Updated April 12, 2022
A Virginia commercial real estate purchase and sale agreement contains the terms governing the sale of a commercial property. The agreement acts as a tool for the buyer to communicate their offer to the seller. After the seller reviews the proposed conditions (e.g., closing schedule, purchase price, financing requirements, earnest money), they can choose to accept the offer, decline the offer, or continue the negotiation process by submitting a counterproposal with amendments made where necessary. Both the buyer and seller will be legally bound to the agreement terms once negotiations are complete and the parties have signed.
Disclosures
Dual Agency (§ 54.1-2139.01) – A licensee acting as an agent for both the buyer and seller must have each party sign a written disclosure of dual agency or dual representation.
Residential Property
Virginia Residential Purchase Agreement – A purchase and sale agreement for residential property transactions only.
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