Virginia Residential Purchase and Sale Agreement

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Updated March 14, 2022

A Virginia residential purchase and sale agreement is used by potential home buyers to make an official offer to purchase a property. The document outlines the buyer’s initial terms which the seller must respond to within a specific period or the offer will become invalid. In addition to price, the parties may negotiate various conditions such as the closing date, inspection procedures, financing details, and other terms relevant to the offer. After an agreement is established, the seller must complete a Residential Property Disclosure Statement and give it to the buyer in accordance with the delivery methods specified in § 55-520.

Table of Contents

Buyer Beware

Virginia sellers are not obligated to disclose material defects before selling. Unless otherwise agreed upon, it is the buyer’s responsibility to conduct a home inspection to examine the condition of the property. With that said, sellers must still give buyers the necessary disclosure statements, all of which can be accessed below in “Related Disclosures.” (§ 55.1-703)

Required Disclosures

Lead-Based Paint Disclosure – Buyers acquiring any home built before 1978 must be provided with this disclosure to divulge the home’s history of hazardous lead-based paint.

Residential Property Disclosure Statement (§ 55.1-703(A)) – A property disclosure that protects the seller from certain liabilities. Sellers are required to provide the disclosure to buyers unless specifically exempt.

Septic System Disclosure (§ 55.1-703(B)(8)) – A statement informing the buyer that a home’s septic system is faulty and that it must be repaired once they acquire the property.

Military Air Installation Disclosure (§ 55.1-704) – Informs buyers that a home is located in a military air zone which has increased noise levels.

Methamphetamine Disclosure (§ 55.1-708) – Discloses to buyers that the residential property was previously used to produce methamphetamine and that the home has yet to be cleaned according to State health procedures.

Building Code or Zoning Ordinance Violations Disclosure (§ 55.1-706) – Notifies the buyer that the seller has knowledge of an impending building code violation or local zoning ordinance.

New Dwelling Disclosure (§ 55.1-706) – If a builder constructs a new dwelling and the builder sells the home with the knowledge of material defects that would result in a building code violation, they must disclose the material defects to the buyer via this disclosure statement. Additionally, this disclosure must be given to the buyer if the property is located entirely in, or partially on, an area where mining occurred, or if the property is located in the vicinity of abandoned pits, shafts, or mines.

Commercial Property

Commercial Purchase AgreementThis document can be used as a legal contract to purchase or sell commercial property.

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