The dominant Hampton Roads offer for residential real estate is the Real Estate Information Network Standard Purchase Agreement, dominant in any area where REIN MLS is dominant. In this post, I wanted to share the latest version of it as of this publication date, in its simple form, so that buyers and sellers have it available to read through if desired before making an offer or receiving one. I also wanted to provide some additional associated resources.
Common Surprises for Buyers & Sellers in the REIN Offer
Common Surprises for Buyers in the REIN Offer
Common Surprises for Sellers who Don't Look Closely at the REIN Offer
Where is the REIN Standard Purchase Agreement Used Most Often?
Other Common Offer in Hampton Roads & SE VA: VAR Residential Contract of Purchase
Helpful Resources Associated with the REIN Standard Purchase Agreement
Other REIN Forms
More Helpful SE VA Resources
Disclosure:
These offers change in minor ways over time, & typically get longer over time. Be sure to view the most up-to-date offer before relying on this one. Also, any time you see writing in blue, it's just part of my typical template, which often is removed entirely or changed based on the situation.
Page 1: Basics (i.e. date, buyer/seller, address, earnest money deposit specific info, purchase price, ratification date)
Page 2: Settlement Expenses (closing costs & prepaids), Earnest Money Deposit Terms, Loan Application Info
Page 3: Loan Application Info Continued, Loan Denial, Occupancy Intent, Representations
Page 4: Representations Continued, Settlement/Closing Terms/Date
Page 5: Settlement/Closing Terms Continued, Deed & Title Representations, Lender's Title Insurance, Survey
Page 6: Survey Continued, Prorations/escrow, Appraisal/Financing Contingencies
Page 7: Appraisal Contingency Continued, Property Condition, Physical Inspection, Home Inspection, Repairs Cap Agreed to by Seller in Advance, Appraisal Required Repairs, Wood Destroying Insect/Moisture Inspection/Repairs
Page 8: Wood Destroying Insect/Moisture Treatment/Repairs Continued, Drinking Water & Septic, Walk Through Inspection, Contingencies Starting with Condo Contingency
Page 9: Condo Contingency Continued, Property Owners' Association Contingency
Page 10: Property Owners' Association Contingency Continued, Co-Op, Property Inspections
Page 11: Property Inspections Continued, Other Contingencies, Items to Convey, Confirmations & Disclosures
Page 12: Confirmations & Disclosures Including Brokerage Relationship Disclosure, Aircraft Noise Zone Disclosure, Residential Property Disclosure, Agency Interest Disclosure, Megan's Law Disclosure, & Mechanics Lien Disclosure
Page 13: Mechanics Lien Disclosure Continued, Measurements, Building or Zoning Violations, Methamphetamine Disclosure, Lis Pendens, Brokerage Fee, Default, Dispute Resolution
Page 14: Dispute Resolution Continued, Other Provisions, Non Assignment, Tax-Deferred Exchange, Notices, Miscellaneous
Page 15: Miscellaneous Continued, Digital Signatures
Page 16: Signatures & Other Information For Buyer(s), Seller(s), Agents, & Firms
Related for Buyers:
1. House Buyer Guide primarily geared toward the framework of the REIN Standard Purchase Agreement
Related for Sellers:
1. House Seller Guide primarily geared toward the framework of the REIN Standard Purchase Agreement