This Seller's Disclosure Notice of Financing Terms Contract for Deed serves as notice to Purchaser of the purchase price of property and how payments, interest, and late charges are set. This document should be completed by Seller of property and provided to the Purchaser at or before the signing of the contract for deed.
Virginia Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract
Category:
State:
Virginia
Control #:
VA-00470-3
Format:
Word;
Rich Text
Instant download
Description
How to fill out Virginia Seller's Disclosure Of Financing Terms For Residential Property In Connection With Contract Or Agreement For Deed A/k/a Land Contract?
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FAQ
Although there are some basic disclosures required of sellers under federal law, Virginia law does not require sellers to disclose much information about their property at all.
A contract for deed is a legal agreement for the sale of property in which a buyer takes possession and makes payments directly to the seller, but the seller holds the title until the full payment is made.
You can sell your house on a land contract with an outstanding loan balance if your lender agrees and if the contract doesn't have a due-on-sale clause.
The Virginia Residential Property Disclosure act is a statutory scheme enacted by the General Assembly of Virginia that requires a seller of real estate in Virginia to furnish to a purchaser a residential property disclosure statement for the buyer to beware of certain matters that may affect the buyer's decision to
One such alternative is the contract for deed. In a contract for deed, the purchase of property is financed by the seller rather than a third-party lender such as a commercial bank or credit union.
In many states, the law requires a home seller to disclose to a potential buyer any problems or defects known about the home. In Virginia, however, the seller is obligated only to provide the buyer with a Residential Property Disclosure Statement, (Code of Virginia § 55-519), which contains minimal information.
Virginia is a caveat emptor (buyer beware) state. This essentially means that the responsibility for conducting a thorough inspection of the property that is contemplated to be purchased is on the Buyer.
You will need to include information about all appliances in the home, including which are included in the sale as well as whether they are operational. You will also need to disclose any room additions, damage, or neighborhood noise problems.
