In real estate law, one option that is available to estate owner is to sell without seeking the help of a real estate firm or agent. Selling and buying property independently is often an attractive alternative to people who feel they cannot afford to hire the services of real estate agents. However, although most of the tasks that need to be performed for selling a property are dealt with by the owner himself, real estate firms in Virginia can make the process easier by helping owners develop a suitable contract. The Virginia real estate contract for sale by owner specifies that sellers have to market their property by themselves, and any other marketing aspects, such as market intelligence and research has to be done by the owner. It is thus necessary for the sellers to properly understand and perform some basic steps in order to sale a property and make a good deal with the buyer without recruiting real estate agents.
The first step of developing Virginia real estate contract for sale by owner is to prepare the property that is to be sold so that it appears attractive to potential buyers. Re-painting the house and arranging the furniture in an orderly manner can significantly make the house more appealing and increase the chances of a buyer purchasing the house. The market value of a house is highly dependent on its perceived neatness by a potential buyer. Moreover, it is extremely important that any area of the house that requires repairs is a dealt with, as dysfunctional and broken elements in a house are strong discouraging factors for buyers that may otherwise be interested in purchasing a house. The preparation of a house and all marketing activities are to be done by the owner who wishes to directly sale a property.
It should be borne in mind that while a seller may not hire a real estate agent for the purpose of marketing and assisting with the development of Virginia real estate contract for sale by owner, it is still possible that the buyer may choose to hire an agent that might approach the owner. Under the real estate law of Virginia, agents are obligated to unambiguously disclose in writing the party they are representing. As a seller of Virginia real estate contract for sale by owner, you will be required to acknowledge the disclosure by signing it.
Another important factor to consider is that Virginia is a “buyer beware” state. This implies that the inspection of a property is the responsibility of the buyer. As a seller offering a Virginia real estate contract for sale by owner, there is no obligation on the seller to highlight any defects in the property. In case any defects are identified after the purchase of the property, the buyer cannot make any legal charges against the seller under Virginia real estate law. Furthermore, no oral agreements are legally binding between the parties, and only the details in the Virginia real estate contract for sale by owner are legally binding. One of the important things to keep in mind regarding that the buyer can be released from the contract if he has been denied the loan by a lender, however the buyer is expected to show commitment to seek loan approval before he may be deemed eligible for release from the contract under Virginia real estate law.