The Virginia residential purchase and sale agreement is a real estate contract for the sale of a residential property by the owner (or their agent) to an interested buyer. The parties can negotiate, amend, and revise the agreement until they come to an arrangement and sign the document.
The terms and conditions that will need to be agreed upon include the purchase price, closing date, closing costs, and any requirements that the sale is contingent upon (e.g., the sale of another property, acquiring insurance, or approval for financing). Once both parties have executed the contract, it becomes legally binding.
Virginia Realtors Residential Contract of Purchase – This purchase agreement form is provided by Virginia Realtors and is intended for use exclusively by licensed members of the association.
Building Code or Zoning Ordinance Violations Disclosure (§ 55.1-706) – If the seller has knowledge of a building code violation or a violation of a local zoning ordinance, they will need to inform the buyer in writing.
Lead-Based Paint – When selling a property that was built before 1978, the seller is required to disclose the presence of lead-based paint to the buyer.
Methamphetamine Disclosure (§ 55.1-708) – This disclosure is required if the residential property is known to have been used to produce methamphetamine without proper cleaning in accordance with state guidelines (§ 32.1-11.7).
Military Air Installation Disclosure (§ 55.1-704) – If there is a military air installation near the property, the buyer must be informed if the residence is in a noise zone and/or accident potential zone.
New Dwelling Disclosure (§ 55.1-702(B)) – If the residence is a newly constructed building and there are known building code violations, if the property is located where mining occurred, or if it’s located near abandoned pits, shafts, or mines, this disclosure form must be provided to the buyer.
Property Disclosure Statement – This document can be used by the seller to disclose the property’s condition to the buyer (not legally required).
Privately Owned Stormwater Facility Disclosure (§ 55.1-708.1) – If there is a privately owned stormwater facility located on the property, the seller must complete this disclosure form and provide it to the buyer.
Residential Property Disclosure Statement (§ 55.1-703(A)) – The seller will be required to provide this disclosure that relays that the buyer should be aware of certain matters which may affect their decision to purchase property. It will also direct the purchaser to the Residential Property Disclosure Statement webpage where the disclosure statement can be read in full.
Septic System Disclosure (§ 32.1-164.1:1) – If a residence’s septic system needs to be repaired, the seller must give the buyer this disclosure.
Virginia is a “buyer beware” state, which means that the seller isn’t legally required to disclose the property’s current condition to the buyer, and it’s the buyer’s responsibility to have the property professionally inspected before purchase. Furthermore, the seller will not be liable for any property defects the buyer discovers after the property has been sold (§ 55.1-703).
