Virginia Residential Real Estate Sale Contract
Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
Residential Real Estate Sale Contract for use in Virginia. Can be used when selling or buying a free-standing residential home.
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The Residential Real Estate Sale Contract form is designed for use by a buyer and a seller of a free-standing residential home. The agreement provides for the traditional terms between a seller and buyer, including purchase price, financing contingencies, surveys, pest and other inspections, title matters and more. This contract is for use in transactions that do not involve a Broker and where the Buyer is obtaining a new loan or is assuming an existing loan.
When signed by one party, this signed contract constitutes a formal offer. The contract allows the person making the offer to designate a time and date by which the contract must be signed and returned before it expires.
These are just some of the important provisions included in this Virginia Residential Real Estate Sale Contract:
- Parties: Identifies the Seller and Buyer involved in the transaction;
- Property to be Sold: Specific property being sold, including a legal description;
- Price and Payment: The price for the property and when and how payments are to be made;
- Earnest Money and Other Deposits: How the earnest money is to be kept and handled ;
- Contingencies: Allows certain contingencies with regard to the property;
- Removal Of Contingencies: What happens if contingencies are not removed;
- Time For Acceptance And Effective Date: Time by which offer needs to be executed by both parties;
- Condition of the Property: Defines the condition of the property
- Inspection: Mechanical, Pest and other inspections ;
- Radon and Lead Paint Disclosure: Disclosure about Radon testing and Lead Paints;
- Utilities: How utilities will be handles;
- Casualty Loss: Defined who bears the risk of loss;
- Title: Transfer of title from seller to buyer;
- Existing Mortgages: Seller shall furnish to Buyer a statement from all mortgagee(s);
- Professional Survey Engineering Plans And Studies: Whether a survey shall be made and the furnishing of all plans;
- Delivery Of Deed: When and how the Deed will be transferred;
- Closing And Possession of Property: Time and manner of closing and when possession occurs;
- Restrictions, Easements, Limitations: The various easements, restrictions and limitations of the property - if any;
- Obligations at Closing: Seller's and Buyer's obligation at closing;
- Closing costs: checklist for who is responsible for which closing costs;
- Defaults And Remedies: What happens in case of defaults and the remedies thereto;
- Disputes: Sets forth how disputes may be settled
- Residential Real Estate Sale Contract Instructions and Checklist
- Information about Residential Real Estate Sale Contract
- Virginia Residential Real Estate Sale Contract
- Earnest Money Receipt
- Disclosure Of Information On Lead-Based Paint Or Lead-Based Paint Hazards.
Virginia Residential Real Estate Sale Contract
Product Details
| Product | Virginia Residential Real Estate Sale Contract |
| Country | United States |
| Pages | 23 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | New Loan or Loan Assumption Real Estate Sale Contract |
| Product number | #20975 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
This contract is a legal document used to outline the terms of a residential property sale in Virginia, detailing the responsibilities and rights of both the seller and buyer.
This contract should be used when selling or buying a free-standing residential home in Virginia, particularly in transactions without a broker involved.
Key components include the purchase price, payment terms, contingencies, property condition, inspection requirements, and closing details.
Yes, once signed by both parties, this contract becomes a legally binding agreement that outlines the terms of the sale.
The contract specifies the consequences of unmet contingencies, which may include the right to terminate the agreement or renegotiate terms.
Yes, modifications can be made, but they must be documented in writing and agreed upon by both parties to be enforceable.
The contract includes provisions for disclosures such as lead paint hazards and property condition, which are mandated by Virginia law.
The contract outlines how earnest money is to be collected, held, and applied towards the purchase price at closing.
Is This Form Right For You?
Use This Form If:
- Individuals who are looking to buy a free-standing residential home in Virginia will need this contract to formalize their purchase agreement with the seller. This document outlines the terms of the sale, ensuring that both parties understand their rights and obligations.
- Situations requiring a clear agreement between a seller and buyer can benefit from this contract, especially when no broker is involved. It provides a structured format for negotiating terms such as price, contingencies, and inspection requirements.
- For those assuming an existing loan or obtaining a new loan, this contract serves as a vital tool to document the transaction specifics. It helps in clarifying the financial responsibilities and conditions related to the property sale.
- When a seller wishes to ensure that all legal requirements are met during the sale of their property, this contract is essential. It includes necessary disclosures and contingencies that protect both parties in the transaction.
- Homeowners looking to sell their property without a real estate agent can utilize this contract to facilitate the sale. It provides a comprehensive checklist and instructions to guide them through the process.
Do Not Use If:
- – This form is not appropriate for commercial real estate transactions, as it is specifically designed for residential properties only. Commercial sales have different legal requirements and considerations.
- – If the transaction involves a real estate broker, a different form may be necessary that includes broker-specific provisions and agreements. This contract is intended for private sales without broker involvement.
- – In cases where the buyer is purchasing a property that requires extensive renovations or is not habitable, additional legal considerations may be needed that this contract does not address.
- – This contract should not be used for properties that are part of a homeowner association (HOA) without additional documentation, as HOA rules and regulations may impose further obligations.
- – If the buyer or seller is not legally capable of entering into a contract, such as minors or individuals under guardianship, this form cannot be utilized without appropriate legal representation.
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