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VA CONTRACT INSTRUCTIONS - RE/MAX of Georgia

VA CONTRACT INSTRUCTIONS - RE/MAX of Georgia 2025

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The document outlines the VA Offer to Purchase and Contract of Sale, detailing the requirements for submitting an offer on VA-acquired properties. It specifies necessary forms, terms of purchase, required disclosures, and documentation needed for cash and Vendee financing offers. The instructions emphasize that offers must be complete and accurate to be considered, highlight conditions regarding seller concessions, and outline the responsibilities of both buyers and brokers in the transaction process.

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2021	4.8 Satisfied (190 Votes)
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What is the VA amendment?

0:00 2:43 Contracts to purchase homes often come with appraisal. Contingencies. These protect wouldbe buyersMoreContracts to purchase homes often come with appraisal. Contingencies. These protect wouldbe buyers in the event the appraisal determines.

What does the VA amendatory clause mean?

The VA Escape Clause, also known as the VA Amendment to Contract or the VA Amendatory Clause, is an appraisal contingency that protects homebuyers earnest money if the VA appraisal determines the home is worth less than what they agreed to pay.

How long does a VA contract last?

With the exception of contracts awarded under Schedule 65 I B, VA Schedule contracts are awarded for a base 5-year period of performance with the potential for 5 additional years.

Does VA require verification of earnest money?

If youve made an earnest money deposit with a VA loan, the VA will verify the source of the funds to ensure its not a gift or part of another loan.

What is the term for amendment to a contract?

An addendum is an additional document or attachment added to a contract to modify, clarify, or supplement its terms of conditions. Addendums are used when parties want to make additions to a contract after its signed.

What is the VA amendment to a contract?

The VA requires that the loan amount not exceed the appraised value of the property. The amendatory clause protects buyers by providing a way for them to get out of the buyer-seller contract without losing their earnest money deposit if the appraisers notice of value (NOV), is less than the sales price.

What is the 4% rule on a VA loan?

Seller concessions are financial incentives or contributions from the seller that help reduce the buyers out-of-pocket expenses. The Department of Veterans Affairs (VA) allows these concessions to cover up to 4% of the loan amount, but they must be items outside of standard closing costs.

VA CONTRACT INSTRUCTIONS - RE/MAX of Georgia 2025

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