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Roanoke Realtor Purchase Agreement

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ROANOKE VALLEY ASSOCIATION OF REALTORS® Purchase Agreement

A Legal and Binding Agreement

(This is a suggested form for use in the purchase of residential property only. If not understood, seek competent advice before signing.)

(Paragraphs marked with an asterisk * require a blank to be filled in or checked.)

This CONTRACT OF PURCHASE MADE AS OF between (the "Seller", whether one or more),

and (the "Purchaser", whether one or more), provides:

*1. REAL PROPERTY: Purchaser agrees to buy and Seller agrees to sell the land, all improvements thereon located in the (check as applicable) County or City of , Virginia and described as (legal description):

Lot , Block , Section , Phase , Map of

and more commonly known as:

together with the items of personal property described in paragraph 10 (the "Property").

AGENCY DISCLOSURE AND CONFIRMATION

The following agency relationships are hereby confirmed by signatures below. If a transaction involves Disclosed Dual Agency or Disclosed Designated Agency, the responsibilities of the parties are defined in the applicable agreement.

Listing Agent: Selling Agent:

is the agent of (check one) (if not the same as Listing Agent)

the Seller    both the Purchaser and Seller

the Purchaser    the Seller    both the Purchaser and Seller

Listing Firm: Selling Firm:

Principal and/or Supervising Broker is the agent of (check one)

the Seller    both the Seller and the Purchaser

both the Purchaser and the Seller    the Purchaser

REALTORS® ARE REQUIRED BY LAW AND THEIR CODE OF ETHICS TO TREAT ALL PARTIES TO THE TRANSACTION HONESTLY.

SELLER Date

PURCHASER Date

SELLER Date

PURCHASER Date

2. ADDENDA: The following addenda are made a part of this Contract:

Residential Property Disclosure    Dual Agency Consent and Confirmation

Lead-Based Paint Disclosure    Designated Agency Consent and Confirmation

Standard Clauses Addendum    RESPA Disclosure

Inspection Addendum    Residential Septic System Disclosure

*3. OCCUPANCY DISCLOSURE: Purchaser acknowledges that he intends to occupy not occupy the property as a principal residence.

*4. RESIDENTIAL PROPERTY DISCLOSURE: Seller represents that the Property is OR is not subject to the Virginia Residential Property Disclosure Act.

*5. PROPERTY OWNER'S ASSOCIATION DISCLOSURE: Seller represents that the Property is OR is not located within a development subject to the Virginia Property Owners Association Act.

*6. CONDOMINIUM DISCLOSURE: The Seller represents that the Property is OR is not a condominium resale.

7. MECHANIC'S LIEN DISCLOSURE: Virginia law permits persons performing labor or furnishing materials of the value of $50 or more... Legal counsel should be consulted.

8. FAIR HOUSING DISCLOSURE: All offers shall be presented and considered without regard to protected classes.

9. MEGAN'S LAW DISCLOSURE: Purchaser should exercise due diligence with respect to registered sexual offenders.

10. PERSONAL PROPERTY INCLUDED:

*11. PURCHASE PRICE: The Purchase Price of the Property is

($), which shall be paid to Seller at settlement.

(A) DEPOSIT:

Deposit of

($) to be held by Selling Firm Listing Firm Other

(B) LENDER'S FIRST TRUST:

CONVENTIONAL FHA VA VHDA other

Principal amount $ amortized over years.

(C) THIRD PARTY SECOND TRUST:

Principal amount $ amortized over year(s).

(D) OTHER FINANCING TERMS:

(E) BALANCE OF THE PURCHASE PRICE: To be paid by Purchaser in cash, cashier’s check, certified check or wire transfer funds at settlement.

*12. CASH CONTRACT: Purchaser shall give Seller written verification within business days.

*13. LOAN APPLICATION: Purchaser will make written application within business days after full execution of this Contract and will make every effort to secure the loan.

Approval deadline date:

Repair list due date:

*14. INSPECTIONS: This Contract is OR is not subject to one or more inspections.

15. EQUIPMENT CONDITION AND INSPECTION:

*16. LEAD-BASED PAINT DISCLOSURE: The property was built before January 1, 1978 OR after January 1, 1978.

*17. SELLER’S AND PURCHASER’S OPTIONS: Remediation Limit $

18. DEFAULT: Default remedies and damages apply as stated in the contract.

19. CHOICE OF SETTLEMENT AGENT: Settlement agent and office:

*20. SETTLEMENT; POSSESSION:

Settlement shall be made at offices of

on or about

*21. BROKERAGE FEE: In a cooperative sale, the Selling Firm is to receive

*22. ASSIGNABILITY: This Contract may OR may not be assigned without written consent.

23. FACSIMILES: Signed documents and counterparts received electronically or by facsimile are enforceable.

24. ATTORNEY’S FEES: Prevailing party may be entitled to reasonable attorneys’ fees.

25. ADDITIONAL TERMS:

*26. STANDARD PROVISIONS: Standard Provisions on page 7 are incorporated by reference unless expressly modified. Deleted provisions:

27. SELLER REPRESENTATION: Seller warrants that all owners are signatories.

WITNESS the following duly authorized signatures and seals:

SELLER (SEAL)

DATE

ADDRESS

PHONE

FAX

EMAIL

PURCHASER (SEAL)

DATE

ADDRESS

PHONE

FAX

EMAIL

SELLER (SEAL)

DATE

ADDRESS

PHONE

FAX

EMAIL

PURCHASER (SEAL)

DATE

ADDRESS

PHONE

FAX

EMAIL

Standard Provisions

A. DEFINITIONS:

Purchaser’s Closing Costs, Purchaser’s Prepaid Costs, Discount Points, Buydown Points, and Business Days are defined as stated in the contract.

B. EXPENSES AND PRORATIONS: Seller and Purchaser expenses and prorations apply as stated in the contract.

C. LAND USE ASSESSMENT: Land use assessment provisions apply as stated in the contract.

D. RISK OF LOSS: Risk of loss remains with Seller until Settlement.

E. TITLE: Seller shall convey the Property by General Warranty deed, subject to stated limitations.

F. EQUIPMENT CONDITION AT SETTLEMENT OR OCCUPANCY: Property shall be delivered in “as is” condition unless otherwise provided.

G. LABOR AND MATERIAL: Seller shall deliver required affidavits regarding mechanics’ liens.

H. CERTIFICATES: Seller shall deliver required certificates or documents.

I. MISCELLANEOUS: Contract terms, governing law, and merger provisions apply as stated.

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What the Roanoke Realtor Purchase Agreement Is

Roanoke Realtor Purchase Agreement is a standardized residential real estate contract used by licensed agents in Roanoke, Virginia, to record an offer and set binding terms between buyer and seller. The form documents purchase price, earnest money, financing and inspection contingencies, closing date, title obligations, statutory disclosures, and signature blocks. It establishes deadlines for due diligence and allocation of closing costs, identifies the parties and the property by legal description, and provides the written evidence needed for title and lender review under Virginia contract law and applicable federal e-signature statutes.

Who typically completes and relies on this agreement

Licensed Roanoke real estate agents and brokers, buyers, sellers, lenders, and title companies commonly use this agreement to formalize residential purchase offers.

  • Listing agents present offers, track counteroffers, and manage negotiation timelines with this standardized agreement.
  • Buyers' agents complete financing contingencies, inspection deadlines, and earnest money instructions for buyer protection.
  • Title companies verify legal description, vesting, and recorded documents for clearing defects before closing.

Standardizing use of the form helps align expectations across agents, lenders, and the county recorder, reducing processing friction and dispute risk.

Key roles that sign and manage the agreement

Listing Agent

Licensed agent representing the seller. Completes seller sections, delivers state-required disclosures under Virginia law, coordinates showings, and manages offers. Confirms legal descriptions and ensures signatures match identity documentation to avoid title or recording delays at closing.

Buyer Agent

Licensed agent representing the purchaser. Enters buyer data, specifies financing and inspection contingencies, coordinates earnest money deposits, and monitors lender and appraisal timelines. Verifies client identity and communicates conditions that could delay underwriting or title clearance.

Core sections every completed agreement should include

The agreement organizes essential transactional items: price, deposit, contingencies, title obligations, closing logistics, and statutory disclosures to establish enforceable contract terms.

Purchase Price

Specifies total consideration, allocation of any personal property, payment method, and adjustments for prorations relevant to lender underwriting and settlement calculations.

Earnest Money

Names escrow holder, states deposit amount and timing, and lists conditions for release or forfeiture to reduce later disputes over funds.

Contingencies

Defines inspection, financing, appraisal, and sale contingencies with explicit deadlines and cure periods to protect parties and create objective triggers.

Closing Details

Sets the anticipated closing date, location, possession timing, and allocation of closing costs that guide settlement statements and lender instructions.

Title & Survey

Requires seller to deliver marketable title, states title insurance expectations, and sets procedures for curing defects or ordering surveys.

Disclosures

Includes Virginia-required property condition statements, lead-based paint notices where applicable, and other statutory statements that affect buyer remedies.

Step-by-step: filling and finalizing the agreement

Follow these steps to complete the Roanoke Realtor Purchase Agreement accurately and ensure each contingency and deadline is clear.

  • 01
    Identify Parties: Enter buyer and seller legal names.
  • 02
    Describe Property: Include full legal description and address.
  • 03
    Set Terms: Record price, deposits, and closing date.
  • 04
    Sign and Date: All parties sign and date the document.

Configuring an electronic signing workflow

Set up an e-sign workflow that places fields, enforces authentication, and routes the executed Roanoke Realtor Purchase Agreement to stakeholders reliably.

Field Configuration
Authentication Method Email link or SMS code; optional KBA
Routing Order Buyer | Seller | Lender | Title
Retention Setting Store PDF copy and audit trail
Notification Email alerts to all parties on completion

How executed agreements are routed and used

After signatures, routing and delivery determine who receives executed copies and when recording or closing actions occur to prevent processing gaps.

  • To Seller: Seller receives an executed copy for records.
  • To Buyer: Buyer receives the final agreement for lender and moving plans.
  • To Lender: Lender receives the contract for underwriting and commitment.
  • To Title Company: Title receives contract to open escrow and prepare title work.

Technical and integration considerations for e-submission

Typical technical and integration requirements for e-signing, routing, and storing the Roanoke Realtor Purchase Agreement across systems.

  • File Formats: PDF and DOCX supported
  • Integrations: Integrates with Salesforce, NetSuite, Google Workspace
  • Authentication: Supports email, SMS code, SSO

Comparison: signNow and common eSignature vendors for real estate transactions

Price and feature differences affect e-sign selection for purchase agreements; signNow is listed first for direct comparison with widely used alternatives.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial No No Yes, limited Yes, limited
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Typical dates and deadlines found in the agreement

Common deadlines and timing expectations included in a typical Roanoke Realtor Purchase Agreement affect inspections, financing, and closing coordination.

Offer Expiration:

Time seller holds offer open; often 24–72 hours.

Earnest Money Due:

Due within specified days after acceptance, commonly three business days.

Inspection Period:

Buyer inspection window, commonly seven to ten days.

Financing Deadline:

Date to remove financing contingency and obtain loan commitment.

Closing Date:

Date when funds transfer and deed are recorded with the county.

Consequences and risks of errors in the agreement

Ambiguous Terms: May render contract unenforceable.
Missing Signatures: No signature voids acceptance.
Incorrect Names: Title insurance delays possible.
Escrow Errors: Earnest deposit disputes arise.
Contingency Missed: Buyer may forfeit deposit.
Recording Delay: Closing postponed; fees incurred.

Security and compliance considerations when e-signing

Encryption: TLS 1.2/1.3 in transit, AES-256 at rest
Audit Trail: Comprehensive timestamps and action history
Regulatory Standards: Complies with ESIGN and UETA frameworks
HIPAA Support: BAA required for PHI workflows
21 CFR Part 11: Supported where cryptographic controls needed
Access Controls: Role-based access and SSO options

Practical tips to reduce closing risk and speed processing

Use these best practices to ensure clean titles, timely financing, and an efficient closing for Roanoke transactions.

Verify signer identity in advance
Request government-issued ID matching the agreement name; consistent names prevent underwriting and title delays and often avoid corrective affidavits or amended deeds.
Use precise dates and firm deadlines
Enter dates in MM/DD/YYYY format and define time-of-day where relevant; clear deadlines limit disputes and enable lenders and title to schedule work reliably.
Document earnest money holder and instructions
Name escrow agent, wiring or deposit instructions, and timelines for release; clear instructions reduce fund reconciliation issues at closing.
Confirm title and survey expectations
State who orders title insurance and surveys, and set steps for curing exceptions to avoid last-minute closing failures.

Two brief examples from typical Roanoke transactions

Short case examples demonstrate common outcomes when contingencies, inspections, and title issues are handled correctly.

Case Study — Single-Family Sale

A buyer submitted an offer with an inspection contingency and earnest money deposited to escrow.

  • Inspection uncovered structural issues requiring negotiation.
  • Seller agreed to credit for repairs, buyer obtained lender approval, and an addendum clarified repair scope so closing occurred on schedule without litigation.

Case Study — Contingency Waiver Dispute

Buyer waived an inspection contingency but later sought repairs for undisclosed defects.

  • Waiver limited remedies after acceptance.
  • The parties resolved via seller credit and negotiated post-closing repairs because the signed contract language clearly defined remedies and waiver scope.

Frequently asked questions about completing and submitting the agreement

Answers to common questions about enforceability, e-signature validity, notarization, and how to correct common errors when using the Roanoke Realtor Purchase Agreement.


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