On Thursdays we take a closer look at clauses that comprise real estate documents or discuss some scenario involving a real estate contract.    

This Thursday let's look at Section One of the Virginia Association of Realtors Residential Contract Of Purchase entitled "Real Property." 

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John W. Reilly's The Language of Real Estate defines real property as "The earth's surface, the air above and the ground below, as well as the appurtenances to the land including buildings, structures, fixtures, fences and improvements erected upon or affixed to the same.  The term real property includes the interests, benefits and rights inherent in the ownership of real estate (the bundle of rights). 

So, in Section One we will state, "Purchaser agrees to buy and Seller agrees to sell the land and all improvements thereon located in the County or City of ______, Virginia and described as (legal description) and more commonly known as______(actual address), together with all fixtures located theren (if present as of the date of this Contract), including, without limitation,...

It has become increasingly important to make sure that in completing Section One that the property's address is 100% correct and is consistently written the same way in all of the contract documents.  If not, this can pose a potential problem in the closing process.

Questions about the above information, real estate contracts in general or have a suggestion for next week's Contract Chronicles...let me know!

Now, go out there and make it a point to have a fantastic Thursday!