Tuesday, April 9, 2013

Real Estate Forms to Purchase Your NOVA Home

If you're planning to purchase a home in the Northern Virginia or DC area, or plan to sell your home soon, you can expect a mountain of paperwork to begin to pile up both online and on paper. It can be hard to determine which forms are most important and which you must read all the way through. The documents listed below are those that every homeowner should be familiar with as they venture through the journey toward purchasing their NOVA home.

Buyer's Agent Contract
Buyer's should be prepared to get their real estate agent's trust on paper, in written form. In order to be comfortable with their decision, always know that your agent has your best interests in mind and this form can act as proof of that. Also called the "buyer representation agreement," this form will give you peace of mind that the agent is working for you.

Seller's Property Disclosure Agreement
As a buyer, you have a right to know about all of the repairs necessary or glitches that homeowners have discovered but not yet addressed. Think of this form as a brief peek into what potentially owning the home might look like— what you would be inheriting if you made the purchase and moved in. Take the time to read this all the way through. You will want to know every flaw, both large and small, involved with your future home.

Purchase Agreement
One of the most important documents in the home-buying process, this is also called the "agreement of sale." There are several sections in this document that are essential to buyers— the "inspection contingency" or home inspection report allows an inspector to come in and assess every aspect of the home. While homebuyers typically foot the bill for the inspection, this allows you to point out the quality and safety of the home. The "appraisal contingency" is also included in the purchase agreement to certify that you are paying market value for your home on the Northern Virginia real estate market.

Financing and Appraisal Contingency Addendum
An addendum to the purchase agreement, all buyers should get familiar with this document. This addition provides the financing terms of the sale— when the appraisal will be ordered and how the two parties involved will react if the appraisal comes back below the offered price. This document is the place to pay attention to the details and deadlines.

Earle Whitmore
Long & Foster Real Estate, Inc.
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