Virginia Contract for Deed Package
About this form package
The Virginia Contract for Deed Package includes essential legal documents specifically designed for owner financing of real estate transactions. This package consists of various forms necessary for executing a contract for deed in Virginia, setting it apart from other generic real estate form packages. It provides tailored documents that adhere to the state's legal requirements, ensuring a smooth transaction process between buyers and sellers.
Forms provided in this package
- Agreement or Contract for Deed for Sale and Purchase of Real Estate a/k/a Land or Executory Contract
- Notice of Intent to Enforce Forfeiture Provisions of Contact for Deed
- Final Notice of Forfeiture and Request to Vacate Property under Contract for Deed
- General Notice of Default for Contract for Deed
- Seller's Disclosure of Forfeiture Rights for Contract for Deed
- Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract
- Contract for Deed Seller's Annual Accounting Statement
- Notice of Default for Past Due Payments in connection with Contract for Deed
- Final Notice of Default for Past Due Payments in connection with Contract for Deed
- Assignment of Contract for Deed by Seller
- Notice of Assignment of Contract for Deed
When this form package is needed
This form package is useful in scenarios such as:
- When a seller wishes to offer owner financing instead of traditional mortgage options.
- When both parties need clear documentation outlining the terms of the financing agreement.
- If a seller has agreed to transfer property ownership while retaining the right to enforce payment terms.
- When buyers want to understand their financial obligations and the consequences of non-payment.
Who this form package is for
- Property sellers who want to offer financing options to buyers.
- Buyers looking for alternative financing methods to purchase real estate.
- Realtors and real estate professionals facilitating owner-financed transactions.
- Attorneys representing clients in real estate financing matters.
Instructions for completing these forms
- Review the included forms to understand their purposes and requirements.
- Identify the parties involved, including the seller and buyer, and enter their details.
- Fill in relevant information such as purchase price, payment terms, and other specific details in the Contract for Deed.
- Complete additional documents like the Seller's Disclosure of Financing Terms and Notices, as required.
- Ensure all parties sign where indicated, and provide copies to each party for their records.
Notarization guidance for this package
Certain documents in this package must be notarized for legal effectiveness. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to include all necessary details in the Contract for Deed, leading to ambiguity.
- Not providing disclosures as mandated, which could affect enforceability.
- Ignoring the need for notices in case of payment defaults.
- Not keeping copies of all forms signed by both parties for future reference.
Why complete this package online
- Convenient access at any time, allowing you to complete forms at your own pace.
- Edit and customize forms directly to meet specific transaction requirements.
- Secure and reliable, with all documents created by licensed attorneys to ensure legal compliance.
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FAQ
The buyer must record the contract for deed with the county recorder where the land is located within four months after the contract is signed. Contracts for deed must provide the legal name of the buyer and the buyer's address.
Interest rates on land contracts can vary dramatically, and buyers and sellers ultimately call the shots on the loan's rate. That said, interest rates typically stay under 12%, Smith said. Federal loan regulations, as well as state usury laws, restrict sellers from overcharging interest fees.
Generally, contract for deed sellers use IRS Form 6252 to report installment sales in the year in which they take place. You also use Form 6252 during each year you receive income from your contract for deed.
A disadvantage to the seller is that a contract for deed is frequently characterized by a low down payment and the purchase price is paid in installments instead of one lump sum. If a seller needs funds from the sale to buy another property, this would not be a beneficial method of selling real estate.
Contract for Deed Seller Financing. A contract for deed is used by some sellers who finance the sale of their homes. Seller's Ownership Liability. Buyer Default Risk. Seller Performance. Property Liens Could Hinder Purchase.
A contract for deed is an agreement for buying property without going to a mortgage lender. The buyer agrees to pay the seller monthly payments, and the deed is turned over to the buyer when all payments have been made.
A land contract should spell out the purchase price, down payment, payment schedule, installment amount, interest rate, loan term and balloon payment amount, if applicable. Responsible party for home repairs. The buyer and seller agree upfront on who will make and pay for home repairs.
The interest rate on a contract for deed loan is typically 3% - 6% higher than the rate on regular mortgage. A higher interest rate means a higher monthly mortgage payment plus you are also responsible for property taxes and insurance even though you do not own the property.
Purchase price. Down payment. Interest rate. Number of monthly installments. Responsibilities of the buyer and seller. Legal remedies for the seller if the buyer does not make payments.
