The No Broker Residential Sales Virginia form serves as a comprehensive agreement between a buyer and seller for the sale of residential property without the mediation of a real estate broker. This contract outlines the terms, conditions, and respective responsibilities of both parties in a real estate transaction in Virginia, including but not limited to the property details, sale price, payment arrangements, and conditions related to the sale's completion. For those looking to engage in residential sales directly, understanding and accurately filling out this form is crucial for a legally binding agreement. Click the button below to fill out your form accurately and securely.
In the field of real estate transactions in Virginia, one integral document often navigated by buyers and sellers alike is the No Broker Residential Sales Virginia form. This form outlines a contract made between a buyer and a seller for the purchase and sale of residential property without the involvement of brokers. The contract stipulates that the listing brokerage represents the seller, and in instances where a cooperating brokerage is involved, it may represent either the buyer or seller, or act as a dual representative for both parties, with necessary disclosures attached. The contract encompasses the mutual agreements on property description, sales price, down payment, financing details including any seller subsidy, contingencies related to financing, and detailed arrangements about the escrow deposit. Provisions for settlement terms, the rights to choose a settlement agent, and specific conditions about the delivery of the contract and related documents are meticulously detailed. The contract further addresses compliance with various acts like the Virginia Residential Property Disclosure Act, the Virginia Property Owners’ Association Act, and the Virginia Condominium Act, which mandates specific disclosures about the property and stipulates buyers' rights with respect to the cancellation of the contract under certain conditions. As a document, the No Broker Residential Sales Virginia form thus plays a pivotal role in ensuring the smooth execution of property transactions in Virginia, serving both to inform and protect the parties involved.
RESIDENTIAL SALES CONTRACT (Virginia)
This sales contract (“Contract”) is offered on
(“Date of Offer”) between
(“Buyer”) and
(“Seller”) who, among other things, hereby confirm and acknowledge by their initials and
signatures herein that by prior disclosure in this real estate transaction
(“Listing Brokerage”) represents Seller, and
(“Cooperating
Brokerage”) represents Buyer OR Seller. The Listing Brokerage and Cooperating Brokerage are collectively referred to as “Broker.” (If the brokerage firm is acting as a dual representative for both Seller and Buyer, then the appropriate disclosure form is attached to and made a part of this Contract.) In consideration of the mutual promises and covenants set forth below, and other good and valuable consideration the receipt and sufficiency of which are acknowledged, the parties agree as follows:
1.REAL PROPERTY. Buyer will buy and Seller will sell for the sales price (“Sales Price”), Seller’s
entire interest in the real property (with all improvements, rights and appurtenances) described as
follows (“Property”):
TAX Map/ID #
Legal Description: Lot(s)
Section
Subdivision or Condominium
Parking Space(s) #
County/Municipality
Deed Book/Liber #
Page/Folio #
Street Address
Unit #
City
ZIP Code
2.PRICE AND FINANCING. (Any % are percentages of Sales Price)
A. Down Payment.
$
or %
B. Financing.
1. First Trust (if applicable)
Conventional VA FHA
USDA Other:
2.
Second Trust (if applicable)
3.
Seller Held Trust (if applicable)
TOTAL FINANCING
SALES PRICE
C. Seller Subsidy.
(LESS)
D.Financing Contingency and Application. This Contract is (addendum attached) OR is not contingent on financing. If this Contract is contingent on financing: (i) Buyer will make written application for the financing and any lender-required property insurance no later than seven (7) days after Date of Ratification; (ii) Buyer grants permission for Cooperating Brokerage and the lender to disclose to Listing Brokerage and Seller general information available about the progress of the loan application and loan approval process; and (iii) Seller agrees to comply with reasonable lender requirements.
If Buyer fails to settle, except due to any Default by Seller, then the provisions of the DEFAULT paragraph shall apply.
NVAR – K1321 – rev. 12/19
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Seller:
/
Buyer:
3. DEPOSIT. Buyer’s deposit (“Deposit”) in the amount of $
check/bank-wired
funds; and/or $
by note due and payable on
shall be held
by
(“Escrow Agent”). Buyer has
delivered Deposit to Escrow Agent OR will deliver Deposit to Escrow Agent by
days after
Date of Ratification.
If the Escrow Agent is a Virginia Real Estate Board (“VREB”) licensee, the parties direct Escrow Agent to place Deposit in an escrow account by the end of the fifth business banking day following receipt or following Date of Ratification, whichever is later. If Escrow Agent is not a VREB licensee, Deposit will be placed in an escrow account of Escrow Agent after Date of Ratification in conformance with the laws and regulations of Virginia and/or if VA financing applies, as required by Title 38 of the U.S. Code. This account may be interest bearing and all parties waive any claim to interest resulting from Deposit. Deposit will be held in escrow until: (i) credited toward Sales Price at Settlement; (ii) all parties have agreed in writing as to its disposition; (iii) a court of competent jurisdiction orders disbursement and all appeal periods have expired; or, (iv) disposed of in any other manner authorized by law. Seller and Buyer agree that Escrow Agent will have no liability to any party on account of disbursement of Deposit or on account of failure to disburse Deposit, except in the event of Escrow Agent’s gross negligence or willful misconduct.
4.SETTLEMENT. Seller and Buyer will make full settlement in accordance with the terms of this
Contract (“Settlement”) on, or with mutual consent before,(“Settlement
Date”) except as otherwise provided in this Contract. If Settlement Date falls on a Saturday, Sunday, or legal holiday, then Settlement will be on the prior business day.
NOTICE TO BUYER REGARDING THE REAL ESTATE SETTLEMENT AGENTS ACT (“RESAA”) Choice of Settlement Agent: You have the right to select a Settlement agent to handle the closing of this transaction. The Settlement agent’s role in closing your transaction involves the coordination of numerous administrative and clerical functions relating to the collection of documents and the collection and disbursement of funds required to carry out the terms of the contract between the parties. If part of the purchase price is financed, your lender will instruct the Settlement agent as to the signing and recording of loan documents and the disbursement of loan proceeds. No Settlement agent can provide legal advice to any party to the transaction except a Settlement agent who is engaged in the private practice of law in Virginia and who has been retained or engaged by a party to the transaction for the purpose of providing legal services to that party.
Variation by agreement: The provisions of the Real Estate Settlement Agents Act may not be varied by agreement, and rights conferred by this chapter may not be waived. The Seller may not require the use of a particular settlement agent as a condition of the sale of the property. Escrow, closing and Settlement service guidelines: The Virginia State Bar issues guidelines to help Settlement agents avoid and prevent the unauthorized practice of law in connection with furnishing escrow, Settlement or closing services. As a party to a real estate transaction, you are entitled to receive a copy of these guidelines from your Settlement agent, upon request, in accordance with the provisions of the Real Estate Settlement Agents Act.
Buyer designates(“Settlement Agent”).
Buyer agrees to contact Settlement Agent within 10 Days of Date of Ratification to schedule Settlement. Settlement Agent shall order the title exam and survey if required.
To facilitate Settlement Agent’s preparation of various closing documents, including any Closing Disclosure, Buyer hereby authorizes Settlement Agent to send such Closing Disclosure to Buyer by
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electronic means and agrees to provide Settlement Agent Buyer’s electronic mail address for that purpose only.
5.DOWN PAYMENT. The balance of the down payment will be paid on or before Settlement Date by certified or cashier’s check or by bank-wired funds as required by Settlement Agent. An assignment of funds shall not be used without prior written consent of Seller.
6.DELIVERY. This paragraph specifies the general delivery requirements under this Contract. For delivery of property or condominium owner’s association documents see the VIRGINIA
PROPERTY OWNERS’ ASSOCIATION ACT and/or VIRGINIA CONDOMINIUM ACT paragraphs of this Contract. Delivery of the Notice pursuant to the Virginia Residential Property Disclosure Act is addressed in the VIRGINIA RESIDENTIAL PROPERTY DISCLOSURE ACT paragraph.
Delivery (“Delivery,” “delivery,” or “delivered”) methods may include hand-carried, sent by professional courier service, by United States mail, by facsimile, or email transmission. The parties agree that Delivery will be deemed to have occurred on the day: delivered by hand, delivered by a professional courier service (including overnight delivery service) or by United States mail with return receipt requested, or sent by facsimile or email transmission, either of which produces a tangible record of the transmission.
Deliveries will be sent as follows:
A.Addressed to Seller at Property address unless otherwise specified below by United States mail, hand delivery or courier service OR fax OR email (check all that apply):
To Seller:
B.Addressed to Buyer by United States mail, hand delivery or courier service OR fax OR email (check all that apply):
To Buyer:
No party to this Contract will refuse Delivery in order to delay or extend any deadline established in this Contract.
7.VIRGINIA RESIDENTIAL PROPERTY DISCLOSURE ACT. The Virginia Residential Property Disclosure Act requires Seller to deliver a disclosure statement prior to the acceptance of this Contract unless the transfer of Property is exempt. The law requires Seller, on a disclosure statement provided by the Real Estate Board, to state that Seller makes no representations or warranties concerning the physical condition of the Property and to sell the Property “as is,” except as otherwise provided in this Contract.
If the disclosure statement is delivered to Buyer after Date of Ratification, Buyer’s sole remedy shall be to terminate this Contract at or prior to the earliest of (i) three (3) days after delivery of the disclosure statement in person; (ii) five (5) days after the postmark if the disclosure statement is sent by United States mail, postage prepaid, and properly addressed to Buyer; (iii) settlement upon purchase of Property; (iv) occupancy of Property by Buyer; (v) Buyer making written application to a lender for a mortgage loan where such application contains a disclosure that the right of termination shall end upon the application for the mortgage loan; or (vi) the execution by Buyer after receiving the disclosure statement of a written waiver of Buyer’s right of termination separate from this Contract.
Written Notice of termination may be (i) hand delivered; (ii) sent by United States mail, postage prepaid, provided that Buyer retains sufficient proof of mailing, which may be either a United States
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postal certificate of mailing or a certificate of service confirming that such mailing was prepared by Buyer; (iii) sent by electronic means to the facsimile number or electronic mailing address provided by Seller in the DELIVERY paragraph, provided that Buyer retains sufficient proof of the electronic delivery, which may be an electronic receipt of delivery, a confirmation that the notice was sent by facsimile, or a certificate of service; (iv) overnight delivery using a commercial service or the United States Postal Service.
Any such termination shall be without penalty to Buyer, and any deposit shall be promptly returned to Buyer.
8.VIRGINIA PROPERTY OWNERS’ ASSOCIATION ACT. Seller represents that the Property is OR is not located within a development that is subject to the Virginia Property Owners’ Association Act (“POA Act” or “Act” solely in this Paragraph). Section 55.1-1808(B) requires the following contract language:
Subject to the provisions of subsection A of §55.1-1814, an owner selling a lot shall disclose in the contract that (i) the lot is located within a development that is subject to the Virginia Property Owners’ Association Act (§55.1-1800 et seq.); (ii) the Property Owners’ Association Act (§55.1- 1800 et seq.) requires the seller to obtain from the property owners’ association an association disclosure packet and provide it to the purchaser; (iii) the purchaser may cancel the contract within three days after receiving the association disclosure packet or being notified that the association disclosure packet will not be available; (iv) if the purchaser has received the association disclosure packet, the purchaser has a right to request an update of such disclosure packet in accordance with subsection H of §55.1-1810 or subsection D of §55.1-1811, as appropriate; and (v) the right to receive the association disclosure packet and the right to cancel the contract are waived conclusively if not exercised before settlement.
For delivery of the Packet or the Notice of non-availability of the Packet, Buyer prefers delivery at if electronic or
if hard copy.
The Act further provides that for purposes of clause (iii), the association disclosure packet shall be deemed not to be available if (a) a current annual report has not been filed by the association with either the State Corporation Commission pursuant to §13.1-936 or with the Common Interest Community Board pursuant to §55.1-1835, (b) the seller has made a written request to the association that the packet be provided and no such packet has been received within 14 days in accordance with subsection A of §55.1-1809, or (c) written notice has been provided by the association that a packet is not available.
The Act further provides that if the contract does not contain the disclosure required by subsection B of §55.1-1808, the purchaser’s sole remedy is to cancel the contract prior to settlement.
The Act further provides that the information contained in the association disclosure packet shall be current as of a date specified on the association disclosure packet prepared in accordance with the Act; however, a disclosure packet update or financial update may be requested in accordance with subsection G of §55.1-1810 or subsection D of §55.1-1811, as appropriate. The purchaser may cancel the contract: (i) within three days after the date of the contract, if on or before the date that the purchaser signs the contract, the purchaser receives the association disclosure packet, is notified that the association disclosure packet will not be available, or receives an association disclosure packet that is not in conformity with the provisions of §55.1-1809; (ii) within three days after receiving the association disclosure packet if the association disclosure packet, notice that the association
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disclosure packet will not be available, or receives an association disclosure packet that is not in conformity with the provisions of §55.1-1809 is hand delivered, delivered by electronic means, or delivered by a commercial overnight delivery service or the United States Postal Service, and a receipt obtained; or (iii) within six days after the postmark date if the association disclosure packet, notice that the association disclosure packet will not be available, or receives an association disclosure packet that is not in conformity with the provisions of §55.1-1809 is sent to the purchaser by United States mail. The purchaser may also cancel the contract at any time prior to settlement if the purchaser has not been notified that the association disclosure packet will not be available, and the association disclosure packet is not delivered to the purchaser.
The Act further provides that Notice of cancellation shall be provided to the lot owner or his agent by one of the following methods: (a) Hand delivery; (b) United States mail, postage prepaid, provided the sender retains sufficient proof of mailing, which may be either a United States postal certificate of mailing or a certificate of service prepared by the sender confirming such mailing; (c) Electronic means provided the sender retains sufficient proof of the electronic delivery, which may be an electronic receipt of delivery, a confirmation that the notice was sent by facsimile, or a certificate of service prepared by the sender confirming the electronic delivery; or (d) Overnight delivery using a commercial service or the United States Postal Service.
The Act further provides that in the event of a dispute, the sender shall have the burden to demonstrate delivery of the notice of cancellation. Such cancellation shall be without penalty, and the seller shall cause any deposit to be returned promptly to the purchaser.
The Act further provides that whenever any contract is canceled based on a failure to comply with subsection B or D of §55.1-1808 or pursuant to subsection C of §55.1-1808, any deposit or escrowed funds shall be returned within 30 days of the cancellation, unless the parties to the contract specify in writing a shorter period.
The parties specify that such funds shall immediately be returned pursuant to the VOID CONTRACT paragraph of this Contract.
The Act further provides that any rights of the purchaser to cancel the contract provided by this chapter are waived conclusively if not exercised prior to settlement.
The Act further provides that except as expressly provided in the Act, the provisions of §55.1-1808 and §55.1-1809 may not be varied by agreement, and the rights conferred by §55.1-1808 and §55.1- 1809 may not be waived.
The Act further provides that failure to receive copies of an association disclosure packet shall not excuse any failure to comply with the provisions of the declaration, articles of incorporation, bylaws, or rules or regulations.
9.VIRGINIA CONDOMINIUM ACT. Seller represents that the Property is OR is not a condominium unit. The Virginia Condominium Act (the “Condominium Act” or “Act” solely in this
Paragraph), requires the following contract language:
In the event of any resale of a condominium unit by a unit owner other than the declarant, and subject to the provisions of subsection F and subsection A of §55.1-1972, the unit owner shall disclose in the contract that (i) the unit is located within a development which is subject to the Condominium Act, (ii) the Condominium Act requires the seller to obtain from the unit owners’ association a resale certificate and provide it to the purchaser, (iii) the purchaser may cancel the contract within three days after receiving the resale certificate or being notified that the resale
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certificate will not be available, (iv) if the purchaser has received the resale certificate, the purchaser has a right to request a resale certificate update or financial update in accordance with §55.1-1992, as appropriate, and (v) the right to receive the resale certificate and the right to cancel the contract are waived conclusively if not exercised before settlement.
For delivery of the Certificate or the Notice of non-availability of the Certificate, Buyer prefers
delivery atif electronic or if hard copy.
The Act further provides that for purposes of clause (iii), the resale certificate shall be deemed not to be available if (a) a current annual report has not been filed by the unit owners’ association with either the State Corporation Commission pursuant to §13.1-936 or the Common Interest Community Board pursuant to §55.1-1980, (b) the seller has made a written request to the unit owners’ association that the resale certificate be provided and no such resale certificate has been received within 14 days in accordance with subsection C of §55.1-1991, or (c) written notice has been provided by the unit owners’ association that a resale certificate is not available.
The Act further provides that if the contract does not contain the disclosure required by subsection B of §55.1-1990, the purchaser’s sole remedy is to cancel the contract prior to settlement.
The Act further provides that the information contained in the resale certificate shall be current as of a date specified on the resale certificate. A resale certificate update or a financial update may be requested as provided in §55.1-1992, as appropriate.
The Act further provides that the purchaser may cancel the contract (i) within three days after the date of the contract, if on or before the date that the purchaser signs the contract, the purchaser receives the resale certificate, is notified that the resale certificate will not be available, or receives a resale certificate that does not contain the information required by §55.1-1991 to be included in the resale certificate; (ii) within three days after receiving the resale certificate if the resale certificate, notice that the resale certificate will not be available, or a resale certificate that does not contain the information required by §55.1-1991 to be included in the resale certificate is hand delivered, delivered by electronic means, or delivered by a commercial overnight delivery service or the United States Postal Service, and a receipt is obtained; or (iii) within six days after the postmark date if the resale certificate, notice that the resale certificate will not be available, or a resale certificate that does not contain the information required by §55.1-1991 to be included in the resale certificate is sent to the purchaser by United States mail. The purchaser may also cancel the contract at any time prior to settlement if the purchaser has not been notified that the resale certificate will not be available, and the resale certificate is not delivered to the purchaser.
The Act further provides that Notice of cancellation shall be provided to the unit owner or his agent by one of the following methods: (a) Hand delivery; (b) United States mail, postage prepaid, provided the sender retains sufficient proof of mailing, which may be either a United States postal certificate of mailing or a certificate of service prepared by the sender confirming such mailing; (c) Electronic means provided the sender retains sufficient proof of the electronic delivery, which may be an electronic receipt of delivery, a confirmation that the notice was sent by facsimile, or a certificate of service prepared by the sender confirming the electronic delivery; or (d) Overnight delivery using a commercial service or the United States Postal Service.
The Act further provides that in the event of a dispute, the sender shall have the burden to demonstrate delivery of the notice of cancellation. Such cancellation shall be without penalty, and the unit owner shall cause any deposit to be returned promptly to the purchaser.
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The Act further provides that failure to receive a resale certificate shall not excuse any failure to comply with the provisions of the condominium instruments, articles of incorporation, or rules or regulations.
The Act further provides that except as expressly provided in the Act, the provisions of the Act shall not be varied by agreement, and the rights conferred by the Act shall not be waived.
10.PROPERTY MAINTENANCE AND CONDITION. Except as otherwise specified herein, Seller will deliver Property free and clear of trash and debris, broom clean and in substantially the same physical condition to be determined as of Date of Offer OR Date of home inspection OR
Other: . Seller will have all utilities in service through Settlement or as otherwise agreed.
Buyer and Seller will not hold Broker liable for any breach of this Paragraph.
Buyer acknowledges, subject to Seller acceptance, that this Contract may be contingent upon home inspection(s) and/or other inspections to ascertain the physical condition of Property. If Buyer desires one or more inspection contingencies, such contingencies must be included in an addendum to this Contract.
This Contract is contingent upon home inspection(s) and/or other inspections. (Addendum attached)
OR
Buyer waives the opportunity to make this Contract contingent upon home inspection(s).
Buyer acknowledges that except as otherwise specified in this Contract, Property, including electrical, plumbing, existing appliances, heating, air conditioning, equipment and fixtures shall convey in its AS-IS condition as of the date specified above.
11.ACCESS TO PROPERTY. Seller will provide Broker, Buyer, inspectors representing Buyer, and representatives of lending institutions for Appraisal purposes reasonable access to the Property to comply with this Contract. In addition, Buyer and/or Buyer’s representative will have the right to make walk-through inspection(s) within seven (7) days prior to Settlement and/or occupancy, unless otherwise agreed to by Buyer and Seller.
12.UTILITIES, WATER, SEWAGE, HEATING AND CENTRAL AIR CONDITIONING. (Check all that apply)
Water Supply:
Public
Private Well
Community Well
Hot Water:
Oil
Gas
Elec.
Other
Air Conditioning:
Heat Pump
Zones
Heating:
Sewage Disposal:
Septic for # BR
Community Septic Alternative Septic for # BR:
Septic Waiver Disclosure provided by Seller (if applicable) per VA Code §32.1-164.1:1. State Board of Health septic system waivers are not transferable.
13.PERSONAL PROPERTY AND FIXTURES. Property includes the following personal property and fixtures, if existing: built-in heating and central air conditioning equipment, plumbing and lighting fixtures, sump pump, attic and exhaust fans, storm windows, storm doors, screens, installed wall-to-wall carpeting, window shades, blinds, window treatment hardware, smoke and heat detectors, antennas, exterior trees, and shrubs. Unless otherwise agreed to in writing, all surface or wall mounted electronic components/devices DO NOT convey; however, all related mounts, brackets and hardware DO convey. If more than one of an item conveys, the number of items is noted.
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The items marked YES below are currently installed or offered.
Yes No # Items
Yes No #
Items
___ Alarm System
___
Freezer
___ Satellite Dish
___ Built-in Microwave
Furnace Humidifier
___ Storage Shed
___ Ceiling Fan
Garage Opener
___ Stove or Range
___ Central Vacuum
w/ remote
___ Trash Compactor
___ Clothes Dryer
Gas Log
___ Wall Oven
___ Clothes Washer
Hot Tub, Equip & Cover ___ Water Treatment System
___ Cooktop
Intercom
___ Window A/C Unit
___ Dishwasher
Playground Equipment
___ Window Fan
___ Disposer
Pool, Equip, & Cover
___ Window Treatments
___ Electronic Air Filter
Refrigerator
___ Wood Stove
___ Fireplace Screen/Door
w/ ice maker
OTHER
FUEL TANKS. Fuel Tank(s) Leased #
Fuel Tank(s) Owned (Fuel Tank(s), if
owned, convey) #
. Unless otherwise agreed to in writing, any heating or cooking fuels
remaining in supply tank(s) at Settlement will become the property of Buyer.
LEASED ITEMS. Any leased items, systems or service contracts (including, but not limited to, fuel tanks, water treatment systems, lawn contracts, security system monitoring, and satellite contracts) DO NOT convey absent an express written agreement by Buyer and Seller. The following is a list of the leased items within Property:
14.IRS/FIRPTA – WITHHOLDING TAXES FOR FOREIGN SELLER. Seller is OR is not a
“Foreign Person,” as defined by the Foreign Investment in Real Property Tax Act (FIRPTA). If
Seller is a Foreign Person, Buyer may be required to withhold and pay to the Internal Revenue Service (IRS) up to fifteen percent (15%) of the Sales Price on behalf of the Seller and file an IRS form which includes both Seller and Buyer tax identification numbers. The parties agree to cooperate with each other and Settlement Agent to effectuate the legal requirements. If Seller’s proceeds are not sufficient to cover the withholding obligations under FIRPTA, Seller may be required to pay at Settlement such additional certified funds necessary for the purpose of making such withholding payment.
15.BUYER’S REPRESENTATIONS. Buyer will OR will not occupy Property as Buyer’s principal residence. Unless specified in a written contingency, neither this Contract nor the financing is dependent or contingent on the sale and settlement or lease of other real property. Buyer acknowledges that Seller is relying upon all of Buyer’s representations, including without limitation, the accuracy of financial or credit information given to Seller, Broker, or the lender by Buyer.
16.SMOKE DETECTORS. Seller shall deliver Property with smoke detectors installed and functioning in accordance with the laws and regulations of Virginia.
17.TARGET LEAD-BASED PAINT HOUSING. Seller represents that any residential dwellings at Property were OR were not constructed before 1978. If the dwellings were constructed before
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1978, then, unless exempt under 42 U.S.C. 4852d, Property is considered “target housing” under the statute and a copy of the “Sale: Disclosure and Acknowledgment of Information on Lead-Based Paint and/or Lead-Based Paint Hazards” has been attached and made a part of the Contract as required by law. Buyer does OR does not waive the right to a risk assessment or inspection of Property for the presence of lead-based paint and/or lead-based paint hazards. If not, a copy of the Sales Contract Addendum for Lead-Based Paint Testing is attached to establish the conditions for a lead-based paint risk assessment or inspections.
18.WOOD-DESTROYING INSECT INSPECTION. None Buyer at Buyer’s expense OR Seller at Seller’s expense will furnish a written report from a pest control firm dated not more than
90 days prior to Settlement showing that all dwelling(s) and/or garage(s) within Property (excluding fences or shrubs not abutting garage(s) or dwelling(s)) are free of visible evidence of live wood- destroying insects and free from visible damage. Any treatment and repairs for damage identified in the inspection report will be made at Seller’s expense and Seller will provide written evidence of such treatment and/or repair prior to date of Settlement which shall satisfy the requirements of this Paragraph.
19.DAMAGE OR LOSS. The risk of damage or loss to Property by fire, act of God, or other casualty remains with Seller until the execution and delivery of the deed of conveyance to Buyer at Settlement.
20.TITLE. The title report and survey, if required, will be ordered promptly and, if not available on the Settlement Date, then Settlement may be delayed for up to ten (10) business days to obtain the title report and survey after which this Contract, at the option of Seller, may be terminated and Deposit will be refunded in full to Buyer according to the terms of the DEPOSIT paragraph. Fee simple title to Property, and everything that conveys with it, will be sold free of liens except for any loans assumed by Buyer.
Seller will convey title which is good, marketable, and insurable by a licensed title insurance company with no additional risk premium. In case action is required to perfect the title, such action must be taken promptly by Seller at Seller’s expense. Title may be subject to commonly acceptable easements, covenants, conditions and restrictions of record, if any, as of Settlement Date. If title is not good and marketable, and insurable by a licensed title insurance company with no additional risk premium, on Settlement Date, Buyer may at Buyer’s option either (a) declare the Contract void in writing, or (b) pursue all available legal and equitable remedies. Nothing herein shall prohibit the parties from mutually agreeing to extend Settlement Date under terms acceptable by both parties.
Seller will convey Property by general warranty deed with English covenants of title (“Deed”). The manner of taking title may have significant legal and tax consequences. Buyer is advised to seek the appropriate professional advice concerning the manner of taking title.
Seller will sign such affidavits, lien waivers, tax certifications, and other documents as may be required by the lender, title insurance company, Settlement Agent, or government authority, and authorizes Settlement Agent to obtain pay-off or assumption information from any existing lenders. Unless otherwise agreed to in writing, Seller will pay any special assessments and will comply with all orders or notices of violations of any county or local authority, condominium unit owners’ association, homeowners’ or property owners’ association or actions in any court on account thereof, against or affecting Property on Settlement Date. Broker is hereby expressly released from all liability for damages by reason of any defect in the title.
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21.NOTICE OF POSSIBLE FILING OF MECHANICS’ LIEN. Code of Virginia Section 43-1 et seq. permits persons who have performed labor or furnished materials for the construction, removal, repair or improvement of any building or structure to file a lien against Property. This lien may be filed at any time after the work is commenced or the material is furnished, but not later than the earlier of (i) 90 Days from the last day of the month in which the lienor last performed work or furnished materials; or (ii) 90 Days from the time the construction, removal, repair or improvement is terminated. AN EFFECTIVE LIEN FOR WORK PERFORMED PRIOR TO THE DATE OF SETTLEMENT MAY BE FILED AFTER SETTLEMENT. LEGAL COUNSEL SHOULD BE CONSULTED.
22.POSSESSION DATE. Unless otherwise agreed to in writing between Seller and Buyer, Seller will give possession of Property at Settlement, including delivery of keys, key fobs, codes, digital keys, if any. If Seller fails to do so and occupies Property beyond Settlement, Seller will be a tenant at sufferance of Buyer and hereby expressly waives all notice to quit as provided by law. Buyer will have the right to proceed by any legal means available to obtain possession of Property. Seller will pay any damages and costs incurred by Buyer including reasonable attorney fees.
23.FEES. Fees for the preparation of the Deed, that portion of Settlement Agent’s fee billed to Seller, costs of releasing existing encumbrances, Seller’s legal fees and any other proper charges assessed to
Seller will be paid by Seller. Fees for the title exam (except as otherwise provided), survey, recording (including those for any purchase money trusts) and that portion of Settlement Agent’s fee billed to Buyer, Buyer’s legal fees and any other proper charges assessed to Buyer will be paid by Buyer. Fees to be charged will be reasonable and customary for the jurisdiction in which Property is located. Grantor’s tax and Regional Congestion Relief Fee (for Alexandria City, Arlington, Fairfax,
Loudoun and Prince William Counties and all cities contained within) shall be paid by Seller. Buyer shall pay recording charges for the Deed and any purchase money trusts.
24.BROKER’S FEE. Seller irrevocably instructs Settlement Agent to pay Broker compensation (“Broker’s Fee”) at Settlement as set forth in the listing agreement and to disburse the compensation offered by Listing Brokerage to Cooperating Brokerage in writing as of the Date of Offer, and the remaining amount of Broker’s compensation to Listing Brokerage.
25. ADJUSTMENTS. Rents, taxes, water and sewer charges, condominium unit owners’ association, homeowners’ and/or property owners’ association regular periodic assessments (if any) and any other operating charges, are to be adjusted to the Date of Settlement. Taxes, general and special, are to be adjusted according to the most recent property tax bill(s) for Property issued prior to Settlement Date, except that recorded assessments for improvements completed prior to Settlement, whether assessments have been levied or not, will be paid by Seller or allowance made at Settlement. If a loan is assumed, interest will be adjusted to the Settlement Date and Buyer will reimburse Seller for existing escrow accounts, if any.
26.ATTORNEY’S FEES.
A. If any Party breaches this Contract and a non-breaching Party retains legal counsel to enforce its rights hereunder, the non-breaching Party shall be entitled to recover against the breaching Party, in addition to any other damages recoverable against any breaching Party, all of its reasonable Legal Expenses incurred in enforcing its rights under this Contract, whether or not suit is filed, and in obtaining, enforcing and/or defending any judgment related thereto. Should any tribunal of competent jurisdiction determine that more than one party to the dispute has breached this Contract, then all such breaching Parties shall bear their own costs, unless the tribunal determines that one or more parties is
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After receiving the No Broker Residential Sales Virginia form, it's important to approach filling it out with attention to detail. This document outlines the agreement between a buyer and seller for the purchase of residential property without the involvement of a broker. Accurate completion of the form is essential for a smooth real estate transaction. Follow the step-by-step instructions below to ensure all necessary information is properly documented.
Upon completing these steps, review the form carefully. Both buyer and seller must initial each page and sign the last page, acknowledging agreement to the terms. Submit the completed form to the necessary entities as dictated by the transaction requirements. Remember, accuracy and thoroughness are crucial in ensuring a legally binding and enforceable residential sales contract.
What is a No Broker Residential Sales Contract in Virginia?
A No Broker Residential Sales Contract in Virginia is a legal document that outlines the agreement between a buyer and a seller for the sale of residential property without the involvement of a broker. This contract includes important details such as the sales price, property description, and terms of the sale, among others. It ensures that both parties are clear on their rights and obligations during the transaction.
Who is responsible for preparing the No Broker Residential Sales Contract?
Either the buyer or the seller can prepare the No Broker Residential Sales Contract. However, it is crucial that both parties thoroughly review and agree on all the terms outlined in the contract. Often, the parties may consult with legal professionals to ensure that the contract accurately reflects their agreement and is in compliance with Virginia law.
Do I need a lawyer to use the No Broker Residential Sales Contract?
While it is not legally required to have a lawyer prepare or review a No Broker Residential Sales Contract in Virginia, it is highly advisable. A lawyer can provide valuable advice on the legal aspects of the transaction, help negotiate terms, and ensure that the contract complies with all state laws and regulations.
What is the role of the Escrow Agent in a No Broker Residential Sales Contract?
The Escrow Agent holds the buyer's deposit in escrow until the transaction is completed. Their role is to ensure that these funds are kept safe and are disbursed according to the terms of the contract. The Escrow Agent also has responsibilities related to the closing process, including complying with laws and regulations regarding escrow accounts in Virginia.
Can the buyer or seller back out of a No Broker Residential Sales Contract?
Once the No Broker Residential Sales Contract is signed by both parties, it becomes a legally binding agreement. However, the contract may include contingencies that allow either the buyer or the seller to back out under specific conditions, such as failed inspections, inability to secure financing, or other terms outlined in the contract. If a party backs out without a contractual reason, they may face legal consequences.
What happens if there is a dispute over the Escrow Deposit?
In case of a dispute over the escrow deposit, the Escrow Agent will hold the funds until there is a mutual agreement in writing between buyer and seller, a court order directs the disbursement, or other legal means resolve the dispute. The Escrow Agent is protected from liability except in cases of gross negligence or willful misconduct.
Is the sales price negotiable in a No Broker Residential Sales Contract?
Yes, the sales price is negotiable in a No Broker Residential Sales Contract. Before signing the contract, the buyer and seller can negotiate the price and other terms of the sale. Once the contract is signed, however, the terms, including the sales price, become binding unless the contract is amended by mutual agreement of both parties.
Filling out a No Broker Residential Sales Virginia form seems straightforward, but it's easy to make mistakes that can delay or complicate the sale. Here are seven common pitfalls to avoid:
1. Not correctly identifying the brokerage representation: This form requires clear identification of who the Listing and Cooperating Brokerages represent. Overlooking or incorrectly marking whether the broker represents the buyer, the seller, or both as a dual representative can lead to confusion and legal issues down the line. Transparency in representation is crucial for all parties involved.
2. Inaccurate property description: The property description, including the TAX Map/ID #, legal description, and street address, must be accurate. Any mistake in this section can cause significant issues, even potentially invalidating the contract. Sellers must double-check this information for accuracy to avoid future disputes or complications.
3. Misunderstanding financing terms: The sections covering down payment, financing types, and seller subsidies are often sources of confusion. Incorrectly filling out these sections can lead to misunderstandings about the financial obligations of the buyer and the seller. It's crucial to review these sections carefully, ensuring that all financial information is accurate and clearly understood by both parties.
4. Overlooking the financing contingency: If the purchase is contingent on financing, this part of the form must be accurately completed, and any necessary addendums attached. Failure to correctly complete this section can put the buyer at risk of losing their deposit should they fail to secure financing and need to back out of the deal.
5. Incorrect deposit handling: The deposit amount, delivery, and holding instructions need to be clearly stated. Misunderstandings or errors in this section can lead to disputes over the earnest money deposit, particularly if the sale falls through. This part of the contract should be treated with care to ensure that all terms are fair and clear to both buyer and seller.
6. Settlement date and requirements: Failing to specify a clear settlement date or misunderstanding settlement procedures can lead to delays and increased costs. It’s essential to agree on a feasible settlement date and understand the legal and procedural requirements for closing the sale in Virginia.
7. Ignoring Disclosure Acts requirements: The Virginia Residential Property Disclosure Act, Virginia Property Owners’ Association Act, and Virginia Condominium Act have specific requirements for disclosure and allow for contract termination under certain conditions. Sellers must provide these disclosures accurately and on time; otherwise, they risk the buyer legally backing out of the contract with no penalties. Filling out this section correctly ensures legal compliance and protects the rights of both parties.
By avoiding these common mistakes, sellers can ensure a smoother, more straightforward residential property sale process in Virginia. Always review each section of the No Broker Residential Sales Virginia form carefully and seek clarification if needed to ensure all information is accurate and complete.
When engaging in a residential real estate transaction in Virginia without a broker, the No Broker Residential Sales Virginia form acts as the foundational document outlining the agreement between the buyer and the seller. However, to successfully navigate through the complexities of property sales, various other forms and documents often come into play to ensure clarity, legal compliance, and to address specific circumstances related to the property or the transaction.
Together with the No Broker Residential Sales Virginia form, these additional documents create a comprehensive packet that addresses various dimensions of a property sale—legal, financial, and conditional. Each plays a vital role in providing transparency, securing interests, and facilitating a smooth transaction for both parties involved.
The No Broker Residential Sales Virginia form is akin to a General Warranty Deed in that both are used in real estate transactions to transfer ownership of property. While the No Broker form outlines the terms of sale, including agreement between seller and buyer without broker involvement, a General Warranty Deed guarantees the buyer that the seller owns the property free and clear of any claims or liens and has the right to sell it, offering the most protection to the buyer.
Similar to the Real Estate Purchase Agreement, the No Broker form facilitates the sale of a property between a buyer and seller by specifying the transaction details. Both documents include descriptions of the property, the agreed-upon price, and conditions that must be met before the sale can be finalized. However, the Real Estate Purchase Agreement can be used with or without the assistance of a broker in any state, not just Virginia.
The form also shares attributes with a Financing or Loan Contingency Addendum, which is typically attached to real estate purchase agreements. This addendum outlines conditions under which a buyer must secure financing for the purchase and what happens if the buyer fails to get financing by a specified date. Both documents ensure the buyer is not penalized if a mortgage cannot be obtained under the agreed-upon terms.
It parallels an Escrow Agreement, where an escrow agent holds the deposit in trust until the transaction conditions are met. Both documents address how deposits are handled, outlining terms for disbursement or return of funds, and identify an escrow agent's role and responsibilities in the transaction, ensuring the deposit is properly managed and applied to the purchase price at closing.
Comparable to a Residential Property Disclosure Statement, the No Broker form includes parts where the seller must inform the buyer about the property's condition and any known defects. This requirement promotes transparency and allows the buyer to make an informed decision. Virginia law dictates specific disclosures sellers must make, ensuring buyer protection.
Another document with parallels is the Home Inspection Contingency Addendum, which allows the buyer to negotiate repairs or back out of a sale based on the home inspection results. Although not exactly part of the No Broker Residential Sales Virginia form, such contingencies can be included or referenced, affecting the agreement depending on the inspection findings.
Similarities can be found with a Settlement Statement, a detailed accounting of all the funds changing hands between the buyer and seller during closing. While the No Broker form outlines the agreed-upon price and terms of the sale, a Settlement Statement breaks down the actual costs, including prorated property taxes, fees, and other closing costs, finalized at settlement.
The document also relates to an Association Disclosure Packet for Property Owner's Associations or Condo Associations, which is required in certain Virginia real estate transactions. This packet provides the buyer with crucial information about the homeowners association (HOA) or condominium association, including fees, regulations, and the association's financial health. Disclosure about the property's status regarding HOA or condo association is part of the transparency and due diligence facilitated by the No Broker Residential Sales Virginia form.
Likewise, it has elements in common with a Title Insurance Commitment, which outlines the terms under which a title insurance policy will be issued, including any exclusions or exceptions. While the No Broker form establishes the agreement between buyer and seller, securing title insurance is a critical step in protecting against past issues affecting property ownership. The commitment precedes the final policy issued at closing, ensuring clear title transfer.
Finally, the form is akin to a Lease Agreement for properties that are being rented until ownership is transferred. Although serving different purposes—one for selling property and the other for renting—it's not uncommon for a lease agreement to be in place during the sales process, especially if the transaction involves investment properties or a lease-purchase option is being utilized. Both documents entail legal obligations and rights concerning property use and occupancy.
When it comes to filling out the No Broker Residential Sales Virginia form, it's crucial to approach the task with a clear understanding and attention to detail. Here are helpful tips on what you should and shouldn't do to make the process smoother and more efficient.
Things You Should Do:
Things You Shouldn't Do:
Taking the time to complete the No Broker Residential Sales Virginia form accurately and thoroughly can prevent complications and help ensure a smooth transaction for all parties involved.
When dealing with the No Broker Residential Sales Virginia form, there are several misconceptions that may arise. Addressing these misunderstandings can help both buyers and sellers navigate the process more effectively.
Misconception 1: The seller must always have a broker. Even though the form details information about listing and cooperating brokerages, it's not mandatory for a seller to engage a broker. The form can be used in transactions where the seller opts to sell the property without a broker's assistance, which is often referred to as "for sale by owner" (FSBO).
Misconception 2: The contract is only valid if financing is involved. The form outlines terms related to financing, such as down payments and various types of loans (VA, FHA, etc.). However, it also accommodates transactions that are not contingent on financing—meaning cash purchases are perfectly acceptable and can be facilitated through this contract.
Misconception 3: The deposit must always be in cash. While the contract specifies a deposit, it's not limited to cash transactions. Deposits can be made via check, bank-wired funds, or even by note payable on a specified date. The flexibility in the deposit method helps accommodate different financial situations of the buyers.
Misconception 4: Buyer and seller must agree on a specific settlement agency. The form does stress the importance of choosing a settlement agent but also emphasizes the buyer's right to select the agent. This stems from laws designed to prevent sellers from forcing a buyer to use a specific settlement service, ensuring the buyer has freedom in selecting a partner they trust for closing the transaction.
Misconception 5: The contract can't be canceled once signed. Various contingencies allow for contract cancellation under certain conditions. For example, if the Virginia Residential Property Disclosure Act or conditions of the Virginia Property Owners’ Association Act and Virginia Condominium Act are not met, the buyer has specific rights to cancel the contract within defined periods. Understanding these rights is crucial for both parties to manage their risks effectively.
Understanding these misconceptions can greatly improve the transaction experience for both buyers and sellers by setting the correct expectations from the start. It's always recommended to carefully review the entire contract and consult with a legal professional if you have any doubts or questions about your rights and obligations.
When engaging in residential sales in Virginia without a broker, a few key takeaways from the No Broker Residential Sales Virginia form are crucial for a smooth transaction. Understanding these components ensures both buyer and seller are well-informed and can proceed with confidence.
Additionally, the contract mentions the Virginia Residential Property Disclosure Act, emphasizing the seller's obligation to disclose certain conditions of the property. This ensures the buyer is fully informed about the property's condition before finalizing the purchase. Understanding these key points when completing the No Broker Residential Sales Virginia form can facilitate a smoother, more transparent residential property transaction.
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