What should be included in a real estate purchase contract?

A real estate purchase contract in Virginia should include a number of key elements to ensure the purchase is legally binding. First, both parties should be identified, including their full legal names, addresses, and telephone numbers. Additionally, the contract should identify the property by its legal description and provide details such as the total purchase price, the deposit amount, and any other associated costs, such as closing costs or transfer taxes. The contract should also include a description of any and all included features, such as appliances, fixtures, or any other items included in the purchase price. The contract will also need to include an estimated date of closing, as well as a description of how and when the buyer will take possession of the property. Additionally, the purchase contract should indicate whether a survey is being conducted and if so, who is responsible for the cost. Finally, in a real estate purchase contract, there should also be any additional terms and conditions of the sale and a clause that addresses what happens if any of the buyers’ obligations are not fulfilled. This clause is known as the ‘default’ clause and specifies the remedies available to the seller if the buyer fails to meet their obligations. By including these elements in a real estate purchase contract, both parties can be sure their rights are protected as they enter into a legally binding transaction.

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What should be included in a real estate purchase contract?

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