A Virginia residential contract typically includes:
Question & Answer
Review the question and all answer choices
No contingencies
Home inspection, financing, and appraisal contingencies
Only price terms
Only price terms is incorrect because Virginia residential contracts contain numerous essential elements beyond price, including property description, contingencies, and closing terms, making this option incomplete.
Only closing date
Only closing date is incorrect because Virginia residential contracts require multiple essential provisions beyond just a closing date, including price, property description, and contingencies.
Why is this correct?
Virginia residential contracts typically include home inspection, financing, and appraisal contingencies to protect both parties. These contingencies provide essential safeguards that allow buyers to withdraw if conditions aren't met, making them standard practice in residential transactions.
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