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VIRGINIA REALTORS CONTRACT FOR PURCHASE OF UNIMPROVED PROPERTY

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Page 1 of 8
VA
R FORM 650 Revised 10/19
Reviewed 10/19
VIRGINIA REALTORS®
CONTRACT FOR PURCHASE OF UNIMPROVED PROPERTY
(This is a legally binding contract. If you do not understand any part of it, please seek
competent advice before signing.)
This CONTRACT FOR PURCHASE OF UNIMPROVED PROPERTY made as of _______________, 20________, between
_______________________________________________________________________(the “Seller,” whether one or
more), whose address is
,
and ________________________________________________________________(the “Purchaser”, whether one or
more), whose address is
provides: The Listing Company (who represents Seller) is
and the Selling Company (who does OR does not represent Purchaser) is
1. RE
AL PROPERTY: Purchaser agrees to buy and Seller agrees to sell the land and all improvements thereon located in
the County or City of _______________________________________________________________________, Virginia
and described as (legal description):
and more commonly known as:
(the “Property”).
2. PURCHASE PRICE: The Purchase Price (the “Purchase Price”) of the Property is .
This sale shall be in gross, and the Purchase Price shown above shall be the exact sales price.
The Purchase Price shall be adjusted at settlement to an exact purchase price of $ ___________________________
_______________________ per (sq ft.) (acre). The exact area to be determined by a survey to be made by a licensed
surveyor and paid for by _____________________________________________________________________
_____________________________________________. The Purchaser shall pay to the Seller at settlement the Purchase
Price in cash or by cashier’s certified check, subject to the prorations herein and from the following sources:
(a) THIRD PARTY FIRST TRUST: This sale is subject to Purchaser’s obtaining OR assuming:
a conventional OR other (describe) (_______________________________) loan secured by a first deed of
trust lien on the Property in the principal amount of $ ____________________________, or ______% of the
Purchase Price bearing interest at a fixed rate not exceeding ______% per year, or at an adjustable rate with an
initial rate not exceeding _____% per year and a maximum rate during the term of the loan not exceeding _____%
per year, or at the market rate of interest at the time of settlement, amortized over a term of _____ years, and
requiring not more than a total of ______ loan discount points, excluding a loan origination fee, or an assumption
fee not exceeding $____________________. (If this contract provides for the assumption of a loan: (i) the parties
acknowledge that the balance set forth above is approximate and that the principal amount to be assumed will be
the outstanding principal balance on the date of settlement, and (ii) Purchaser shall assume all obligations of Seller
under such loan.)
(b)THIRD PARTY SECOND TRUST: As set forth in paragraph 4, this sale is also subject to Purchaser’s obtaining
a loan secured by a second deed of trust lien on the Property in the principal amount of
$________________________, or _______% of the Purchase Price bearing interest at rate not exceeding
_____% per year, amortized as follows ______________________________________________________, and
requiring not more than a total of _____ loan discount points, excluding the origination fee.
(c) SELLER FINANCING: Seller agrees that $__________________________________ or _____________% of
the Purchase Price shall be evidenced by a note made by Purchaser payable to Seller bearing interest at a rate
of _____________________% per year amortized as follows ___________________________________
________________________________________________________________________________________
_________________________________. The note shall be secured by a deferred purchase money first OR
second OR (specify priority) _____________ deed of trust lien on the Property. The deed of trust and note
shall provide, among other things, that; (i) the note shall be due and payable in full if the Property, or any interest
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VA
R FORM 650 Revised 10/19
Reviewed 10/19
therein, is transferred, sold or conveyed; (ii) Purchaser shall have the right to prepay the note at any time in whole
or in part:
with a premium or penalty of _______% of the amount prepaid OR without premium or penalty;
(iii) a lot release schedule shall be provided, if applicable; (iv) a late payment charge not exceeding five percent
of the payment may be assessed by seller for any payment more than seven (7) calendar days late; (v) a default
under the terms of any prior financing shall constitute a default under the note and deed of trust; (vi) the note and
deed of trust shall otherwise be in form satisfactory to Seller; (vii) other terms:
.
If this Contract provides for SELLER FINANCING, then (i) such financing shall be contingent upon review and
approval by Seller of a current credit report on each Purchaser and a current personal financial statement of each
Purchaser, which documents must be provided to Seller within ____ business days following execution of this
Contract by both parties; (ii) Purchaser shall properly record applicable deed of trust, at its expense, at settlement;
and (iii) Purchaser many not assign this Contract in whole or in part, without the prior written consent of Seller,
which Seller shall be under no obligation to give. Any deed of trust securing SELLER FINANCING (i) shall contain
a provision requiring the trustees under said deed of trust, without the necessity of obtaining the prior consent or
joiner of the noteholder, to release land for easements and rights of ways, and/or land to be dedicated for public
use from the above mentioned trust without curtailment and at no cost to Purchaser, provided such releases in
their aggregate total less than ______ % of the total land area originally encumbered by the deed of trust; (ii) shall
provide that Purchaser shall have the right, at any time after settlement, to raze existing improvements, cut, fill,
grade, erect improvements and do all other things Purchaser believes necessary in the development of the
Property, with OR without obligation to make any prepayment on account of the debt secured by the deferred
purchase money deed of trust.
(d) OTHER FINANCING TERMS:
3. DEPOSIT: Purchaser
shall make a deposit of $___________ to be held by _______________________________ (the
“Escrow Agent”) in the form of: check cash other _______________________ (the “Deposit”). Purchaser [select
one]:
has paid the Deposit to the Escrow Agent OR will pay the Deposit to the Escrow Agent within ______ days (the
“Extended Deposit Date”) after the date this Contract is fully executed by the parties. If Purchaser fails to pay the Deposit
as set forth herein, then Purchaser shall be in breach of this Contract. At Seller’s option and in lieu of all other remedies set
forth in this Contract, Seller may terminate this Contract by written notice to Purchaser and neither party shall have any
further obligation hereunder.
If the Escrow Agent is a Virginia Real Estate Board (“VREB”) licensee, the parties direct the Escrow Agent to place the
Deposit in an escrow account by the end of the fifth business banking day following the latter of: (i) the date this Contract is
fully executed by the parties, or (ii) the Extended Deposit Date. If the Escrow Agent is not a VREB licensee, the parties
direct the Escrow Agent to place the Deposit in an escrow account in conformance with applicable Federal or Virginia law
and regulations. The Deposit may be held in an interest bearing account and the parties waive any claim to interest resulting
from such Deposit. The Deposit shall not be released by the Escrow Agent until (i) credited toward the Purchase Price at
settlement; (ii) Seller and Purchaser agree in writing as to its disposition; (iii) a court of competent jurisdiction orders a
disbursement of the funds; or (iv) disbursed in such manner as authorized by the terms of this Contract or by Virginia law or
regulations. Seller and Purchaser agree that Escrow Agent shall have no liability to any party for disbursing the Deposit in
accordance with this paragraph, except in the event of Escrow Agent’s negligence or willful misconduct.
If the Property is foreclosed upon while this Contract is pending, the terms of Section 54.1-2108.1 of the Code of Virginia
shall apply to the disbursement of the Deposit. Foreclosure shall be considered a termination of this Contract by Seller
and, absent any default by Purchaser, the Deposit shall be disbursed to Purchaser.
4. FINANCING:
(a) This Contract is contingent upon Purchaser obtaining and delivering to Seller a written commitment or commitments, as
the case may be, for the third-party financing or loan assumption required in paragraph 2. Purchaser agrees to make written
application for such financing or assumption (including the payment of any required application, credit, or appraisal fees)
within five (5) business days of the date of acceptance of this Contract and to diligently pursue obtaining a commitment for
such financing.
(b) If Purchaser does not obtain such written commitment and so notifies Seller or Selling Company or Listing Company in
writing before 5:00 p.m. local time on ______________________________, 20_____ ( if no date is filled in, the date shall
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VA
R FORM 650 Revised 10/19
Reviewed 10/19
be the same date set forth in paragraph 7), then if Purchaser is otherwise in compliance with the terms of this Contract, this
Contract shall terminate upon giving such a notice and the Deposit shall be refunded to Purchaser. If Purchaser does not
obtain such a written commitment and notice thereof is not received by the deadline, or such later deadline as the parties
may agree upon in writing, then Purchaser’s financing contingency set out in subparagraph 4(a) above shall nonetheless
continue unless Seller gives Purchaser written notice of intent to terminate this Contract. If Seller gives Purchaser such
notice, this Contract shall terminate as of 5:00 p.m. local time on the third day following Seller’s delivery of such notice to
Purchaser unless before that time Purchaser has delivered to Seller a commitment in compliance with the provisions of
subparagraph 4(a) above, or a removal of Purchaser’s financing contingency and evidence of the availability of funds
necessary to settle without such financing.
(c) If the balance of the Purchase Price in excess of the Deposit is to be paid in cash without third party or seller financing.
Purchaser shall give the Seller written verification from Purchaser’s bank or other sources within fifteen (15) days after the
date this Contract is fully ratified that Purchaser has or can have the balance of the Purchase Price in cash not later than
the settlement date. If Purchaser fails to give such verification within such time, Seller may terminate this Contract by giving
Purchaser written notice thereof within ten (10) days after the date by which verification was to be given.
(d) Unless specified in a written contingency, neither this Contract nor Purchaser’s financing is dependent or contingent on
the sale or settlement or lease of other real property.
(e) The occurrence of any of the following shall constitute a default by Purchaser under this Contract:
(i) Purchaser fails to make timely application for any financing provided for hereunder, or to diligently
pursue obtaining such financing;
(ii) Purchaser fails to lock in the interest rate(s) provided for hereunder and the rate(s) increase so that
Purchaser no longer qualifies for the financing;
(iii) Purchaser fails to comply with the lender’s reasonable requirements in a timely manner;
(iv) Purchaser fails to notify the lender, Seller or Listing Company promptly of any material adverse change
in Purchaser’s financial situation that affects Purchaser’s ability to obtain the financing;
(v) Purchaser does not have the down payment, closing costs or fees, or other funds required to settle as
provided in this Contract;
(vi) Purchaser does or fails to do any act following ratification of this Contract that prevents Purchaser from
obtaining the financing; or
(vii) Purchaser makes any deliberate misrepresentation, material omission, or other inaccurate submission
or statement that results in Purchaser’s inability to secure the financing.
(f) Purchaser
does OR does not intend to occupy the Property as a primary residence.
(g) Nothing in this Contract shall prohibit Purchaser from pursuing alternative financing from the financing specified in
paragraph 2. Purchaser’s failure to obtain the alternative financing shall be at Purchaser’s risk, and shall not relieve
Purchaser of the consequences set forth in this paragraph 4 should Purchaser fail to pursue, as required in this paragraph
4, the financing set forth in paragraph 2.
5. LOAN FEES: Except as otherwise agreed upon in this Contract, Purchaser shall pay all points, loan origination fees, charges
and other costs imposed by a lender or otherwise incurred in connection with obtaining the loan or loans. The amount of any
contributions Seller agrees to make under this Contract toward Purchaser’s loan fees shall include miscellaneous and tax
service fees charged by a lender for financing described in this Contract and which by regulation or law Purchaser is not
permitted to pay.
6. TITLE INSURANCE. Purchaser may, at Purchaser’s expense, purchase owner’s title insurance. Depending on the
particular circumstances of the transaction, such insurance could include affirmative coverage against possible mechanics’
and materialmen’s liens for labor and materials performed prior to Settlement and which, though not recorded at the time of
recordation of Purchaser’s deed, could be subsequently recorded and would adversely affect Purchaser’s title to the
Property. The coverage afforded by such title insurance would be governed by the terms and conditions thereof, and the
premium for obtaining such title insurance coverage will be determined by its coverage. Purchaser may purchase title
insurance at either “standard” or “enhanced” coverage and rates. For purposes of owner’s policy premium rate disclosure
by Purchaser’s lender(s), if any, Purchaser and Seller require that enhanced rates be quoted by Purchaser’s
lender(s). Purchaser understands that nothing herein obligates Purchaser to obtain any owner’s title insurance coverage
at any time, including at Settlement, and that the availability of enhanced coverage is subject to underwriting criteria of the
title insurer.
7. SETTLEMENT; POSSESSION: Settlement shall be made at ___________________________________________ on or
about _______________________, 20 _____. Possession of the Property shall be given at settlement, unless otherwise
agreed in writing by the parties. At settlement, Seller will deliver the deed described in paragraph 15, an affidavit acceptable
to Purchaser and Purchaser’s title insurance company as to parties in possession and mechanic’s liens, applicable non-
foreign status and state residency certificates and applicable IRS 1099 certificates.
Page 4 of 8
VA
R FORM 650 Revised 10/19
Reviewed 10/19
8. EXPENSES; PRORATIONS; ROLLBACK TAXES:
(a) Each party shall bear its own expenses in connection with this Contract, except as specifically provided otherwise herein.
Seller agrees to pay the expense of preparing the deed and the recordation tax applicable to grantors; all expenses incurred
by Purchaser in connection with the purchase, including without limitation title examination, insurance premiums, survey
costs, recording costs and the fees of Purchaser’s attorney, shall be borne by Purchaser. All taxes, assessments, interest,
rent escrow deposits, and other ownership fees, if any, shall be prorated as of the date of settlement.
(b) Rollback taxes shall be paid as follows: .
9. BROKERA
GE FEE; SETTLEMENT STATEMENTS: Seller and Purchaser authorize and direct the settlement agent to
disburse to Listing Company and/or Selling Company from the settlement proceeds their respective portions of the brokerage
fee payable as a result of this sale and closing under the Contract. Each of Listing Company and/or Selling Company shall
deliver to the settlement agent, prior to settlement, a signed written statement setting forth the fee to which such company is
entitled and stating how such fee and any additional sales incentives are to be disbursed. Seller and Purchaser authorize
and direct the settlement agent to provide to each of Seller, Purchaser, Listing Company and Selling Company a copy of the
unified settlement statement for the transaction.
10. BROKER INDEMNIFICATION: Seller and Purchaser agree to hold harmless Listing Company, Selling Company, the
officers, directors and employees, or any real estate broker or salesperson employed by or affiliated with the Listing Company
or Selling Company for any delay, or expense caused by such delay, in settlement due to regulatory or legal requirements.
11. STUDY PERIOD: Purchaser shall have ________ days from the date this Contract is executed by both Purchaser and Seller
to determine, through engineering and feasibility studies, whether Purchaser’s plan of development of the Property is
practical. Purchaser shall contract for such studies within ten (10) days from the date of execution, and deliver to Seller and
Listing Company copies of the letter(s) ordering the studies, said letter(s) stipulating that true copies of all studies are to be
sent to Seller or Listing Company, simultaneously with delivery to Purchaser. If within such study period Purchaser notifies
Seller or Listing Company, in writing, that Purchaser’s plan, in Purchaser’s sole judgment, is not practical, Purchaser may
terminate this Contract and receive a refund of the Deposit and the parties shall have no further liability or obligations
hereunder, except as set forth herein. Time shall be of the essence of this provision.
12. SOIL STUDY: This Contract is contingent for _______ days from date of execution of this Contract by both Purchaser and
Seller to allow _________ at its expense to obtain a soil study and/or percolation test, which shall lawfully allow for the
erection and use of
_____________________________________________ on the Property. Such study or test shall be pursued diligently and
in good faith and if such study or test reveals that Purchaser’s intended use of the Property is not permissible or practicable,
Purchaser shall have the right, upon written notice to Seller, to terminate this Contract, in which event the Deposit shall be
returned to Purchaser and the parties shall have no further liability or obligations hereunder, except as set forth herein.
13. ACCESS: Purchaser and Purchaser’s agents and engineers shall have the right to enter onto the Property at all reasonable
times prior to settlement for purposes of engineering, surveying, title or such other work as is permitted under this Contract,
so long as such studies do not result in a permanent change in the character or topography of the Property. Purchaser shall
not interfere with Seller’s use of the Property, and Purchaser, at Purchaser’s expense, shall promptly restore the Property to
its prior condition upon completion of Purchaser’s studies or work. Purchaser to keep the Property free and clear from all
liens resulting from its work, studies, investigations or other activities performed pursuant to this Contract and shall indemnify
and hold Seller harmless against any loss or liability to person or property resulting from Purchaser’s presence or activities
on the Property. This obligation shall survive settlement and transfer of title and possession to the Property.
14. RISK OF LOSS: All risk of loss or damage to the Property by fire, windstorm, casualty, or other cause is assumed by Seller
until settlement. In the event of substantial loss or damage to the Property before settlement, Purchaser shall have the option
of either (i) terminating this Contract and recovering the Deposit, or (ii) affirming this Contract, in which event Seller shall
assign to Purchaser all of Seller’s rights under any policy or policies of insurance applicable to the Property.
15. TITLE: At settlement Seller shall convey the Property to Purchaser by general warranty deed containing English covenants
of title (except that conveyance from a personal representative of an estate or from a trustee or institutional lender shall be
by special warranty deed), free of all encumbrances, tenancies, and liens (for taxes and otherwise), but subject to such
restrictive covenants and utility easements of record which do not materially and adversely affect the use of the Property for
Purchaser’s intended purposes or render the title unmarketable. If the Property does not abut a public road, title to the
Property must include a recorded easement providing adequate access thereto. In the event this sale is subject to a financing
contingency under paragraph 2(a) or 2(b), the access to a public road must be acceptable to each lender. If the examination
reveals a title defect of a character that can be remedied by legal action or otherwise within a reasonable time, then Seller,
at Seller’s expense, shall promptly take such action as is necessary to cure such defect. If the defect is not cured within 60
days after Seller receives notice of the defect, then Purchaser shall have the right to (i) terminate this Contract, in which
event the Deposit shall be returned to Purchaser, and Purchaser and Seller shall have no further obligations hereunder, or
(ii) waive the defect and proceed to settlement with no adjustment to the Purchase Price. If Seller has agreed to cure such
defect, the parties agree that the settlement date prescribed in paragraph 7 shall be extended as necessary to enable Seller
VAR FORM 650 Revised 10/19 Page 5 of 8
Reviewed 10/19
to cure such title defect, but not for more than 60 days unless agreed by the parties.
16. PROPERTY OWNERS’ ASSOCIATION DISCLOSURE: The Seller represents that the Property [select one]: is OR
is not located within a development which is subject to the Virginia Property Owners’ Association Act (Sections 55.1-
1800 et. seq. of the Code of Virginia) (the “Act”). If the Property is within such a development, the Act requires the Seller to
obtain from the property owners’ association an association disclosure packet and provide it to the Purchaser, or Purchaser’s
authorized agent. The information contained in the association disclosure packet shall be current as of the specified date on
the disclosure packet. The Purchaser may cancel this Contract (a) within 3 days after the date of this Contract, if on or before
the date that the Purchaser signs this Contract, the Purchaser receives the association disclosure packet or is notified that
the association disclosure packet is not available; (b) within 3 days after receiving the association disclosure packet, if the
association disclosure packet is available or notice that the association disclosure packet will not be available is hand
delivered, delivered by electronic means, or delivered by a commercial overnight delivery service or the United Parcel Service
and a receipt obtained; or (c) within 6 days after the postmark date if the association disclosure packet or notice that the
association disclosure packet will not be available is sent to the Purchaser by United States mail. The Purchaser may also
cancel this Contract at any time prior to settlement if the Purchaser has not been notified that the association disclosure
packet will not be available and the association disclosure packet is not delivered to the Purchaser. Notice of cancellation
shall be provided to the Seller (owner) or his agent by one of the following methods: (i) hand delivery; (ii) United States mail,
postage prepaid, provided the sender retains sufficient proof of mailing, which may be either a United States postal certificate
of mailing or a certificate of service prepared by the sender confirming such mailing; (iii) electronic means provided the
sender retains sufficient proof of the electronic delivery, which may be an electronic receipt of delivery, a confirmation that
the notice was sent by facsimile, or a certificate of service prepared by the sender confirming the electronic delivery; or
(iv) overnight delivery using a commercial service or the United States Postal Service. In the event of a dispute, the sender
shall have the burden to demonstrate delivery of the notice of cancellation. Such cancellation shall be without penalty, and
the Seller shall cause any deposit to be returned promptly to the Purchaser, but not later than thirty days from the date of
cancellation. Seller shall provide written instructions to the Association for delivery of the disclosure packet to Purchaser or
Purchaser’s authorized agent. The right to receive the association disclosure packet and to cancel this Contract terminates
at settlement. If the Purchaser has received the association disclosure packet, the Purchaser has a right, at Purchaser’s sole
expense, to request an update of such disclosure packet from the property owners’ association. A request for an updated
disclosure packet does not extend the cancellation periods set forth above.
17. CONDOMINIUM DISCLOSURE: The Seller represents that the Property [select one]: is OR is not a condominium
resale, which is subject to the Virginia Condominium Act (Section 55.1-1900 et seq. of the Code of Virginia) (the
“Condominium Act”). If the Property is a condominium resale, the Condominium Act requires the Seller to obtain from the
unit owners’ association a resale certificate and provide it to the Purchaser or Purchaser’s authorized agent. The information
contained in the resale certificate shall be current as of the specified date on the resale certificate. The Purchaser may cancel
this Contract (a) within 3 days after the date of this Contract, if on or before the date that the Purchaser signs this Contract,
the Purchaser receives the resale certificate; (b) within 3 days after receiving the resale certificate if the resale certificate is
hand delivered, delivered by electronic means, or delivered by a commercial overnight delivery service or the United Parcel
Service and a receipt obtained; or (c) within 6 days after the postmark date if the resale certificate is sent to the Purchaser
by United States mail. Notice of cancellation shall be provided to the Seller (owner) or his agent by one of the following
methods: (i) hand delivery; (ii) United States mail, postage prepaid, provided the sender retains sufficient proof of mailing,
which may be either a United States postal certificate of mailing or a certificate of service prepared by the sender confirming
such mailing; (iii) electronic means provided the sender retains sufficient proof of the electronic delivery, which may be an
electronic receipt of delivery, a confirmation that the notice was sent by facsimile, or a certificate of service prepared by the
sender confirming the electronic delivery; or (iv) overnight delivery using a commercial service or the United States Postal
Service. In the event of a dispute, the sender shall have the burden to demonstrate delivery of the notice of cancellation.
Such cancellation shall be without penalty, and the Seller shall cause any deposit to be returned promptly to the Purchaser,
but not later than thirty days from the date of cancellation. Seller shall provide written instructions to the Association for the
delivery of the resale certificate to Purchaser or Purchaser’s authorized agent. The right to receive the resale certificate and
to cancel this Contract terminates at settlement. If the Purchaser has received the resale certificate, the Purchaser has a
right, at Purchaser’s sole expense, to request from the unit owners’ association a resale certificate update or financial update.
A request for an updated resale certificate does not extend the cancellation periods set forth above.
18. NOTICE TO PURCHASER REGARDING SETTLEMENT AGENT AND SETTLEMENT SERVICES: Choice of Settlement
Agent: Chapter 10 (§55.1-1000et seq.) of Title 55.1 of the Code of Virginia provides that in loans made by lenders
and secured by first deeds of trust or mortgages on real estate containing not more than four residential dwelling
units, the purchaser or borrower has the right to select the settlement agent to handle the closing of this transaction.
The settlement agent's role in closing this transaction involves the coordination of numerous administrative and
clerical functions relating to the collection of documents and the collection and disbursement of funds required to
carry out the terms of the contract between the parties. If part of the purchase price is financed, the lender for the
purchaser will instruct the settlement agent as to the signing and recording of loan documents and the
disbursement of loan proceeds. No settlement agent can provide legal advice to any party to the transaction except
a settlement agent who is engaged in the private practice of law in Virginia and who has been retained or engaged
by a party to the transaction for the purpose of providing legal services to that party. Variation by agreement: The
provisions of Chapter 10 (§55.1-1000 et seq.) of Title 55.1 of the Code of Virginia may not be varied by agreement,
and rights conferred by this chapter may not be waived. The seller may not require the use of a particular settlement
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R FORM 650 Revised 10/19
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agent as a condition of the sale of the property. Escrow, closing, and settlement service guidelines: The Virginia
State Bar issues guidelines to help settlement agents avoid and prevent the unauthorized practice of law in
connection with furnishing escrow, settlement or closing services. As a party to a real estate transaction, the
purchaser or borrower is entitled to receive a copy of these guidelines from his settlement agent, upon request, in
accordance with the provisions of Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia.
To facilitate the settlement agent’s preparation of various closing documents, including any HUD-1 or Closing Disclosure,
Purchaser hereby authorizes the settlement agent to send such Closing Disclosure to Purchaser by electronic means and
agrees to provide the settlement agent Purchaser’s electronic mail address for that purpose only.
19. MECHANICS LIEN NOTICE:
(a) Virginia law (§ 43-1 et seq.) permits persons who have performed labor or furnished material for the construction, removal,
repair or improvement of any building or structure to file a lien against the Property. This lien may be filed at any time after
the work is commenced or the material is furnished, but not later than the earlier of (i) 90 days from the last day of the month
in which the lienor last performed work or furnished materials or (ii) 90 days from the time the construction, removal, or
improvement is terminated. AN EFFECTIVE LIEN FOR WORK PERFORMED PRIOR TO THE DATE OF SETTLEMENT
MAY BE FILED AFTER SETTLEMENT. LEGAL COUNSEL SHOULD BE CONSULTED.
(b) Seller shall deliver to Purchaser at settlement an affidavit, on a form acceptable to Purchaser’s lender, if applicable,
signed by Seller that no labor or materials have been furnished to the Property within the statutory period for the filing of
mechanics’ or materialmens’ liens against the Property. If labor or materials have been furnished during the statutory period,
Seller shall deliver to Purchaser an affidavit signed by Seller and the person(s) furnishing the labor or materials that the costs
thereof have been paid.
20. NON-BINDING MEDIATION: In an effort to avoid the expense and delay of litigation, the parties agree to submit any disputes
or claims arising out of this Contract, including those involving the Listing Company or the Selling Company, to mediation
prior to instituting litigation. Such mediation will be non-binding, that is, no party will be obligated to enter into any settlement
arising out of mediation unless that settlement is satisfactory to that party. Any settlement the parties enter into will be binding,
but if the parties are not able to reach agreement on a settlement, they may resort to arbitration or litigation as if the mediation
had never taken place. The mediation will be performed by a mutually-agreeable mediator or mediation service in the area.
This agreement to mediate does not apply to foreclosure, unlawful detainer (eviction), mechanics lien, probate, or license
law actions. Judicial actions to provide provisional remedies (such as injunctions and filings to enable public notice of pending
disputes) are not violations of the obligation to mediate and do not waive the right to mediate.
21. NOTICE TO PURCHASER(S): Purchaser should exercise whatever due diligence Purchaser deems necessary with respect
to information on sexual offenders registered under Chapter 23 (Section 19.2-987 et seq.) of Title 19.2. Such information
may be obtained by contacting your local police department or the Department of State Police, Central Records Exchange
at (804) 674-2000 or http://sex-offender.vsp.virginia.gov/sor/.
22. DEF
AULT: If Seller or Purchaser defaults under this Contract, the defaulting party, in addition to all other remedies available
at law or in equity, shall be liable for the brokerage fee referenced in paragraph 9 hereof as if this Contract had been
performed and for any damages and all expenses incurred by non-defaulting party, Listing Company and Selling Company
in connection with this transaction and the enforcement of this Contract, including, without limitation attorneys’ fees and
costs, if any. Payment of a real estate broker’s fee as the result of a transaction relating to the Property which occurs
subsequent to a default under this Contract shall not relieve the defaulting party of liability for the fee of Listing Company in
this transaction and for any damages and expenses incurred by the non-defaulting party, Listing Company and Selling
Company in connection with this transaction. In any action brought by Seller, Purchaser, Listing Company or Selling
Company under this Contract or growing out of the transactions contemplated herein, the prevailing party in such action shall
be entitled to receive from the non-prevailing party or parties, jointly and severally, in addition to any other damages or
awards, reasonable attorneys’ fees and costs expended or incurred in prosecuting or defending such action.
23. OTHER TERMS: (Use this space for additional terms not covered elsewhere in this Contract.)
24. BROKERS: LICENSEE ST
ATUS:
(a) Listing Company and Selling Company may from time to time engage in general insurance, title insurance, mortgage
loan, real estate settlement, home warranty and other real estate-related businesses and services, from which they may
receive compensation during the course of this transaction, in addition to real estate brokerage fees. The parties
acknowledge that Listing Company and Selling Company are retained for their real estate brokerage expertise, and neither
has been retained as an attorney, tax advisor, appraiser, title advisor, home inspector, engineer, surveyor, or other
professional service provider.
(b) Disclosure of Real Estate Board/Commission licensee status, if any is required in this transaction:
Revised 10/19 Page 7 of 8
VA
R FORM 650
Reviewed 10/19
25. MISCELL
ANEOUS: This Contract may be signed in one or more counterparts, each of which shall be deemed to be an
original and all of which together shall constitute one and the same document. Documents delivered by facsimile machine
shall be considered as originals. Unless otherwise specified herein, “days” mean calendar days. For the purpose of
computing time periods, the first day shall be the day following the date this Contract is fully ratified. This Contract represents
the entire agreement between Seller and Purchaser and may not be modified or changed except by written instrument
executed by the parties. This Contract shall be construed, interpreted and applied according to the laws of the state in which
the Property is located and shall be binding upon and shall inure to the benefit of the heirs, personal representatives,
successors, and assigns of the parties. To the extent any handwritten or typewritten terms herein conflict with or are
inconsistent with the printed terms hereof, the handwritten and typewritten terms shall control. Whenever the context shall
so require, the masculine shall include the feminine and singular shall include the plural. Unless otherwise provided herein,
the representations and warranties made by Seller herein and all other provisions of this Contract shall be deemed merged
into the deed delivered at settlement and shall not survive settlement.
26. WIRE FRAUD ALERT. Criminals are hacking email accounts of real estate agents, title companies, settlement attorneys,
and others, resulting in fraudulent wire instructions being used to divert funds to the account of the criminal. Purchaser and
Seller are advised to not wire any funds without personally speaking with the intended recipient of the wire to confirm the
routing number and the account number. Neither Purchaser or Seller should send personal information such as Social
Security numbers, bank account numbers, and credit card numbers except through secured email or personal delivery to the
intended recipient.
27. ELECTRONIC SIGNATURES. ______ /______ If this paragraph is initialed by both parties,
then in accordance with the Uniform Electronic Transactions Act (UETA) and the
Electronic
Signatures
in Global and National Commerce Act, or E-Sign, regarding electronic signatures
and transactions, the parties do hereby expressly authorize and agree to the use of electronic
signatures as an additional method of signing and/or initialing this Agreement. The parties
hereby agree that either party may sign electronically by utilizing an electronic signature
service.
28. A
CCEPTANCE: This Contract, when signed by Purchaser, shall be deemed an offer to enter into a bilateral contract. If not
accepted by Seller by_________________________ (time), _____________________, 20 ___________, it shall become
null and void.
WITNESS the following duly authorized signatures: (SEPARATE ALL COPIES BEFORE SIGNING BELOW)
PURCHASER:
SELLER:
/ /
DATE PURCHASER DATE SELLER
/ /
DATE PURCHASER DATE SELLER
/ /
DATE PURCHASER DATE SELLER
/ /
DATE PURCHASER DATE SELLER
Receipt of deposit per paragraph 3 above is hereby acknowledged.
____________/________________________________________
Page 8 of 8
VA
R FORM 650 Revised 10/19
Reviewed 10/19
For information purposes only:
Selling Company’s Name and Address Listing Company’s Name and Address:
___________________________________________
Office Phone: _______________ Fax: Office Phone: ____________ Fax:
MLS Broker Code: __________ Office ID No. MLS Broker Code: __________ Office ID No.
Agent Name: Agent Name:
Agent ID No.: Agent ID No.:
Agent E-mail address: Agent E-mail address:
This Contract has been executed by Purchaser and Seller as of ___________, 20 ____. Listing Firm ____; Selling Firm ____
COPYRIGHT©2019 by VIRGINIA REALTORS®. All rights reserved. This form may be used only by members in good standing
with VIRGINIA REALTORS®. The reproduction of this form, in whole or in part, or the use of the name "VIRGINIA
REALTORS®", in connection with any other form, is prohibited without prior written consent from VIRGINIA REALTORS®.
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VIRGINIA REALTORS CONTRACT FOR PURCHASE OF UNIMPROVED PROPERTY

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Completed 12 April 2021

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