Real Estate is a Business of Contracts
Contracts are serious, complex, legal documents and that’s no different when buying or selling a home. In fact, buyers and sellers will be confronted with over 100 legal documents during the process of a typical home purchase and settlement. Exceptional agents have a thorough knowledge of the contracts and know how to write them and manage the process in a manner that protects their client’s best interests, money and possible legal complications.
Caveat Emptor = Buyer Beware
Virginia is one of a few states in the U.S. still operating under the common law concept of Caveat Emptor, meaning “Let The Buyer Beware”. This places the duty of discovering home conditions and defects on the buyer. Sellers cannot deceive or conceal material defects about their home, but in Virginia, sellers have a very limited obligation when it comes to disclosing anything. That’s one of the reasons why an experienced agent is invaluable to a buyer. Exceptional agents are exceptional buyer advocates and their job is to advise and protect buyers in the complicated process of purchasing a home.
Under What Conditions Can a Buyer Cancel a Home Purchase Contract?
When a buyer and seller ratify a contact it becomes a legally binding agreement. Both parties make certain promises to the other in the process of settling the home sale. Essentially, a buyer promises to purchase the home, subject to certain contingencies, while the seller promises to transfer ownership provided the buyer pays the agreed-upon sales price. Nearly all of the performance in the contract lays with the buyer, which is why buyers have various time-specific safeguards to unilaterally cancel the contract. If a buyer cancels the contract in accordance with a contractual right, then the contract is considered void and the buyer’s deposit is returned in full. Most of the cancellation rights available to a buyer are described below.
The importance of buyers interviewing and selecting a skilled real estate agent to carefully guide them through the home buying process cannot be overstated. Contracts are complicated legal instruments. Proper agent advocacy protects a buyer from a serious loss of home value, forfeiture of their deposit and even possible legal complications.
“It is with much enthusiasm that we share with you our thoughts about Tim Trainum. He his the most knowledgeable and informed real estate agent with whom we have ever dealt. Over the last 45 years we have bought and sold a combination of 26 homes, condos, and multi-family apartment buildings in Fairfax, Arlington and other parts of the country. Tim is without a doubt the complete package. He did everything we asked him to do. He gave us great information and advice and kept us informed as to his progress day by day. We highly recommend him.” – Dean and Mary Simonds
I am a high-value agent who delivers demonstrably useful results to my clients. I operate my business with relationship-focused interaction that aligns client goals with beneficial outcomes. I have an unyielding commitment to being an open and honest advocate, ensuring my clients reach their desired outcome efficiently and with the most equity. My overarching passion in real estate is to join your buying and selling journey and help improve your quality of life.
I am a full-time, licensed Realtor® who has established deep roots and knows the region. I was born and raised in the Northern Virginia area, graduating from Chantilly High School and then James Madison University with degrees in Economics and Finance. I live in Fairfax with my wife Liz and our seven year old son Robby. I’m a homeowner myself and understand the important decisions my clients face when they’re buying or selling a home. In addition, I’m an owner of investment property, including a multi-family apartment buildings. I have a penchant for helping people having taught adult education courses in investing and personal finance, and helped numerous clients, friends and colleagues in creating a path to wealth creation. I also serve as the trustee for a private charitable memorial fund.
I have been working in the real estate industry helping clients for over 25 years. As a Listing Agent, the value I create for my sellers is to help them elevate and showcase home condition. I use multiple valuation techniques to pinpoint market value for my sellers. I use cutting-edge marketing strategies to promote widespread buyer awareness and produce the maximum selling price in the fewest days possible, while protecting my seller’s best interests throughout the complete selling and settlement process. As a Buyer’s Agent, I help my buyers locate the home that changes their life. I guide my buyers in structuring the most compelling offer that can win seller acceptance, while retaining the most value and equity possible for buyer benefit and in a manner that protects their best interests throughout the complete buying and settlement process. I have worked with clients in the purchase of investment property, helping them to prospect property as well as evaluate all the financial metrics important to making the investment. My real estate experience includes working in the development, construction and operation of real estate infrastructure projects, closing over $500 million, as well as supporting several commercial real estate clients in the pursuit of reaching their objectives. My experience spans across consulting with clients on remodeling and home improvement projects to negotiating land purchase agreements and easements, to negotiating residential and commercial leases. There are few areas of real estate that I haven’t touched and it continually has been with a mind-set of delivering exceptional outcomes.