Virginia for sale by owner contract works as a self-guide for sellers of the property about what steps should be taken when they are opting to sell the property. Some of the important aspects are defined under Virginia for sale by owner contract to define the transactions that take place during the process of sale. The contract also involves the general information for both the seller as well as the buyer. Where seller can have an elaborated guideline, the buyer can get an idea through this contact about what he should expect from the seller of the property.
When a person choose to sell on his own, he has to go through a number of details on his own. From the marketing of your product to preparing the contract and the closing of sale, the seller has to do everything on his own if he decides to deal with the selling of the property on his own. However he can get help for preparation of the contract from any law firm, if he wishes to do so but the rest is up to the seller himself. The first step of Virginia for sale by owner contract is to prepare the property for sale by getting rid of any unattractive items that may leave bad impression on the buyer.
The second step is to involve the real estate agent. Yes! Even if a buyer decides to sell his property on his own he can still hire a real estate agent to list his property with various listing services such as MRIS or MLS. The seller can further ask the agent for limited assistance such as suggesting the price for the property or helping in the preparation of comparative market analysis of the property. In return for these services, the seller has to compensate the agent through whom the buyer is brought to the seller.
Virginia for sale by owner contract also involves specific instructions about the property like what the buyer should be told about the property. The fact that Virginia is a caveat emptor state, this puts responsibility over the buyer to thoroughly inspect the property before buying it. Where it reveals the seller from his responsibility of pointing every visible or hidden defect of the property, it also puts additional responsibility on buyer to completely inspect the property before making any decision.
However two explicit exceptions are annexed with the law of caveat emptor in Virginia for sale by owner contract. These two exceptions point out that a seller should not in any condition mislead buyer and if a buyer ask any question, the seller is not allowed to lie or hide the facts from the buyer. However, the seller is not entitled to mention any defect on his own if the buyer does not ask. In addition to this the seller must not try to conceal or hide the defects on purpose which may mislead the buyer into buying the property.