Virginia Real Estate Purchase Agreement

A Virginia real estate purchase agreement is vital in the dynamic landscape of property transactions. It’s the cornerstone, embodying the intricate balance of guaranteeing buyers' rights and providing sellers' protections. As such, it's crucial to understand its structure and key components for fruitful transactions.

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Virginia Real Estate Purchase Agreement

A Virginia real estate purchase agreement is a legally binding document that must adhere to state laws and regulations. 

Writing Requirement

  • Buyer and seller details: This section includes the full names and contact information of the involved parties, such as mailing addresses, phone numbers, and email addresses. 
  • Property details: This section provides the complete address and legal description of the property being sold. It should include the street address, city, state, zip code, and a detailed legal description that accurately identifies the boundaries and location of the property.
  • Purchase price: This section specifies the total cost of the property, including any deposits, down payments, and adjustments. It should outline the agreed-upon purchase price, the amount of the down payment, and any additional costs or credits that may affect the final sale price.
  • Personal property: Here, the seller lists any personal property included in the sale, such as appliances, furniture, or other removable items.
  • Financing: If the buyer requires a mortgage or loan to close the purchase, it’s included in this part of the agreement.
  • Contingencies: If there are pre-sale conditions agreed between the parties, they’re outlined in this section.  
  • Title insurance: As part of the agreement, it’s essential to indicate whether the buyer will purchase title insurance to protect against potential title defects or claims against the property.
  • Closing and possession dates: Involved parties should establish the timing for the legal transfer of the property and the buyer’s entitlement to possession. 
  • Escrow agent or company: Both parties should designate their preferred agent or company responsible for holding and disbursing funds during the transaction and transferring documents and keys.
  • Contract expiration: This section specifies the response time for the offer, indicating the date and time by which the seller must accept or reject the offer.

Required Disclosures

The state doesn’t mandate sellers to disclose any material defects in a Virginia real estate purchase agreement. Nevertheless, there are other aspects of the house the buyer must know beforehand. These include: 

  • Lead-based paint disclosure: For homes constructed before 1978, this disclosure provides information about the potential presence of lead-based paint on the premises and educational materials that outline the risks associated with exposure to this harmful substance.
  • Virginia disclosure statement for certain new dwellings: Newly constructed residential buildings are exempt from completing a Residential Disclosure Statement Acknowledgment Form. Instead, an alternate disclosure for newly built homes informs the buyer of known structural defects.
  • Military airbase proximity disclosure: Properties located within a potential accident or noise zone near a military airbase must be disclosed on the provided form, alerting the buyer to the potential impact of the airbase’s proximity.
  • Building code or zoning ordinance violation disclosure: Virginia law mandates that sellers disclose any known violations of local building or zoning codes associated with the sold property. If there’s qualifying information regarding a violation, the seller must provide the relevant details on the designated form.
  • Methamphetamine production disclosure: If the property has been previously used for the manufacture of methamphetamine and has not been properly decontaminated according to state guidelines, this must be disclosed to potential buyers.