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Virginia Sales Contract

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CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE
(NO BROKER)

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,

, “Seller” whether one or more, and

, “Buyer” whether one or more,

do hereby covenant, contract and agree as follows:

1. AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agrees to buy from Seller the property described as follows:

County, Virginia.

Address:

Legal Description (or see attached exhibit):

As described in attached Exhibit.

Except the following property which is not included (list items not included):

All property sold by this contract is called the "Property."

2. SALES PRICE: The parties agree to the following sales price:

Amount Amount Item
Purchase Price
Earnest Money
New Loan
Assumption of Loan
Seller Financing
Cash at Closing
Total

3. FINANCING: The following provisions apply with respect to financing:

CASH SALE: This contract is not contingent on financing.

OWNER FINANCING: Seller agrees to finance dollars of the purchase price pursuant to a promissory note from Buyer to Seller of $, bearing % interest per annum, payable over a term of years with even monthly payments, secured by a deed of trust or mortgage lien with the first payment to begin on the day of , 20.

NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining financing. Within days after the effective date of this contract Buyer shall apply for all financing or noteholder's approval of any assumption...

Conventional VA FHA Other:

FHA appraisal value: $

Loan application deadline:

Loan commitment deadline:

4. EARNEST MONEY: Buyer shall deposit $ as earnest money with upon execution of this contract by both parties.

5. PROPERTY CONDITION:

RESIDENTIAL DISCLOSURE STATEMENT:

Seller has furnished, and Buyer has received and reviewed, a Residential Property Disclosure Statement;

Seller is exempt from furnishing a Property Disclosure or Disclaimer, because:

SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS ... is not applicable.

Buyer accepts the property in its "as-is" and present condition.

Buyer may have the property inspected by persons of Buyer's choosing and at Buyer's expense.

Buyer accepts the Property in its present condition; provided Seller shall complete the following repairs and treatment:

Utilities:

Water is provided by , Sewer is provided by , Gas is provided by .

Electricity is provided by .

The present condition of all utilities is accepted by Buyer.

HOMEOWNERS/NEIGHBORHOOD ASSOCIATION DISCLOSURE:

The property is bound to a Homeowners/Neighborhood Association. YES NO

Buyer initials:

6. CLOSING: The closing of the sale will be on or before , unless extended pursuant to the terms hereof.

7. TITLE. Title report and survey requirements...

8. APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal of the property shall be the responsibility Buyer Seller.

A survey is: not required required, paid by Seller Buyer.

A termite inspection is not required required, paid by Seller Buyer.

9. POSSESSION AND TITLE: Title shall be conveyed to Buyer as:

Joint tenants with rights of survivorship tenants in common Other:

10. CLOSING COSTS AND EXPENSES:

Closing Costs Buyer Seller Both*
Attorney Fees
Title Insurance
Title Abstract or Certificate
Property Insurance

11. PRORATIONS: Taxes, interest, maintenance fees, assessments, dues and rents will be prorated through closing.

12. CASUALTY LOSS: If any part of the Property is damaged...

13. DEFAULT: If the Buyer fails to complete Settlement...

14. ATTORNEY'S FEES: The prevailing party ...

15. REPRESENTATIONS: Seller represents that ...

16. FEDERAL TAX REQUIREMENT: If Seller is a foreign person...

17. AGREEMENT OF PARTIES: This contract contains the entire agreement...

18. NOTICES:

To Buyer at:

Telephone:

Facsimile:

To Seller at:

Telephone:

Facsimile:

19. ASSIGNMENT: This agreement may not be assigned by Buyer without the consent of Seller.

20. PRIOR AGREEMENTS: This contract incorporates all prior agreements...

21. NO BROKER OR AGENTS: The parties represent that neither party has employed the services of a real estate broker or agent...

22. EMINENT DOMAIN: If the property is condemned by eminent domain...

23. OTHER PROVISIONS

24. TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.

25. GOVERNING LAW: This contract shall be governed by the laws of the State of Virginia.

26. DEADLINE LIST (Optional)

Deadline Date
Loan Application Deadline, if contingent on loan
Loan Commitment Deadline
Buyer(s) Credit Information to Seller
Disapproval of Buyers Credit Deadline
Survey Deadline
Title Objection Deadline
Appraisal Deadline
Property Inspection Deadline

EXECUTED the day of , 20 (THE EFFECTIVE DATE).

Buyer

Buyer

Seller

Seller

EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTION

RECEIPT

Receipt of Earnest Money is acknowledged.

Signature:

By:

Address

City State Zip Code

Date:

Telephone:

Facsimile:

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What the Virginia Sales Contract Is and when it applies

The Virginia Sales Contract is a written agreement used to document the sale of goods, personal property, or real property interests when parties elect Virginia law. It records essential deal terms — parties, price, payment terms, delivery or closing date, and any contingencies — and forms the primary evidence of the transaction for title transfer, escrow, tax reporting, and dispute resolution.

Why a clear, complete Virginia Sales Contract matters

A properly drafted contract reduces ambiguity, protects buyer and seller rights, governs risk allocation, and creates enforceable obligations under ESIGN and state law when properly executed and retained.

Why a clear, complete Virginia Sales Contract matters

Common parties and professionals who rely on this contract

Buyers, sellers, brokers, title companies, lenders, and attorneys commonly use the Virginia Sales Contract in both personal and commercial transactions.

  • Real estate brokers and agents handling residential or commercial closings in Virginia and adjacent jurisdictions.
  • Title companies and escrow agents performing title review, closing, and recording tasks.
  • Attorneys and contract managers reviewing liens, disclosures, and statutory compliance for large or complex deals.

Use the contract with supporting documents and retain copies per regulatory and tax requirements to preserve rights and satisfy audits.

Step-by-step: completing a Virginia Sales Contract

A sequential approach reduces errors: collect information, set terms, confirm closing logistics, sign with proper authority, and distribute executed copies.

  • 01
    Gather documents: Collect IDs, title, lien search, and supporting disclosures.
  • 02
    Complete terms: Enter price, deposits, contingencies, and delivery or closing dates.
  • 03
    Confirm authority: Verify signatory authority for entities and agents.
  • 04
    Sign and record: Execute signatures, notarize if required, and distribute executed copies.

Core elements every professional Virginia Sales Contract should include

A robust contract contains the deal essentials and procedural terms that reduce post-closing disputes and facilitate title transfer, escrow handling, and tax reporting.

Parties

Identify each buyer and seller with full legal names, business designations, and contact details; include agent or escrow contact and authority documentation where appropriate.

Subject Matter

Describe the property or goods precisely (street address and legal description for real estate; VIN/serial numbers for vehicles; quantity and SKU for goods).

Price and Payment

Set the total price, deposit/earnest money amount, payment schedule, accepted payment methods, escrow instructions, and any seller financing terms.

Contingencies and Inspections

List inspection, financing, appraisal, and title contingencies with deadlines and cure periods to define each party's obligations.

Warranties and Disclosures

State any seller representations, statutory disclosures, and limits on liability, including as-is clauses or express warranties.

Closing and Possession

Specify closing mechanics, delivery of documents, deed or bill of sale assignment, risk of loss, and possession timing.

Essential information fields you must include

Full legal names: Buyer and seller names
Contact addresses: Street, city, state, ZIP
Tax identification: SSN or EIN when required
Item description: Property or goods ID
Price and terms: Total and payment schedule
Signature data: Signed names and dates

Supporting documents to attach or prepare alongside the contract

Attaching the right supporting documents speeds closing, satisfies escrow and recording requirements, and clarifies title and condition issues.

Title or Proof of Ownership

Provide current title, deed, or certificate showing seller's ownership and note any liens. Title evidence prevents transfer defects and is required by most closing agents.

Inspection and Condition Reports

Include home inspection, vehicle inspection, pest, or equipment condition reports to memorialize known defects and inspection contingencies tied to remedies.

Disclosure Statements

Attach any statutorily required disclosures (lead paint, property condition, odometer statements) to avoid later statutory penalties or rescission claims.

Proof of Authority

If an entity or agent signs, include formation documents or power of attorney demonstrating signer authority to bind the seller or buyer.

Where executed contracts should be sent and who retains copies

After execution, distribute signed copies to all named parties, the escrow or title agent, and any lender; record deeds or titles where required.

  • Buyer and Seller: Each party keeps a fully signed original or certified copy.
  • Title/Escrow Agent: Send executed contract and supporting title documents for closing.
  • Lender: Provide contract, payoff instructions, and insurance details as requested.
  • County Recorder: Record deed or bill of sale post-closing when recording is required.

Digital formats and platform needs for completing online

Use industry-standard file types (PDF, DOCX) and platforms that support audit trails, secure storage, and signer authentication.

  • File formats: PDF, Word DOCX supported
  • Integrations: Salesforce, NetSuite, Microsoft 365 available
  • Security essentials: TLS and AES-256 encryption

Choose a platform that supports conditional fields, mobile signing, audit logs, and export to standard formats to simplify closing workflows and records retention.

Common timing points and deadlines to include

Set clear contractual deadlines for payments, inspections, contingencies, and closing to prevent disputes and trigger cure rights when necessary.

Effective Date:

Date when obligations begin (MM/DD/YYYY)

Deposit Due Date:

When earnest money is payable into escrow

Inspection Period End:

Deadline to complete inspections and request repairs

Financing Contingency Date:

Final date to secure lender approval

Closing Date:

Date for final payment, deed transfer, and possession

Common mistakes that delay closings or invalidate terms

  • Using informal or incomplete legal names for parties, which leads to title defects or mismatched recording documents and slows closing.
  • Failing to attach statutorily required disclosures, exposing the seller to rescission claims or state penalties under consumer protection laws.
  • Leaving contingency deadlines unspecified or ambiguous, creating disputes about when obligations and remedies are triggered.
  • Allowing unauthorized signers to execute without proof of authority, which can result in unenforceability and require ratification.

Consequences of an incorrect or incomplete contract

Unenforceability: May render agreement nonbinding
Deposit Loss: Risk of losing earnest money
Title Defects: Transfer delays or litigation
Tax Exposure: Incorrect reporting or penalties
Statutory Penalties: Fines for missing disclosures
Recording Delays: Delayed possession or financing

eSignature vendor comparison for executing Virginia Sales Contracts

Comparing common vendor features and starting price helps align platform choice with compliance, volume, and budget needs without implying endorsement.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes (Business Premium) Varies by plan Varies by plan Yes Varies by plan
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes (BAA required) Varies by plan Varies by plan Varies by plan Varies by plan
Envelope Cap No cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Frequently asked questions about the Virginia Sales Contract

Answers to common user questions on enforceability, notarization, eSignature use, signatory authority, and document retention.


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