Buying a Home in Hampton Roads

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FAQ's

Buying a home in Hampton Roads is not much different from buying one anyplace else in the country.  If you have bought or sold recently, you are probably familiar with the basics; contracts, disclosures, disclaimers, financing, etc.  But, life is never quite that easy.  Each area of the country seems to have its own special approaches and standards that make it unique.  With very few exceptions the majority of the forms used to either buy or sell a home in this area have been standardized through the Real Estate Information Network. (REIN)  Agencies or companies may have a few forms that are specific to them, but the basic contract (the key to the sale or purchase) will be the same.   Don't be afraid to ask questions about what you are about to sign.  Agents are not lawyers, but most will be able to give you a reasonably good understanding of what the paperwork is trying to say.  Remember, you always have the right to have a lawyer review all forms and papers that an agent presents to you before signing.  Don't be coerced into signing something you are not sure of.

Some facts to ponder:

  • In the Commonwealth of Virginia, all agents represent the seller unless they are specifically representing the buyer through a buyer agency agreement. Whether you are a buyer or a seller, all agents should inform you of their representation status.
  • You have the right to request that an agent specifically represent you.  There is no additional cost to you to have specific representation.  But, there are contractual obligations of which you should be made aware.  Ask your agent to explain how it works.
  • In this area of Virginia it is common practice for the seller to pay both the listing and buying side of the realtor fees for selling a home or property.  That does not mean always, just most of the time.

 

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JoAnn & Dennis Olson, Realtors
William E. Wood & Assoc.
Smithfield, VA 23430
Licensed in the Commonwealth of Virginia
(See Contact page for additional information)


All home and property photographs on this web site are the sole property of Dennis & JoAnn Olson.  Any commercial use of these photographs without written permission is strictly forbidden.

Copyright 1999-2013 by Dennis Olson
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Last modified: November 19, 2013