment Deadline

Buyer(s) Credit Information to Seller

Disapproval of Buyers Credit Deadline

Survey Deadline

Title Objection Deadline

Survey Deadline

Appraisal Deadline

Property Inspection Deadline

Whether or not listed above, deadlines contained in this Contract may be extended informally by a writing signed by the person granting the extension except for the closing date which must be extended by a writing signed by both Seller and Buyer.

EXECUTED the

 

day of

 

, 20

 

(THE EFFECTIVE DATE).

 

 

 

 

 

 

 

 

 

Buyer

 

 

 

Seller

 

 

 

 

 

 

 

 

 

 

Buyer

 

 

 

Seller

 

Buyer Initials ______ _______

- 7 -

Seller Initials _______ _______

 

 

 

EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTION

 

 

 

 

 

RECEIPT

 

 

 

 

 

 

Receipt of Earnest Money is acknowledged.

 

 

 

 

 

 

Signature:

 

 

Date:

, 20

 

By:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Telephone (

)

 

 

Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Facsimile (

)

 

 

 

 

City

State

Zip Code

 

 

 

 

 

 

 

 

Buyer Initials ______ _______

- 8 -

Seller Initials _______ _______

 

 

 

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