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by Elaine VonCannon
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��s broker protects the buyer’s interest in the transaction. In Virginia, the seller pays the commission, so by law the listing agent and the selling agent have to protect the seller’s interest. So, if you select a buyer’s broker to work with you on the home purchase, you will be represented in the sale.
Cost Analysis In order to prevent overpaying for a home, a REALTOR will do a cost analysis for a buyer, to determine if the home is priced correctly. This is the same kind of analysis an appraiser would do, using comparable sales which have closed in the last three months in the area.
Escalation Clauses Escalation clauses are applicable in markets where there is very little inventory and it is a fast selling market. The escalation clause will give you a competitive edge in procuring the home that you want when multiple offers are presented on a property. An escalation clause is not a standard feature on contractual sales.
Home Owners Association The buyer needs to know the time frame for the Home Owners Association (HOA) packet. A buyer may be caught in buying into an HOA with high hidden fees if the timeframe is missed when he or she can exercise their right to void the contract. This will vary from state to state.
Disclosures & Disclaimers If there has been any structural damage to the home or adverse environmental problems with the home they must be disclosed. An example of this would be asbestos wrapped pipes. If not, then a disclaimer will accompany contract. Laws on disclosure/disclaimer vary from state to state.
Well and Septic In rural |
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