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Roanoke Valley Association of Realtors 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 Disclosed Dual Agency Consent and Confirmation Agreement or the Designated Agency Consent and Confirmation Agreement which appropriate Agreement has been reviewed and signed prior to signing the Purchase 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

the Purchaser

the Seller

both the Purchaser and the Seller

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

Date

Date

Date

Date

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

Residential Property Disclosure

Lead-Based Paint Disclosure

Standard Clauses Addendum

Inspection Addendum

Dual Agency Consent and Confirmation

Designated Agency Consent and Confirmation

RESPA Disclosure

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...

*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...

8. FAIR HOUSING DISCLOSURE: All offers shall be presented and considered without regard to race, color, religion, sex, handicap, familial status, elderliness or national origin...

9. MEGAN'S LAW DISCLOSURE: Purchaser should exercise whatever due diligence Purchaser deems necessary with respect to information on any sexual offenders registered...

10. PERSONAL PROPERTY INCLUDED: Included with the sale of the above real estate are the following items:

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

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

(A) DEPOSIT: The Purchaser has made a deposit of

($) with the Selling Firm as follows:

$ by check;

$ by other;

$ by note due and payable on

(B) LENDER’S FIRST TRUST: This sale is subject to Purchaser obtaining:

CONVENTIONAL, FHA, VA, VHDA, or other loan...

Principal amount $, amortized over years...

fixed rate not exceeding % per year...

adjustable rate with initial rate not exceeding % and maximum rate %

prevailing rate of interest at settlement.

(C) THIRD PARTY SECOND TRUST: Principal amount $, amortized over year...

fixed rate not exceeding %

adjustable rate with initial rate not exceeding % and maximum rate %

(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: If this is a cash contract not subject to any financing, then Purchaser shall give Seller written verification within business days...

*13. LOAN APPLICATION: Purchaser will make written application for any loan to which this Contract is subject within business days...

If Purchaser makes timely application and, having made every effort, fails to obtain approval on or before ...

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

15. EQUIPMENT CONDITION AND INSPECTION:

(A) If Purchaser’s obligations are contingent on a professional home inspection...

(B) If Purchaser’s obligations are not contingent on a professional home inspection...

(C) Seller shall provide reasonable access to the Property to conduct inspections...

(D) Any repairs made pursuant to the provisions of Paragraph 15 shall be made by a Virginia licensed contractor unless otherwise agreed...

*16. LEAD-BASED PAINT DISCLOSURE: All parties to this Contract acknowledge that the property was built before January 1, 1978 or after January 1, 1978.

*17. SELLER’S AND PURCHASER’S OPTIONS: In the event that the total cost ... exceeds $ in the aggregate...

18. DEFAULT: If either Seller or Purchaser defaults under this Contract...

19. CHOICE OF SETTLEMENT AGENT: Virginia’s Consumer Real Estate Settlement Protection Act provides that the purchaser or borrower has the right to select the settlement agent...

*20. SETTLEMENT; POSSESSION: Settlement shall be made at offices of

on or about . Possession of the Property shall be given at settlement...

*21. BROKERAGE FEE: Seller represents that he has agreed to pay a total brokerage fee as per the Listing Agreement...

In a cooperative sale, the Selling Firm is to receive and the Listing Firm is to receive the remainder...

*22. ASSIGNABILITY: This Contract may OR may not be assigned without the written consent of the Purchaser and the Seller.

23. FACSIMILES: One or more counterparts to this Contract may be signed...

24. ATTORNEY’S FEES: In any action or proceeding involving a dispute between the Purchaser, the Seller...

25. ADDITIONAL TERMS: (Use this space for additional terms not covered in this Contract).

*26. STANDARD PROVISIONS: All Standard Provisions on page 7 are incorporated by reference and shall apply to this Contract, unless expressly modified in Paragraph 25...

Deleted Standard Provisions:

27. SELLER REPRESENTATION: Seller warrants that the person(s) signing this Agreement as “Seller” include(s) every person who possesses an ownership interest in the Property or who will be a necessary party to convey clear title to the Property.

(SEAL) Date

(SEAL) Date

(SEAL) Date

(SEAL) Date

Standard Provisions

A. DEFINITIONS: Purchaser’s closing costs, purchaser’s prepaid costs, discount points, buydown points, business days...

B. EXPENSES AND PRORATIONS: Seller agrees to pay the expense of preparing the deed and owner/seller affidavit...

C. LAND USE ASSESSMENT: In the event the Property is taxed under land use assessment...

D. RISK OF LOSS: All risk of loss or damage to the Property by fire, windstorm, casualty or other cause...

E. TITLE: At settlement, Seller shall convey the Property to Purchaser by a General Warranty deed...

F. EQUIPMENT CONDITION AT SETTLEMENT OR OCCUPANCY: Upon settlement or occupancy...

G. LABOR AND MATERIAL: Seller shall deliver to Purchaser at settlement an affidavit...

H. CERTIFICATES: Seller shall deliver to Purchaser and/or Settlement Agent such certificates or documents...

I. MISCELLANEOUS: This Contract represents the entire agreement between Seller and Purchaser...

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What the Roanoke Valley Association of Realtors Purchase Agreement Is

The Roanoke Valley Association of Realtors Purchase Agreement is a standardized residential real estate contract used to record the terms of a property sale within the Roanoke Valley market. It lays out buyer and seller identities, purchase price, deposit and financing terms, inspection and contingency periods, closing date, prorations, title and closing instructions, and warranties or disclosures. The form streamlines negotiation by using familiar clause language for agents and title professionals while leaving space for addenda addressing property-specific items, financing conditions, and repair requests.

Why using the standardized Roanoke Valley form helps

Using the association form promotes clarity and reduces drafting errors by aligning with common local practice, accepted title company workflows, and typical lender requirements. It provides structured fields for contingencies, deposits, and closing mechanics so parties and their agents can focus on negotiable business terms rather than bespoke contract language.

Why using the standardized Roanoke Valley form helps

Who completes and relies on this purchase agreement

Typical users prepare, review, or sign the contract during a residential sale transaction in the Roanoke Valley area.

  • Buyer or buyer’s agent preparing offer and deposit terms for submission to seller.
  • Seller or listing agent evaluating offers and coordinating seller disclosures and acceptance.
  • Title company, closing attorney, and lender reviewing contract for title, payoff, and closing instructions.

Each participant — buyer, seller, agents, lender and title company — has discrete responsibilities defined by the form and local custom.

Core elements included in the purchase agreement

The Roanoke Valley Purchase Agreement follows a predictable structure so parties can find pricing, contingencies, and closing mechanics quickly.

Parties

Full legal names and contact details for buyer(s) and seller(s), including any business entities, with authority lines for agents and attorneys-in-fact.

Price & Deposit

Agreed purchase price, earnest money amount, deposit schedule, holder of funds, and conditions under which deposits become nonrefundable.

Financing Terms

Type of financing, loan contingency deadlines, seller financing or assumed mortgage provisions, and consequences if financing is denied.

Inspections & Contingencies

Inspection periods, acceptable inspection scope, repair negotiation windows, and other contingencies such as appraisal or sale of buyer property.

Title & Closing

Title commitment requirements, title exceptions, deed type, closing agent information, prorations, and closing cost allocations.

Representations

Seller disclosures, lead paint or hazard statements if applicable, and any express warranties or representations required by local law.

Required information fields at a glance

Property Address: Street, city, ZIP
Buyer Name(s): Full legal names
Seller Name(s): Full legal names
Purchase Price: Numeric amount
Earnest Money: Amount and deposit holder
Closing Date: MM/DD/YYYY

Step-by-step: completing and submitting the purchase agreement

Follow these four steps to form a valid offer and move toward closing with predictable timing and documentation.

  • 01
    Assemble Documents: Collect seller disclosures, HOA docs, and title contact information.
  • 02
    Fill the Form: Enter parties, price, deposit, contingencies, and closing date.
  • 03
    Obtain Signatures: Have authorized signers sign in wet ink or via permitted e-signature.
  • 04
    Deliver to Parties: Provide executed copies to buyer, seller, lender and title company.

Customizing the agreement for online completion

Configure workflow fields and recipient order before sending to preserve contingency timelines and signer responsibilities.

Field Configuration
Signature Order Buyer signs first, then seller, then escrow/title
Authentication Email link or SMS code for signer verification
Conditional Fields Show repair addendum only if inspection contingency triggered
Document Format Use locked PDF for final record

Where to send the executed agreement and who receives copies

Route the executed agreement to each stakeholder so title, lender and closing parties can begin their parallel reviews.

  • Buyer’s Broker: Receives executed copy for client records and contingency tracking
  • Seller’s Broker: Keeps counteroffers and acceptance records; coordinates seller disclosures
  • Title Company: Starts title search, orders commitment and prepares closing statement
  • Lender: Uses contract to process appraisal and underwriting

Digital submission, file formats and integration basics

Use PDF or DOCX for editable review and final locked PDF for record retention and eRecording.

  • Supported Formats: PDF, DOCX
  • Integrations: CRM and title systems with API
  • Authentication: Email, SMS, or KBA

Ensure your eSignature or document platform supports audit trails, tamper-evident signed PDFs, and integrations with title or closing tools to minimize manual rekeying and review time.

Typical deadlines and timing to note in the agreement

Deadlines are contract-specific and control inspection, financing and closing obligations; many are measured in calendar days from the effective date.

Earnest Money Deposit:

Specify due date or deposit window and holder instructions

Inspection Period:

Date or number of days to complete inspections and deliver objections

Financing Contingency:

Deadline to satisfy loan conditions or terminate without penalty

Appraisal Deadline:

Date to complete appraisal and resolve valuation shortfalls

Closing Date:

Set the closing appointment date and location for deed transfer

Consequences of errors or missed obligations

Loss of Deposit: Buyer forfeits earnest money
Breach Liability: Damages or specific performance risk
Title Defect: Closing delay or cure costs
Financing Failure: Contract termination or seller recourse
Missed Deadlines: Automatic waiver or default risk
Invalid Signatures: Document may be unenforceable

Common mistakes to avoid when preparing the purchase agreement

  • Using informal or inconsistent party names that differ from title documents, causing title exceptions and delays.
  • Leaving contingency deadlines vague or relative (for example, 'reasonable time') rather than firm calendar dates.
  • Failing to state the holder of earnest money or misidentifying the escrow agent.
  • Overlooking required local disclosures, including HOA or property condition statements specific to the Roanoke Valley.

Real-world examples of eSignature and standardized forms in practice

These case summaries show how standardized forms and eSignature platforms are used by real estate professionals to streamline transactions.

Optica Ventures (Brian Fitzgibbons)

Adopted online signing for client offers to reduce turnaround times.

  • Ease of use improved agent responsiveness.
  • The firm reports faster acceptance cycles and simpler document exchange across remote buyers and title, improving coordination without adding manual processing steps.

Martin Properties (Tim Martin)

Moved listing and purchase paperwork to digital workflows for remote closings.

  • Ensured full compliance and mobile access.
  • The agency was able to complete signings from mobile devices and offline environments while maintaining an auditable record for closing and title review.

Practical tips for accurate and efficient completion

Apply consistent naming, verify dates, and coordinate with title and lender early to reduce downstream issues.

Verify party identity early
Confirm buyer and seller legal names against government ID and title documents before signing to avoid post-closing corrective actions or re-execution requirements.
Lock contingency deadlines
Use precise calendar dates rather than relative phrases so inspection, appraisal, and financing periods are enforceable and measurable.
Coordinate deposit handling
Specify escrow agent, deposit account, timing for acceptance, and conditions for forfeiture or refund to prevent disputes over earnest money.
Preserve signed copies
Keep a tamper-evident PDF and the original signed document with an audit trail and metadata for title review and future reference.

Who may sign and signatory authority explained

Buyer

An individual buyer with full capacity or an authorized representative such as an attorney-in-fact under a valid durable power of attorney may sign; the signing authority should be documented and match title transfer instruments.

Seller

The seller must be an owner of record or an authorized signatory for the selling entity; signed authorization or corporate resolution may be required for business entities.

Notarization and witness workflow at signing and closing

Follow a clear sequence for identity verification, signing, notarization, and retention whether signing in person or via remote notarization.

01

Prepare Documents

Assemble the final signed pages and any addenda prior to the notarization appointment.

02

Identity Verification

Signer provides government ID; for RON, follow identity-proofing protocols.

03

In-Person Signing

Signer signs in presence of notary and any required witness(es).

04

Remote Notarization

Conduct audio-video session and capture recording if permitted in the state.

05

Notary Acknowledgement

Notary completes certificate and affixes seal or electronic stamp.

06

Witness Attestation

Witnesses sign and provide contact details when state law requires them.

07

Record Retention

Notary retains journal entry or session recording per state rules.

08

Deliver Final Copies

Provide executed, notarized copies to title, lender and both parties.

eSignature vendor pricing and feature comparison relevant to purchase agreements

Basic pricing and key feature availability across common eSignature vendors; signNow is listed first as a reference point for plan starting prices and core capabilities.

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 Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No envelope cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Frequently asked questions about the Roanoke Valley Purchase Agreement

Answers to common procedural, signature and deadline questions encountered by agents, buyers and sellers in Roanoke Valley transactions.


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