Virginia Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

What is a Virginia Real Estate Contract?

A Virginia real estate contract is a contract that is used by potential home buyers to make an offer on a property that is for sale. Once the seller receives the offer, they can either counter offer or accept. If the offer is accepted, the real estate contract will dictate how the rest of the real estate transaction will be handled.

Real estate contracts include pertinent information about the property and the sale. It is common to find the following information in a Virginia real estate contract:

  1. Names and addresses of the buyer and the seller
  2. Address and legal description of the property for sale
  3. Agreed upon purchase price
  4. Earnest money deposit
  5. Financing terms
  6. Contingencies
  7. Disclosures
  8. Closing date and costs

A real estate contract becomes legally binding and enforceable once it is signed by both parties.

Common Virginia Real Estate Contracts

Real estate contracts are most commonly used for the purchase and sale of residential real estate like a single family home. In Virginia, there are two contract templates used to facilitate these sales.

  1. Northern Virginia Association of Realtors contract. A contract template created by the Northern Virginia Association of Realtors (NVAR) and for exclusive use by NVAR members only.
  2. Virginia Association of Realtors contract. This contract form is used to buy or sell residential real estate. It can only be used by members who are in good standing with Virginia Realtors.

4 Essential Elements of a Virginia Real Estate Contract

Under the Code of Virginia, all real estate contracts must be in writing. In addition, for a contract to be legally binding and valid, it must contain the following 4 essential elements:

  1. Offer made by the buyer
  2. Acceptance of the offer by the seller
  3. Consideration
  4. The legal capacity of both parties to enter the contract

What Has to Be Disclosed When Selling a House in Virginia?

Disclosures in real estate are conditions or defects in the property that the seller must inform the buyer about before the sale can move forward. Most states require sellers to provide a disclosure statement as part of the real estate contract process. Some states follow the “buyer beware” principle and do not require seller disclosures. In these states, the buyer must do their due diligence to find issues with the property.

Virginia is technically a “buyer beware” state, however the Virginia Residential Property Disclosure Act (VRPDA) requires the seller to provide disclosures for certain issues. While Virginia sellers do not have to disclose every issue and defect, the VRPDA requires the following disclosures in a real estate contract:

  • Building code or zoning ordinance violations
  • Flood risk information
  • Lead-based paint disclosure
  • Methamphetamine disclosure
  • Military air installation disclosure
  • Privately owned stormwater manage facility disclosure
  • Repetitive risk-loss disclosure statement

For any other property conditions or defects, for example a cracked foundation, it is the responsibility of the buyer to conduct adequate home inspections to find the issues.

Can a Buyer Back Out of a Real Estate Contract in Virginia?

Under certain circumstances, yes a buyer can back out of a real estate contract in Virginia. Under the Virginia Code cancellation of sale laws, a buyer has three business days to back out of a real estate contract for any reason. After three days, the buyer will need a valid reason to back out of the contract like an unmet contingency or a termination clause.

Contingencies are conditions within the contract that must be met for the sale to move forward. Common contingencies include the buyer securing financing or the house passing a home inspection. If these contingencies are not met, a buyer can usually back out of the contract without legal or financial repercussions.

Frequently Asked Questions

How do I hire a lawyer to draft a real estate contract in Virginia?
How much does it cost to hire a lawyer to review a real estate contract in Virginia?

See Real Estate Contract by State

See Real Real Estate Purchase Agreement Projects

Florida Home Purchase Drafting
  • Florida
  • 4 lawyer bids
  • $500 - $1,050
View Details
Illinois Commercial real estate purchase Review
  • Illinois
  • 3 lawyer bids
  • $375 - $2,000
View Details
Georgia Purchase and Sale Agreement Review
  • Georgia
  • 3 lawyer bids
  • $499 - $1,000
View Details
California Review Real Estate Contract Review
  • California
  • 4 lawyer bids
  • $450 - $600
View Details
California RV Rent to Own agreement Drafting
  • California
  • 4 lawyer bids
  • $499 - $950
View Details
California Create Real Estate Purchase Agreement Drafting
  • California
  • 7 lawyer bids
  • $700 - $2,500
View Details

See all Real Estate Purchase Agreement projects in Virginia


ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.


Need help with a Real Estate Contract?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 21,827 reviews

Meet some of our Virginia Real Estate Contract Lawyers

Rebecca S. on ContractsCounsel
View Rebecca
5.0 (2)
Member Since:
April 6, 2021

Rebecca S.

Attorney/Owner
Free Consultation
San Diego, CA
15 Yrs Experience
Licensed in VA CA, DC
New England School of Law

I absolutely love helping my clients buy their first home, sell their starters, upgrade to their next big adventure, or transition to their next phase of life. The confidence my clients have going into a transaction and through the whole process is one of the most rewarding aspects of practicing this type of law. My very first class in law school was property law, and let me tell you, this was like nothing I’d ever experienced. I remember vividly cracking open that big red book and staring at the pages not having the faintest idea what I was actually reading. Despite those initial scary moments, I grew to love property law. My obsession with real estate law was solidified when I was working in Virginia at a law firm outside DC. I ran the settlement (escrow) department and learned the ins and outs of transactions and the unique needs of the parties. My husband and I bought our first home in Virginia in 2012 and despite being an attorney, there was so much we didn’t know, especially when it came to our HOA and our mortgage. Our real estate agent was a wonderful resource for finding our home and negotiating some of the key terms, but there was something missing in the process. I’ve spent the last 10 years helping those who were in the same situation we were in better understand the process.

Recent  ContractsCounsel Client  Review:
5.0

"Rebecca you were awesome I appreciate you working with me and helping me get this done. I look forward to working with you in the future."

Michael T. on ContractsCounsel
View Michael
5.0 (1)
Member Since:
June 13, 2022

Michael T.

Lawyer
Free Consultation
Fairfax, Virginia
36 Yrs Experience
Licensed in VA DC, MD
College of William and Mary

I have been in practice since 1990 and practice in D.C., Maryland, and Virginia. I am an experienced litigator and look forward to resolving your legal questions as efficiently as possible.

Recent  ContractsCounsel Client  Review:
5.0

"Easy to work with. Great communication. Helped steer us in the right direction to make sure we filed the right document for our needs."

Anita P. on ContractsCounsel
View Anita
5.0 (3)
Member Since:
August 25, 2023

Anita P.

Estate Planning Attorney
Free Consultation
4000 Legato Rd, Suite 1100, Fairfax, VA 22033
9 Yrs Experience
Licensed in VA DC
American University Washington College of Law

I specialize in assisting families and individuals with their end-of-life and incapacity planning needs, utilizing Wills, Trusts, and a range of other services.

Recent  ContractsCounsel Client  Review:
5.0

"Anita was amazing. I never dreamed we'd be able to find an attorney as responsive and efficient as she was. She answered every question quickly and clearly. All the stars!"

Tina R. on ContractsCounsel
View Tina
4.9 (19)
Member Since:
February 17, 2022

Tina R.

contracts lawyer and websites
Free Consultation
Arlington, VA
19 Yrs Experience
Licensed in VA DC, IL
Loyola University Chicago

15 years for legal experience; expertise in contracts, healthcare, ERISA, physicians, financial services, commercial contracts, employment agreements, etc. I am adept at all contracts and can provide you with efficient and quality services. I have worked at a law firm, financial services company, consulting ,and non-profit.

Recent  ContractsCounsel Client  Review:
5.0

"Tina provided collaborative and professional work that helped me understand my employment contract."

Charlotte L. on ContractsCounsel
View Charlotte
4.6 (2)
Member Since:
February 25, 2021

Charlotte L.

Self-Employed Legal Consultant
Free Consultation
Arlington, VA
12 Yrs Experience
Licensed in VA DC
University of Virginia School of Law

I hold a B.S. in Accounting and a B.A. in Philosophy from Virginia Tech (2009). I received my J.D. from the University of Virginia School of Law in 2012. I am an associate member of the Virginia Bar and an active member of the DC bar. Currently, I am working as a self-employed legal consultant and attorney. Primarily my clients are start-up companies for which I perform various types of legal work, including negotiating and drafting settlement, preparing operating agreements and partnership agreements, assisting in moving companies to incorporate in new states and setting up companies to become registered in a state, assisting with employment matters, drafting non-disclosure agreements, assisting with private placement offerings, and researching issues on intellectual property, local regulations, privacy laws, corporate governance, and many other facets of the law, as the need arises. I have previously practiced as an attorney at a small DC securities law firm and worked at Deloitte Financial Advisory Services LLC. My work experience is dynamic and includes many short-term and long term experience that span across areas such as maintaining my own blog, freelance writing, and dog walking. My diverse background has provided me with a stong skill set that can be easily adapted for new areas of work and indicates my ability to quickly learn for a wide array of clients.

Jaime H. on ContractsCounsel
View Jaime
4.5 (5)
Member Since:
December 7, 2022
Amy Sue L. on ContractsCounsel
View Amy Sue
Member Since:
January 4, 2022

Amy Sue L.

President, Concierge Legal
Free Consultation
Washington, DC Metropolitan Area
29 Yrs Experience
Licensed in VA CA, DC, PA
Pepperdine University School of Law

Ms. Leavens is a corporate attorney with 10 years of experience as the General Counsel, Chief Compliance Officer and Corporate Secretary of a Congressionally chartered, non-profit corporation, and more than 20 years of experience as an advisor to executive officers and boards of directors in for-profit and non-profit organizations. She has substantial experience within in-house legal departments managing cross-functional teams comprised of multiple business units and attorneys on large-scale mission critical projects, and within a global law firm as a manager of public and private, domestic and international, multi-party business transactions. She has unique experience implementing government-sponsored business initiatives. Ms. Leavens was honored in 2015 as one of Washington, D.C.’s Top Corporate Counsel by Bisnow and the Association of Corporate Counsel; nominated in 2014 for the Association of Corporate Counsel (WMACCA) Outstanding Chief Legal Officer Award; and the recipient in 2014 of WMACCA’s Community Service Award.

Find the best lawyer for your project

Browse Lawyers Now

Lawyer Reviews for Virginia Real Estate Contract Projects

Review Public Offering Statement for Purchase of New Construction Townhome

5.0

"Great review and fast turn around"

Pennsylvania
Premium
Review
Real Estate Purchase Agreement
ContractsCounsel User

Real Estate Indemnity Agreement

5.0

"Zachariah was prompt, thorough and very detail-oriented. He explained the human oversight and expertise was used throughout the whole process, after the initial clerical work which is completed by his AI legal software. The final work product was exactly what we needed and above and beyond what we hoped for. Thank you very much!"

Colorado
Drafting
Real Estate Purchase Agreement
ContractsCounsel User

Real Estate Contract Review for LLC Membership Interest Purchase

5.0

".."

Missouri
Review
Real Estate Purchase Agreement
ContractsCounsel User

Review Real Estate Contract

5.0

"Was very thorough in reviewing the contract."

Illinois
Premium
Review
Real Estate Purchase Agreement
ContractsCounsel User

Draft Real Estate Purchase Agreement Contract

5.0

"Dolan did incredible with my Purchase Agreement contract. He was extremely timely and efficient in his work and I greatly appreciate how quickly he was able to get this done for me and my fiance. Thank you!!"

Minnesota
Drafting
Real Estate Purchase Agreement
ContractsCounsel User

Real Estate

Real Estate Contract

Georgia

Asked on Mar 18, 2022

WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233

SON AND EX

Meghan T.

Answered Mar 29, 2022

Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas

Read 1 attorney answer>

Real Estate

Real Estate Contract

Georgia

Asked on Mar 24, 2022

How many years does a quick claim become effective?s

Number of years for quick claim to be effect ive

Meghan T.

Answered Mar 29, 2022

A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas

Read 1 attorney answer>

Real Estate

Real Estate Contract

New York

Asked on Dec 26, 2021

Can you purchase or refinance under a land contract?

I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

Jane C.

Answered Jan 11, 2022

I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

Read 1 attorney answer>

Real Estate

Real Estate Contract

Illinois

Asked on Mar 27, 2022

what is better to buy land or rent for construction in US?

we are a construction company from Ukraine, we are planning to build a cottage town in the USA

T. Phillip B.

Answered Apr 5, 2022

I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.

Read 1 attorney answer>
See more legal questions…

Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.

View Trustpilot Review

Need help with a Real Estate Contract?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 21,827 reviews
Real Estate lawyers by top cities
See All Virginia Real Estate Lawyers
Virginia Real Estate Contract lawyers by city
See All Real Estate Contract Lawyers

ContractsCounsel User

Recent Project:
Home Purchase
Location: Florida
Turnaround: Less than a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 4
Bid Range: $500 - $1,050
User Feedback:
5-Stars on everything. Could have used your services many times in the past, so when did Contracts Counsel start up?

ContractsCounsel User

Recent Project:
Purchase and Sale Agreement
Location: Georgia
Turnaround: Over a week
Service: Contract Review
Doc Type: Real Estate Purchase Agreement
Page Count: 25
Number of Bids: 3
Bid Range: $499 - $1,000
User Feedback:
Meghan is excellent, her and her team are both knowledgeable and flexible

Need help with a Real Estate Contract?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 21,827 reviews

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call

Find lawyers and attorneys by city