What is a purchase agreement?

A purchase agreement is an important document used in real estate law in Virginia. It is a legally binding contract between a buyer and seller that outlines the details of the sale of property. It includes the agreed-upon purchase price, closing date, possession date, and any other terms of the sale such as inspections and repairs. It also includes information about the property such as the address, lot size, type of home, square footage, and age. The agreement also states who is responsible for paying any closing costs and other fees associated with the sale. The purchase agreement may also include a number of contingencies, which are conditions that must be met in order for the sale to be finalized. Once the buyer and seller sign the agreement, it becomes a legally binding document and both parties are obligated to fulfill their responsibilities according to the terms of the agreement.

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What is a purchase agreement?

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