Virginia Real Estate Contract: Different Types and Key Terms to Include
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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:
- Names and addresses of the buyer and the seller
- Address and legal description of the property for sale
- Agreed upon purchase price
- Earnest money deposit
- Financing terms
- Contingencies
- Disclosures
- 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.
- 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.
- 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:
- Offer made by the buyer
- Acceptance of the offer by the seller
- Consideration
- 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
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Meet some of our Virginia Real Estate Contract Lawyers
Rebecca S.
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.
"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.
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.
"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.
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.
"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.
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.
"Tina provided collaborative and professional work that helped me understand my employment contract."
Charlotte L.
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.
20 years experienced attorney. Practice areas LLC & Corp/Deeds/ Contracts/Wills Trusts/
"Todd was excellent. Smart, responsive, fast, and accurate. Very pleased!"
January 4, 2022
Amy Sue L.
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.
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Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
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
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
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
Real Estate
Real Estate Contract
New York
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.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Illinois
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.
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.
Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.
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