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Buyer's Notice of Intent to Vacate and Surrender Property to Seller under Contract for Deed - Virginia

Buyer's Notice of Intent to Vacate and Surrender Property to Seller under Contract for Deed - Virginia 2025

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This document is a formal notice from the Purchaser to the Seller indicating the Purchaser's intent to vacate the property and terminate the Contract for Deed. The Purchaser waives any notice requirements from the Seller, agrees to surrender the property, and acknowledges that all rights related to the contract will be forfeited upon vacating. The Purchaser also commits to maintaining the property in good condition until departure and understands that past due payments may still be pursued by the Seller.

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How do you foreclose on a contract for deed in Texas?

To foreclose on the buyer, the seller usually has to conduct a foreclosure sale where the foreclosure trustee must (1) convey . . . fee simple title, and (2) warrant that the property is free from any encumbrance. Tex. Prop. Code 5.066(d).

What happens if a buyer defaults on a land contract?

You can legally repossess the house after the buyer has defaulted on payment as mutually agreed in the sale agreement.

How long do you have to cancel a real estate contract in Virginia?

You may cancel this contract, without any penalty or obligation, at any time prior to midnight of the third business day after the date the contract is signed. If you cancel, any payment made by you under this contract will be returned within ten days following receipt by the seller of your cancellation notice.

Can you cancel a real estate contract in Texas?

The Texas Real Estate Commission (TREC) has a promulgated form available to the public for terminating the contract. The Texas Association of Realtors (TAR) has its own version of the form, which has the identical information. Submitting the completed termination notice to the listing agent constitutes notice.

How do I get out of a real estate contract in Virginia?

A purchaser shall have the right to cancel the contract until midnight of the seventh calendar day following the execution of such contract. If the seventh calendar day falls on a Sunday or legal holiday, then the right to cancel the contract shall expire on the day immediately following that Sunday or legal holiday.

Can completion date change after exchange?

Essentially the answer to this question is no. Once you have exchanged contracts you have entered into a binding contract and all parties are bound to complete on the agreed date and by a specified time.

What is one advantage of a contract for deed?

The contract for deed is a much faster and less costly transaction to execute than a traditional, purchase-money mortgage. In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs.

Why are my buyers delaying exchange?

This can also happen for a variety of reasons. If the buyer or seller is in a chain they may deliberately delay the process to give other parts of the chain a chance to catch-up. If problems with the property has been highlighted on a survey, the buyer may want more time to investigate them.