How Buying In The New River Valley May Differ From Other Areas

The greater New River Valley area includes cities, towns, rural areas, lakes, state, national and local parks and a rich variety of activities.  Because some classifications of real estate, such as Claytor Lake properties, can be found in multiple zip codes and counties, there is just no substitute for working with a Realtor who has strong local knowledge and involvement when you are searching for a home or for land.  Many buyers actually end up choosing homes or land in areas that they would not have considered or known about without the help of their agent.  Commuting travel time, views of the mountains or valleys, future plans for land, and lifestyle are just a few of the considerations that go into making a good buying decision about a property.

In Virginia,  agents write contracts for residential real estate, not binders. Sellers and buyers negotiate through their agents, in writing, and reach agreements.  Virginia is a Statute of Frauds state, meaning that contracts for real property must be in writing in order to be binding.  Either party certainly may choose to have an attorney review any document for them before signing it, but in practice relatively few find it necessary to do so.  The contract used by Realtors in this area is the product of many years work by the Virginia Association of Realtors and attorneys and has been regularly updated to reflect the issues found in the field as well as Federal, State and any needed legal changes.

Because the contract is a comprehensive one, all of the terms of the sale, with the exception of any modifications arising from inspections, surveys, and title searches, are negotiated up front.  It is very important to go through the contract terms with your Realtor and discuss various options and possibilities up front.
 

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