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Buyers Answers
A written proposal is the foundation of a real estate transaction. Oral promises are not legally enforceable when it comes to the sale of real estate. Therefore, you must enter into a written contract, which starts with your written proposal. This proposal not only specifies price, but all the terms and conditions of the purchase. For example, if the sellers said they'd help with $2,000 toward your closing costs, be sure that's included in your written offer and in the final completed contract, or you won't have grounds for having that credited at settlement.
Real estate professionals usually have a variety of standard forms (including Residential Purchase Agreements) that are up to date with the changing laws. In addition, your agent will cover the questions that need to be answered during the process. In Virginia, certain disclosure laws must be complied with by the seller, and your representative will ensure that this takes place.
If you are not working with a professional, keep in mind that you must draw up a purchase offer or contract that conforms to state and local laws and that incorporates all of the key items. State laws vary, and certain provisions may be required in your local area.
After the offer is drawn up and signed, it will usually be presented to the seller by your agent, by the seller's agent if that's a different agent, or sometimes by the two together.
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