A Virginia purchase agreement for a residential property is being reviewed by a new licensee. All of the following are essential elements that must be present for the purchase agreement to be a valid, enforceable contract in Virginia EXCEPT:
Correct Answer
C) The agreement must be witnessed by a notary public
Notarization by a notary public is NOT required for a Virginia residential purchase agreement to be valid and enforceable. The essential elements of a valid real estate contract in Virginia are: offer and acceptance (mutual assent), consideration, legal capacity of parties, lawful purpose, and the agreement must be in writing and signed (per the Statute of Frauds, Va. Code § 11-2). Notarization is required for deeds to be recorded, not for purchase agreements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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