Understanding your purchase contract
The key clauses in a Virginia residential purchase agreement, explained simply.
The basics
A Virginia residential purchase agreement (NVAR K1321 or similar) is the legal document that outlines the terms of your home purchase. It covers the purchase price, earnest money deposit, financing terms, contingencies, closing date, and what is included in the sale (appliances, fixtures, etc.).
Key contingencies
Contingencies are your safety nets. The three most common are: financing contingency (protects you if your loan falls through), home inspection contingency (lets you negotiate repairs or walk away), and appraisal contingency (protects you if the home appraises below the purchase price). Each has a specific deadline.
Important dates
Your contract has several critical deadlines: earnest money deposit due date (typically 3-5 business days), home inspection deadline (usually 7-10 days), financing contingency deadline (21-30 days), and closing date (30-45 days from ratification). Missing these dates can cost you your deposit or the deal itself.
What smover does
When you upload your contract, smover extracts every deadline, identifies all contingencies, and creates a visual timeline. You get plain-English explanations of every clause and automatic reminders before each deadline.
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