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Updated July 28, 2023

A Virginia land contract records the terms and conditions of a real estate transaction involving vacant land. Both the land/lot seller and its purchaser must come to a mutual arrangement, documenting their terms on said contract each step of the way. On the final version, they must include everything from the land/lot’s legal description as it appears on the deed to the asking price for the property, referencing any corresponding financial provisions to the agreed-upon offer.

Upon signing the agreement, the parties must fulfill any diligence periods set forth by the document and attend (either in-person or virtually through online-based services) a closing date. The seller will sign over the deed to the new owner at closing, thus completing the real estate transfer.

Where to Record? (VA Code § 55.1-600) – Deeds must be filed and recorded with the Clerk of the Circuit Court in the jurisdiction where the property is situated.