The Virginia purchase agreement is a legal document the seller and the buyer use to define the terms and conditions of the property transfer.
Although the purchase agreement itself doesn’t transfer any legal rights between the parties, they use it to define the details related to the sale and purchase of an item, which prevents any potential misunderstandings and disputes.
Virginia Purchase and Sale Agreement Form
The purchase agreement usually includes information about the seller and the buyer, a description of the item, the purchase price, details about the financing, contingencies, and other terms and conditions related to the sale and purchase.
The Virginia purchase agreement is also known as:
Other Names for Virginia Purchase and Sale Agreement Form
Virginia purchase and sale agreement
Virginia sale and purchase agreement
Virginia sale and purchase contract
Virginia purchase and sales contract
Regardless of the name, all of them refer to the document that provides the terms and conditions for the property transfer in Virginia.
Purchase Agreement Virginia Laws & Requirements
Virginia is one of the “caveat emptor” or “buyer beware” states. That means that the seller is not obliged to make any disclosures to the buyer regarding the property’s condition.
This also means that the buyer should take the responsibility of inspecting the property before the purchase is completed to discover if there are any defects to the property that might affect their decision to buy the property.
However, there are a few disclosures that must be included in the Virginia real estate purchase agreement template.
Purchase Agreement: Required Disclosures in Virginia
Here, you can find the list of disclosures that must be included in the Virginia real estate purchase agreement form:
Lead-Based Paint Disclosure: It is required by 42 U.S. Code § 4852d that the seller inform the buyer about any lead-based paint hazard at the property.
Flood Risk Information Form: The seller must fill out and deliver this form to the buyer, informing them of the flood risk at the property.
The seller might need to complete a couple of other forms provided by the Virginia Department of Professional and Occupational Regulation.
Common Types of Purchase Agreements in Virginia
This section provides all the types of purchase agreements used in Virginia:
Variety of Purchase Agreement
Residential real estate purchase agreement. Used for determining the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Parties use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. You can use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Virginia.
Purchase Agreement in Virginia FAQ
Yes, a Virginia purchase agreement is a legally binding document. The document becomes legally binding only after both the seller and the buyer sign it.
Yes, a Virginia sales agreement needs to state the purchase price. Considering that the purchase price is the main obligation of the buyer, the document won’t produce any legal effects without it.
No, purchase and sales agreements in Virginia don’t need to be notarized. The reason for this is that the document itself doesn’t transfer any legal rights between the seller and the buyer.
Yes, the seller can back out of the purchase agreement without compensating the buyer in case the buyer fails to meet the contingencies set out in the document.