This form is an option to lease real estate. In the event the lessee fails to exercise the option, the sum paid for the option will be retained by the lessor. In such event, the monies retained by the lessor and costs assumed by the lessee will be considered to be a full and complete satisfaction and accord of any damages suffered by lessor because of lessee's failure to lease this property.
Virginia Option to Lease Real Estate - Long Form
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FAQ
Like some other states, Virginia only requires the signature of one party to be binding. If the landlord doesn't sign a lease that has been signed by the tenant, accepting rent has the same effect as signing the lease.
A notary can play an important role in making sure that a contract is legally enforceable, even if notarization isn't necessary. Just like wills, there is generally no requirement that a contract be notarized in order to be legally binding.
Most standard leases are for a period of one year, or twelve months. But there are often options for both longer-term and shorter-term leases.
The maximum duration of a standard residential lease agreement is one (1) year in Virginia. Leases longer than one year must be in writing in order to be valid.
Yes, a lease can automatically renew in Virginia. A lease may include an automatic renewal clause, which renews the lease unless either party gives notice before the end of the lease. Sometimes, this clause will renew the lease for the same period as the original lease.
This is a written contract that sets out the terms and conditions between the Landlord and Tenant of a residential property.
No, standard residential lease agreements do not need to be notarized in Virginia. As long as the lease is signed by at least one party and meets the requirements to be legally binding, it is enforceable.
Lease automatically may renew on a month-to-month basis unless landlord or tenant gives written notice of non-renewal before the end of the set term.
A lease option is a legal agreement that allows you to control a property and generate income from it, with the right (but not the obligation) to buy it later. .
If the lease or rental agreement requires tenant to notify landlord of an absence from the rental longer than seven days, and the tenant fails to give such notice, the landlord must give the tenant written notice that unless the tenant lets landlord know the rental isn't abandoned within seven days, the landlord will