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VIRGINIA REALTORS RESIDENTIAL CONTRACT OF PURCHASE

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VR FORM 600 Rev
ised 07/19
Reviewed 07/19
VIRGINIA REALTORS®
RESIDENTIAL CONTRACT OF PURCHASE
(This is a legally binding contract. If you do not understand any part of it, please seek competent advice before signing.)
This CONTRACT OF PURCHASE made as of ______________________________________________________, 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. REAL 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:
together with all fixtures located thereon (if present as of the date of this Contract), including, without limitation, blinds,
ceiling fans, curtain rods and brackets, audio-video or media mount and mounting hardware, built-in dishwasher, door
knockers, garage door openers and controls, gas fireplace logs and inserts, installed floor and wall coverings, installed
mirrors, light fixtures, mailbox and post, built-in range, shades, shrubs, exterior plants and trees, shutters, smoke and
heat detectors, storm windows and storm doors, switch and receptacle covers, television antenna(e), window screens, and
screen doors (together with the items of personal property described in paragraph 2, the “Property”).
2. PERSONAL PROPERTY: The following items of personal property are included in this sale:
3. PURCHASE PRICE: The Purchase Price of the Property is:
__________________________________________________________________________________________Dollars
($________________________________________), which shall be paid to Seller at settlement in cash or by cashier’s or
certified check or wired funds subject to the prorations described herein and from the following sources:
(a) THIRD PARTY FIRST TRUST: This sale is contingent on Purchaser’s obtaining OR assuming:
a conventional; FHA; VA ; VHDA 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: This sale is also contingent on 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 a rate not exceeding ______% per year, amortized as follows
__________________________________________________________________________, and requiring not
more than a total of ______ loan discount points, excluding the origination fee.
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(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, 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 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
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 that seven (7) calendar days late; (v) the note and deed of trust shall otherwise be in
form satisfactory to Seller; (vi) other terms:
.
Such financing shall be contingent upon review and approval of Seller of a current credit report on each Purchaser
and a current personal financial state of each Purchaser, which documents must be provided to Seller within
______ business days following execution of this Contract by both parties. The deed of trust shall be recorded at
Purchaser’s expense at settlement. Purchaser may not assign this Contract in whole or in part, without the prior
written consent of Seller, which Seller shall be under no obligation whatsoever to give.
(d) BALANCE OF PURCHASE PRICE: Purchaser will provide the balance of the Purchase Price from Purchaser’s
funds in cash or by cashier’s or certified check or wired funds at settlement.
(e) OTHER FINANCING TERMS:
4. 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) receipt during the Extended Deposit period. 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.
5. FINANCING:
(a) This Contract and Purchaser’s obligation hereunder are contingent upon Purchaser obtaining and delivering to Seller a
written commitment or commitments, as the case may be (the “Commitment”) for the third-party financing or loan assumption
required in paragraph 3. 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 the Commitment. Purchaser hereby grants permission for Purchaser’s lender and Selling
Company to furnish Seller and Listing Company information about the status of Purchaser’s loan approval process, including
specific items required by Purchaser’s lender or actions Purchaser must perform to obtain loan approval. Purchaser agrees,
upon written request by Seller, to provide written consent satisfactory to Purchaser’s lender to permit Purchaser’s lender to
provide such information to Seller and Listing Company.
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(b) If Purchaser does not obtain the Commitment and so notifies Seller or Listing Company in writing before 5:00 p.m. local
time on ______________________________, 20_____ (if no date is filled in, the date shall be the same date set forth in
paragraph 9), then this Contract shall terminate upon giving such notice and the Deposit shall be refunded to Purchaser. If
Purchaser does not obtain the 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 5(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 5(a) above, or a removal of Purchaser’s financing contingency and evidence of the availability of funds
necessary to settle without such financing. As used in this paragraph 5, the term Commitment shall mean a written
acknowledgment from the Purchaser’s lender or lenders that (i) selling, settling on or leasing another property is not required
for underwriting approval, unless Purchaser’s obligations under this Contract are contingent on such sale, settlement or lease;
(ii) Purchaser has made application for the financing and paid all fees associated therewith; and (iii) as of the date of the
Commitment, Purchaser’s credit, income and assets, and debt have been verified by lender’s underwriter as adequate or as
meeting underwriting requirements without further action by Purchaser as of that date. If Purchaser provides Seller evidence
that it has obtained the Commitment and the lender issuing such Commitment notifies Purchaser, after the date set forth in this
paragraph 5(b), that it will not provide the financing, Purchaser shall notify Seller in writing of such fact within three (3) days of
Purchaser’s receipt of such notice from the lender.
(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) Purchaser represents to Seller that neither Purchaser’s obligations under this Contract nor Purchaser’s financing is
dependent or contingent on the sale or settlement or lease of other real property, unless specified in a written contingency.
Purchaser acknowledges that Seller is relying on this representation.
(e) The occurrence of any of the following shall constitute a default by Purchaser under this Contract, which Purchaser may
cure only by providing evidence reasonably satisfactory to Seller, within three (3) days of written notice by Seller of such
default, of Purchaser’s ability to settle timely:
(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 3 unless it delays settlement or increases expense to Seller without Seller’s written agreement. 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 5 should Purchaser fail to pursue, as required in this paragraph 5, the financing set forth in paragraph 3.
6. VA/FHA LOAN:
(a) It is expressly agreed that notwithstanding any other provision of this Contract, the Purchaser shall not be obligated to
complete the purchase of the Property or to incur any penalty by forfeiture of earnest money Deposits or otherwise unless the
Purchaser has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing
Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender setting forth the appraised value of the
Property (excluding closing costs) as not less than the Purchase Price. The Purchaser shall have the privilege and option of
proceeding with consummation of this Contract without regard to the amount of the appraised valuation by giving Seller written
notice thereof within three (3) days after receipt of notification of the appraised value. THE APPRAISED VALUATION IS
ARRIVED AT TO DETERMINE THE MAXIMUM MORTGAGE THE DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT/DEPARTMENT OF VETERANS AFFAIRS WILL INSURE. HUD/DEPARTMENT OF VETERAN AFFAIRS
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DOES NOT WARRANT THE VALUE OR THE CONDITION OF THE PROPERTY. THE PURCHASER SHOULD SATISFY
HIMSELF/HERSELF THAT THE PRICE AND CONDITION OF THE PROPERTY ARE ACCEPTABLE.
(b) If Purchaser is obtaining VA financing and elects to complete the purchase at a purchase price in excess of the appraised
value as established by the Department of Veterans Affairs (the “Department”), Purchaser will disclose the source of such
funds to the Department and pay the excess amount from such source. Such funds will not be borrowed funds unless approved
by the Department.
(c) If Purchaser is obtaining FHA financing, the parties acknowledge that the loan amount may be approximate because
financed acquisition costs cannot be determined until settlement.
7. 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.
8. 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.
9. 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.
10. 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. In addition to the Purchase
Price, Purchaser agrees to pay Seller for all fuel, oil and/or propane remaining in the tank(s) (if applicable) at the prevailing
market price as of the date of settlement.
(b) Rollback taxes shall be paid as follows: .
11. BROKERAGE 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
closing disclosure for the transaction.
12. 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.
13. 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.
14. WOOD INFESTATION INSPECTION AND REPORT: Prior to settlement, Seller shall provide Purchaser a report, dated not
more than 30 days prior to date of settlement, from a wood infestation control company certified and licensed by the
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Commonwealth of Virginia and properly insured, concerning the presence of or damage from termites or other wood-
destroying insects in the primary dwelling, in any other dwelling(s) on the Property as to which a certificate of occupancy has
been issued and is in effect, and in the following additional structures
(the “Applicable Structures”). If the inspection reveals active infestation in any of the Applicable Structures, Seller shall have
such infestation treated by a company licensed by the Commonwealth of Virginia and properly insured. If the inspection
reveals damage to any Applicable Structure, Seller shall have the damage repaired by a contractor licensed in the
Commonwealth of Virginia; provided, however, that if the estimated aggregate cost of such treatment or repairs or both
exceeds $1,000, and Purchaser and Seller cannot agree on how the amount exceeding $1,000, will be paid, Purchaser shall
have the right either (i) to accept repairs or treatment not exceeding $1,000, in which event Seller shall have such repairs or
treatment performed at Seller’s expense, (ii) to receive a credit at settlement in the amount of $1,000, or (iii) to terminate this
Contract and receive a refund of the Deposit.
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 residential
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 3(a) or 3(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 and
subject to the Remediation Limit set forth in paragraph 18, 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 9 shall be extended
as necessary to enable Seller to cure such title defect, but not for more than 60 days unless agreed by the parties.
16. EQUIPMENT CONDITION AND INSPECTION:
(a) Purchaser agrees to accept the Property at settlement, and Seller agrees to deliver the Property to Purchaser at
settlement, in its present physical condition, ordinary wear and tear excepted, but with such repairs and improvements as the
parties otherwise agree.
(b) If Purchaser’s obligations under this Contract are contingent on a professional home inspection of the Property, then
Purchaser shall be entitled to receive the Property at settlement in such condition as determined by such inspection and any
negotiation and agreements relating to it. Purchaser and Purchaser’s agents, inspectors, and engineers shall have the right to
conduct a preoccupancy or presettlement inspection to verify that the condition of the Property conforms to this Contract and
that no material damage or changes necessitating repairs have occurred to the Property after the date of this Contract or after
any prior inspection of the Property provided for herein. Purchaser shall not be entitled to require Seller to correct defects
discovered at a preoccupancy or presettlement inspection but existing as of the time of a prior inspection of the Property if
those defects were not reported to Seller in connection with such prior inspection and Seller has not agreed to remedy such
defects.
(c) If Purchaser’s obligations under this Contract are not contingent on a professional home inspection of the Property, then
Seller warrants that all appliances, heating and cooling equipment, plumbing and electric systems will be in working condition
at the time of settlement or of Purchaser’s occupancy, whichever occurs first. Purchaser and Purchaser’s agents, inspectors,
and engineers shall have the right to conduct a preoccupancy or presettlement inspection to verify that the condition of the
Property conforms to this Contract and that no material damage or changes necessitating repairs have occurred to the
Property after the date of this Contract. Seller’s obligations in this regard are limited by the Remediation Limit set forth in
paragraph 18 of this Contract.
(d) Seller will provide Purchaser, Purchaser’s professional inspectors and engineers, Selling Company, and representatives of
Purchaser’s lenders reasonable access to the Property to conduct inspections as appropriate and in compliance with this
Contract. Seller will have all utilities in service at the time of all inspections to be conducted pursuant to this Contract,
including those provided for in any separate provision or addendum dealing with inspections of the Property.
(e) Seller agrees to deliver the Property in broom-clean condition and to exercise reasonable and ordinary care in the
maintenance and upkeep of the Property between the date this Contract is executed by Seller and the time of settlement or
Purchaser’s occupancy, whichever occurs first. If Seller fails to deliver the Property in the condition required by this paragraph
16, or if the presettlement or preoccupancy inspection reveals material damage or changes necessitating repairs occurring
after any prior inspection of the Property, and Seller refuses to make the appropriate repairs, Purchaser shall have the right to
terminate this Contract and receive a refund of the Deposit, or to waive the defects and proceed to settlement with no
adjustment to the Purchase Price.
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17. WELL AND SEPTIC:
(a) If the Property is served by an on-site well or other natural water source, Seller agrees to provide Purchaser with a
certificate dated not more than 30 days prior to settlement from the appropriate governmental authority, or from an acceptable
private company, indicating that the water is free from contamination by coliform bacteria. If this Contract is contingent on
Purchaser’s obtaining FHA or VA financing, the certificate shall also state that the water is free from levels of lead
unacceptable to FHA or VA.
(b) If the Property is served by a sewage disposal system, Seller agrees to provide Purchaser with a certificate dated not more
than 30 days prior to settlement from the appropriate governmental authority, or from an acceptable private company,
indicating that there is no evidence of malfunction of or needed maintenance to the sewage disposal system.
(c) If contamination of the water or septic system malfunction or needed maintenance is found, then Seller, at Seller’s expense
and subject to the Remediation Limit set forth in paragraph 18, shall effect the appropriate remedies or repairs. If Seller fails to
do so as soon as practicable, 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 adjustments to the Purchase Price.
18. SELLER’S AND PURCHASER’S OPTION: In the event that the total cost of fulfilling Seller’s obligations set forth in
paragraphs 15, 16 (c), and 17 above exceed $____________________________ in the aggregate (the “Remediation Limit”),
Seller shall have the option (i) to fulfill Seller’s obligations fully at Seller’s expense, or (ii) to pay or credit the Remediation Limit
to Purchaser and refuse to pay any excess over that amount. If Seller elects option (ii), Purchaser shall have the right to either
accept the Property in its present condition (in which case the Seller shall pay or credit the Remediation Limit to Purchaser at
settlement), or to terminate this Contract and receive a refund of the Deposit. If no amount is entered in the space in this
paragraph, the parties agree that the amount shall be $1,000. The Remediation Limit is independent of any obligations agreed
to by Seller in connection with an inspection of the Property pursuant to a separate addendum to this Contract, or provision
other than contained in paragraphs 15, 16 (c) and 17, dealing with the right of Purchaser to conduct an inspection of the
Property.
19. HOME PURCHASER’S INSPECTION: Purchaser may have a professional home inspection performed at Purchaser’s
expense by one or more qualified/licensed inspectors. Purchaser (Please check and initial): WAIVES (purchaser’s
initial):_______ OR DESIRES (purchaser’s initial): _______ a professional home inspection. If Purchaser desires an
inspection contingency, see attached home inspection addendum or separate provision of this Contract.
20. NOTICE TO PURCHASER REGARDING SETTLEMENT AGENT AND SETTLEMENT SERVICES: Choice of Settlement
Agent: Chapter 27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia provides that 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 27.3 (§
55-525.16 et seq.) of
Title 55 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 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 27.3 (§
55-
525.16 et seq.) of Title 55 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.
21. 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.
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(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.
22. 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 (§55-79.39 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
three 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 or is notified that the resale certificate will not be available; (b) within three days after receiving
the resale certificate if the resale certificate or notice that the resale certificate will not be available is hand delivered, delivered
by electronic means, or delivered by a commercial overnight delivery service or the United States Postal Service and a receipt
obtained; or (c) within six days after the postmark date if the resale certificate or notice that the resale certificate 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 resale certificate will not be available and the resale certificate 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 the delivery of
the resale certificate to Purchaser or Purchaser’s authorized agent who is for
the purposes of this paragraph. 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.
23. 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 (§§ 55-508 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 three 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 three days after receiving the association disclosure packet, if the
association disclosure packet 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 States Postal Service and a receipt
obtained; or (c) within six 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 who is for the purposes of this paragraph. 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.
24. LEAD-BASED PAINT INSPECTION: This paragraph applies only if the Property was built prior to 1978 and is not exempt from
the provisions of the Residential Lead-Based Paint Hazard Reduction Act of 1992 (42 U.S.C. § 4852d) (the “Lead Paint Act”)
and regulations promulgated pursuant thereto. (Check as applicable):
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(a) Attached to this Contract is a fully executed “Disclosure of Information and Acknowledgment Lead-Based Paint and/or Lead-
Based Paint Hazards,” which is made a part of this Contract by the provisions of the Lead Paint Act.
(b) The Lead Paint Act grants Purchaser the right, for a period of ten (10) days after the date this Contract is fully ratified, to
conduct a risk assessment or inspection for the presence of lead-based paint and/or lead based paint hazards. Unless
Purchaser and Seller have otherwise agreed, Purchaser’s obligations under this Contract are not contingent on the results of
such assessment or inspection. (Check as applicable):
(i) Purchaser reserves the right to conduct a risk assessment or inspection for lead-based paint and/or lead-based paint
hazards; OR
(ii) Purchaser waives the right to conduct a risk assessment or inspection for lead-based paint and/or lead-based paint
hazards.
25. NOTICE TO PURCHASER(S): Purchaser should exercise whatever due diligence Purchaser deems necessary with respect
to information on sexual offenders registered under Chapter 23 (§19.2-387 et seq.) of Title 19.2 of the Virginia Code. 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 www.vsp.state.va.us/.
26. NOTICE OF DISCLOSURE PURSUANT TO VIRGINIA RESIDENTIAL PROPERTY DISCLOSURE ACT:
Disclosure is OR is not attached. (Attachment does not become part of this Contract.)
27. DEFAULT: 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 11 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, including, without limitation, a suit to secure the release of any earnest
money deposit that the other principal to the transaction has refused to authorize, 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. Seller and Purchaser
acknowledge and agree that Listing Company and Selling Company are intended third-party beneficiaries of this Contract as
to any commissions due them as a result of the transactions contemplated by this Contract.
28. MISCELLANEOUS: 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 of Ratification or delivery of the notice that triggers the time
period. Deadlines run until 11:59 p.m. on the date of the deadline. 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 term 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 provisions of this Contract affecting title
shall be deemed merged into the deed delivered at settlement and shall not survive settlement.
29. 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.
30. BROKERS: LICENSEE STATUS:
(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.
VR FORM 600 Revised 07/19 Page 9 of 10
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(b) Disclosure of Real Estate Board/Commission licensee status, if any is required in this transaction:
.
31. OTHER TERMS: (Use this space for additional terms not covered elsewhere in this Contract.)
32. ACCEPTANCE: This Contract, when signed by Purchaser, shall constitute an offer to enter into a bilateral contract, and
the
offer shall remain in effect unless earlier withdrawn, until _______________________________ (local time in
Virginia), on _______________________________, 20 _________(date). If not accepted by such time, this offer shall be null
and
void.
33. 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 and any addenda or amendments. The parties hereby agree that either party may sign electronically by
utilizing an electronic signature service.
34. 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.
WITNESS the following duly authorized signatures:
PURCHASER: SELLER:
/ /
DATE PURCHASER DATE SELLER
/ /
DATE PURCHASER DATE SELLER
/ /
DATE PURCHASER DATE SELLER
/ /
DATE PURCHASER DATE SELLER
Receipt of deposit per paragraph 4 above is hereby acknowledged.
__________
__/________________________________________
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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.
Firm license No.: Firm license No.:
Agent Name: Agent Name:
Agent MLS ID No.: Agent MLS ID No.:
Agent license No.: Agent license No.:
Agent E-mail address: Agent E-mail address:
This Contract has been ratified by Purchaser and Seller as of , 20 (“Date of Ratification”).
Acknowledgement that Contract is ratified as of the date above.
Selling Firm Listing Firm
(signature) (signature)
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 RESIDENTIAL CONTRACT OF PURCHASE

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Completed 3 February 2021

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