Virginia REALTORS^® is constantly striving to provide our members with the tools you need to thrive in today’s ever-changing market. With that in mind, our Standard Forms Committee has spent almost a year on a significant project: a total rewrite of our Residential Purchase Contract.  

The contract rewrite began with a dedicated sub-group of our Standard Forms Committee looking at the contract and asking the question: how can we make this better for ourselves and our clients? The group then solicited ideas and edits from all corners of the Commonwealth, from big brokers and small, and from firms that use our contract as well as firms that use other standard contracts. The end result is a document that is more concise, stripped of a lot of legal jargon (though it is still a legal document, so some of that has to stay), and tailored to work for the greatest number of transactions in the greatest number of areas of our state. 

The Legal Team here at VAR will be rolling out lots of videos, blog posts, and other resources to bring you up to speed before the contract officially launches (likely in mid-March). We’ll also have a webinar on February 24th where you can ask questions and have them answered in real time by one of our attorneys. As always, if you have suggestions for additional form changes or updates, you can always send them to forms@virginiarealtors.org.