Virginia residential real estate sales contract is considered as a special instrument and it is having unique requirements as compared to the standard rules for the formation of contracts. There are a number of required elements among which residential sale contract have to be in writing is the most important one. On the other hand, it also contains certain other elements in order to make the sales contract enforceable. In this context, all the parties who are involved in the transaction should be listed. Apart from it, Virginia residential real estate sales contract also contains the description of the property. In most of the cases, it involves the legal description and the address of the property. Moreover, the purchase price of the property is also listed in the residential real estate sales contract. The contract should be signed by all of the concerned parties to the sale.
In addition to that, there are a number of additional elements which are included in the Virginia residential real estate sales contract such as to protect the rights and obligations of both, the buyer and seller. Furthermore, additional elements are included in the sales contract to ensure that the transaction of residential sales is smoothly going down and there is limited number of opportunities for disagreement between the parties. The contract of sale would be appropriate to reflect the specific terms of real estate transfer. Transfer of property seller and its acceptance by the buyer signed by the parties carried out the act of transfer or another document on transfer. The Virginia residential real estate sales contract tends to stipulate that the seller has handed over, and the buyer has accepted the premises.
If the seller is in breach of contract and does not fulfil the obligation to transfer to the buyer of the property sold, the buyer is entitled to demand specific performance of the agreement. This may include the transfer of the sold flats (apartment, building or any other residential property) and damages caused by a delayed performance by the seller, or to refuse to perform the contract, require the seller to compensate the damages.
In the Virginia residential real estate sales contract, real estate transfer obligation shall be considered fulfilled if the signed transfer document and the property are actually transferred to the buyer. However, it should be noted that the transfer of property to the buyer does not mean the transfer of ownership of it. The right of ownership arises only at the moment of state registration of the transfer of this right to the buyer. If the shortcomings premises were not stipulated by the seller, the buyer, who transferred the property of improper quality may, at its discretion, to demand from the seller. On the other hand, it may also result in a proportionate reduction of the purchase price; free elimination of defects within a reasonable time and reimbursement of its expenses for the elimination of defects in the property. In the event of a material breach of the quality requirements of the property, the buyer is entitled to withdraw from the contract of purchase and sale and to demand refunds for housing money.