Virginia real estate purchase contract form is an official document which lists the necessary information about a purchase contract. It is also known as a contract to purchase real estate property. The real estate purchase contract form is considered as a bilateral agreement between two or more than two parties while having the legal capacity to exchange, conveyance or purchase of a property. Moreover, the Virginia real estate purchase contract form is based on a legal consideration. The consideration refers to the commodity such as what is exchanged for the real estate and the most common form is money. On the other hand, the consideration can also be the other property in exchange. In addition to that, the promise to perform which is a promise to pay can also be termed as the consideration of a contract.
Moreover, the contract must be in writing, therefore, Virginia real estate purchase contract form serves this necessary obligation. In the contract, all individualizing information of the real estate property (the subject of the contract) and other essential conditions that will later be specified in the main document should be clearly spelt out. Virginia real estate purchase contract form should be certified by signatures, the wording should be as clear as possible in order to exclude possible misunderstandings between the parties and their dual interpretation.
The real estate contract from, specifically, Virginia real estate purchase contract form is intended to highlight all essential terms of the contract. Additionally, in accordance with the law, the real estate contract form highlights all conditions that fully determine the transaction of the sale of the real estate property. In addition to that, it also includes the subject of the agreement (real estate object) and its characteristics. These characteristics could be the location (region, city, actual address); the size of the common and living area; the number of floors in the house; the number of rooms and other technical characteristics of premises.
The other obligations which are listed in the Virginia real estate purchase contract form include the price for which the seller intends to sell, and the buyer intends to buy the property. Apart from it, there are many other essential terms such as the method of mutual settlement which may be bank transfer, cash, housing certificate and mortgage, etc. along with that, it also lists the presence or absence of any claims for selling real estate from the buyer. The other most important factors that are listed in the contract form include requisites of the parties: name, passport data (when, where and by whom issued, number and series, department code) and the place of registration.
Hence, all the obligations which were listed in the real estate purchase agreement form should be fulfilled in the purchase contract from. On contrary, if these obligations are not fulfilled in the contract from then it can be considered as void. In addition to that, if all the guidelines of the real estate purchase contract are successfully followed then it will result in the purchase of subject matter which is a real estate property.