Serious money deposit: A serious deposit is a deposit that shows the good faith and obligation of the buyer to continue the purchase of the property. In return for the buyer`s serious money deposit, the seller withdraws the property from the market. At the end of the purchase, the deposit of serious money is charged to the purchase price. When the contract is terminated in accordance with the terms of the contract, the serious deposit is usually returned to the buyer. Closing: Closing is the last step in a real estate transaction between buyer and seller. All agreements are concluded, money is exchanged, documents are signed and exchanged, and title to the property is transferred to the buyer. With regard to real estate, a contract of sale is a contract between a buyer who wishes to buy a house or other land and a seller who owns and wishes to sell that property. A real estate purchase contract is usually offered by a buyer and is subject to acceptance of the terms by the seller. Buyer Alert (§ 27.55.519) – The State of Virginia requires the use of a Declaration of Handover to inform buyers to work with due diligence to inspect the property prior to purchase. It entrusts the buyer with the responsibility of evaluating any defects in the property. Recent Violation of Building Code or Zoning By-law (§55-519.2.1) – The State of Virginia requires the owner to disclose any knowledge of a violation of the local building or zoning by-law of the property for sale. If there is qualified information about an infringement, the facts relating to the case must be included in the form provided to the potential buyer.

If you do not have a real estate purchase agreement, you and the other party do not have a clear understanding of your rights, the potential risks and the economic impact of these potential risks. Without an agreement, it will be much more difficult to negotiate the extent of each party`s liability and enforce your legal rights. Virginia Disclosure Statement for Certain New Dwellings (§27.55.518.B) – Newly constructed residential buildings do not need to fill in the form residential Disclosure Statement Acknowledgment. Instead of this particular form, there is an alternative for newly built houses, which serves to inform the buyer of defects in the structure. The form provided by the seller also contains information about the land if it has already been used for mining or excavation.. . .