This Disclosure Notice of Forfeiture Rights form is provided by the Seller to the Purchaser at the time of the contract signing. Mandatory use of this form is rarely required; however, this form provides the Purchaser with a good understanding of forfeiture and how he or she can be affected by it in the event of a default. Should the courts become involved, the use of this form will help the Seller show that the Purchaser understood his side of the bargain and may help the Purchaser pursue the remedy of forfeiture if challenged by the Purchaser.
Virginia Seller's Disclosure of Forfeiture Rights for Contract for Deed
State:
Virginia
Control #:
VA-00470-22
Format:
Word;
Rich Text
Instant download
Description
How to fill out Virginia Seller's Disclosure Of Forfeiture Rights For Contract For Deed?
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FAQ
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
Monetary Damages If the Seller decides to breach the contract and keep their home, they may do so, but the court may order the Buyer receive money for the resulting breach. Generally, the money owed to Buyer may include reimbursing the Buyer with: The buyer's temporary housing costs.
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.
If a seller defaults, he must return all deposits, plus added reasonable expenses, to the buyer. The other party may also seek to compel the erring party to complete the deal under specific performance. From a buyer's point of view, it is advisable to get the sale agreement registered.
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.
If the seller fails to disclose information about the house but you haven't yet signed on the dotted line, you may be able to cancel the purchase. Canceling the purchase could be a lot less costly and time-consuming than suing the seller.
This means that if you default and can?t make your payments, you lose the property and all of the money you have already paid into it (often including repairs and improvements). Unlike a traditional mortgage, a defaulting buyer in a contact for deed may only have 30-60 days to cure the default or move out.
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.
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.
