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Virginia real estate contract 2025

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The document is a contract for the sale and purchase of real estate in Virginia, outlining the agreement between the Seller and Buyer regarding the property, sales price, financing options, earnest money deposit, property condition disclosures, closing procedures, title transfer, and responsibilities of both parties. It includes provisions for inspections, default consequences, attorney's fees, and governing law. The contract emphasizes that it is not contingent on broker involvement and requires both parties to acknowledge their understanding of the terms.

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Click ‘Get Form’ to open the Virginia real estate contract in the editor.
Begin by filling in the 'AGREEMENT TO SALE AND PURCHASE' section. Clearly identify the property by entering the county, address, and legal description.
In the 'SALES PRICE' section, input the agreed purchase price and detail any earnest money or financing arrangements. Ensure both columns total correctly.
Complete the 'FINANCING' section based on your agreement. Indicate if it’s a cash sale, owner financing, or contingent on obtaining a new loan.
Review and fill out the 'PROPERTY CONDITION' clause. Acknowledge any inspections and disclosures required by law, especially regarding lead-based paint for properties built before 1978.
Finalize by completing sections on closing details, title conditions, and any additional provisions relevant to your transaction.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What makes a contract valid in Virginia?

In the area of law, for a contract to be legally enforceable, several requirements must be met, including an offer; acceptance of that offer; mutual understanding of the agreement; capacity to agree; an item or service; consideration in exchange for the item or service; and legality of the contract itself, including

Is there a 3-day right of rescission on a real estate contract?

The federal law provides a right of rescission for certain transactions, particularly home equity loans and second mortgages. Rescission must typically occur within three business days, as defined by the Truth in Lending Act (TILA).

Can I write my own real estate contract?

Some states, like California, have created real estate purchase agreements you can download and change. You can also get a template from PandaDoc, as well as benefiting from real estate contract management software functionality.

Do you have 3 days to cancel a real estate contract in Virginia?

(1) Except as provided in subsection (5), in addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase which complies with 59.1-21.4.

What is the 3 day right to cancel a contract in Virginia?

If you want to cancel, you must sign, date, and return the notice of cancellation form. You must do this within 3 business days. Saturday counts as a business day. You should send the notice of cancellation by certified mail, return receipt requested.

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Is a buyers agreement required in Virginia?

The Code of Virginia requires a written brokerage agreement when a brokerage relationship, as defined in 54.1-2130, is created. When a customer becomes a client is based upon the partys intent.

How long do you have to cancel 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.