Virginia Contract for Sale (of Land)
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How to fill out Contract For Sale (of Land)?
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FAQ
To be enforceable, a land sale contract must satisfy the Statute of Frauds, which generally requires that these contracts be in writing and signed by the parties. Note that this writing is apart from the instrument under which the actual transfer takes place, which is known as the ?deed.?
A void contract is considered a nullity and has no legal effect. A contract made in violation of a Virginia statute, for example, would be illegal and therefore void. For example, contracts for the payment of interest on a loan will be deemed void if the interest rate is unlawfully high.
(b) "Consideration" means any consideration sufficient to support a simple contract. The drawer or maker of an instrument has a defense if the instrument is issued without consideration.
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.
A Virginia land contract records the terms and conditions of a real estate transaction involving vacant land. Both the land/lot seller and its purchaser must come to a mutual arrangement, documenting their terms on said contract each step of the way.
(a) The parties in their agreement may choose the applicable law. However, the choice is not enforceable in a consumer contract to the extent it would vary a statute, administrative rule, or regulation that may not be varied by agreement under the law of Virginia.
In the area of law, for a contract to be legally enforceable, several requirements must be met, including an offer; acceptance of that offer; mutual understanding of the agreement; capacity to agree; an item or service; consideration in exchange for the item or service; and legality of the contract itself, including ...
A purchaser shall have the right to cancel the contract until midnight of the seventh calendar day following the execution of such contract. If the seventh calendar day falls on a Sunday or legal holiday, then the right to cancel the contract shall expire on the day immediately following that Sunday or legal holiday.