Real Estate Contract Writing

Real Estate Contract Writing

As a savvy, full-time Charlottesville realtor since 1996, I offer real estate contract writing as a free service to anyone buying or selling Charlottesville real estate. I don’t need to be involved in your deal. I’ll merely give you a second opinion on pricing and terms.

To do this, I will go into our CAAR MLS and run all the comps of sold, pending and active homes similar to yours. The search will give us a good number to work with.

Real estate contract writing is not difficult but lawyers sure try to make it seem so. Obviously, they want you to hire them!

Who writes up the contract when buying a Charlottesville house?

99% of the time, the buyer’s agent usually writes up an agreement known as the Residential Contract of Purchase which is a standardized, Virginia, form contract that allows a buyer’s agent to fill in the blanks with the specifics of the sale of your home.

Can I write my own real estate contract?

Yes, according to Toby Beavers Charlottesville realtor, you can write your own real estate purchase agreement without using a Charlottesville realtor as long as you list the legal address of the property, the type of property (detached, condo, townhome), specify a purchase price, and add what conveys with the sale under comments.

How do you write a Charlottesville real estate contract?

1 Identify the address of the property being purchased, including all required legal descriptions.

2 Identify the names and addresses of both the buyer and the seller.

3 Detail the price of the property and the terms of the purchase.

4 Set the closing date and enter the closing costs.

5 Detail any taxes and other related costs and establish which party is paying those costs.

6 Include any additional items that are being sold with the property, such as furniture or equipment.

7 Include any required disclosures pertaining to issues such as lead paint or other hazardous materials on the property.

8 Detail any contingencies on the sale, such as pending inspections or appraisals or other required actions that may delay or negate the purchase.

What Charlottesville real estate agreements must be in writing?

Virginia real estate contracts must always be in writing in order to be enforceable. Virginia has a Statute of Frauds that applies because oral contracts are hard to prove and enforce, so it pays to have agreements in writing. Click here to read Virginia’s Real Estate Fraud Laws.

Must real estate contracts must be in writing?

Yes. I get asked this question all the time, “Can’t I just make a verbal offer instead of signing a contract?” The answer is no. According to the Statute of Frauds of Common Law, any offer and acceptance must be in writing.

Who else can draft a real estate contract?

A lawyer, licensed auctioneer, licensed builder, and real estate agent can. And as a savvy Charlottesville realtor since 2003, I always draft my own contracts which are then presented to the potential purchaser to make an offer. All of my legal forms come from VAR, the Virginia Association of Realtors online at https://virginiarealtors.org.

This is why it is so important to choose the right Charlottesville real estate agent, who has the experience to draft and deal with a solid contract.

What are the 5 essential elements of a contract in real estate?

For a Charlottesville real estate contract to be enforceable, there must be five essential elements that exist. The elements are as follows:

Offer
Acceptance
Consideration
Capacity
Lawful Purpose

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