Description of Virginia Real Estate Forms

1. Virginia Residential Purchase Agreement :  This is the Sales Contract. Fill in the information that will not change plus the asking price in paragraph 3.  Paragraphs 4 and 5 can’t be filled out without a potential buyer who has agreed to the price (or offered an acceptable alternative). The Buyer must be prepared to say how much cash he or she can offer as a down payment and what kind of mortgage loan he or she will try to get.

2a. Virginia Residential Property Disclosure Statement: Virginia Sellers may fill in this form and let the Purchaser examine the Property for things that need repair, OR use the Residential Disclaimer Statement and sell the property “As Is”.

2b. Virginia Residential Property Disclaimer Statement: Virginia Sellers may choose to sell their property “As Is” and use this document rather than the Property Disclosure.  An  “As Is” sale is usually at a lower price than a sale where the Purchaser can examine the property and request repairs.

3. Lead Based Paint Addendum: If the home was built in 1978 or later, indicate that and attach this basically blank form to the Purchase Agreement.  If the home was built prior to 1978, answer the questions and print several copies for attachment to the Purchase Agreements.
 
4. Homeowner’s Association Disclosure:  Many homes built after 1980 are in sub-divisions where owners are required to join Homeowner’s Associations and pay dues to maintain common property.  Fill out this form if your Buyer will be required to join a Homeowner’s Association.

5.Seller's Affidavit of Non foreign Status (FIRPTA) : The Internal Revenue Service requires Buyers to withhold taxes from the purchase price of homes sold by foreign persons. This is true in every state but is primarily enforced in areas where foreign ownership is common.

6. General Amendment to Residential Purchase Agreement: This is essentially a blank form to provide space for the Seller and Buyer to specify terms not included in the Purchase Agreement.  In most cases, the new terms can be copied from our Special Stipulations form, or ‘cut’ and ‘pasted into the blank space on the General Amendment.

7. Disclosure Regarding Validity OF Septic System Operating Permit: If Seller has a waiver of maintenance requirements ("Requirements") imposed by the Virginia State Board of Health, Seller must tell the Buyer that this waiver will not be extended to the new owner

8. Counter Offer:  This is a mostly blank form that allows the Seller to specify the Offer to which he or she is responding, and write in changes that make that offer acceptable (as an alternative, the Seller may simply cross out unacceptable terms and return the original offer to the Buyer).  A Buyer may use a Counter Offer to respond to the Seller.

9. Special Stipulations:  This is a plain text document with 24 clauses (paragraphs) that describe situations Sellers and Buyers often want to include in the contract.  For instance, a Buyer may want to make the contract subject to approval of a father-in-law who is financing the purchase.  These stipulations are in plain text format so they may easily be ‘cut’ and ‘pasted’ into the ‘Additional terms’ section of the Purchase Agreement or into a General Amendment

10. Net to Seller Worksheet:  Fill out to estimate how much cash the Seller should receive at the closing when the sale is complete and title is transferred to the Buyer.

11. Buyer Pre-Qualification Form: This form is designed to help the Seller decide if a potential Buyer can afford the Seller’s property.  Usually filled out in the presence of the potential Buyer (or over the phone), the form enables a Seller with an ordinary calculator to determine if the prospective Buyer can afford the property.

12. Buyer Pre-Qual Sample: Buyer Pre-Qualification Form filled out for a Buyer with $48,000 annual income.  Based on the sample Buyer’s monthly expenses, the form estimates that Buyer can afford a $144,000 house.