What are the legal limits of a real estate contract?

Real estate contracts are legally binding agreements between two parties, usually a buyer and a seller, which control the sale of a piece of property. In Virginia, the legal limits of a real estate contract are defined by the Virginia Real Estate Code and the laws of the commonwealth. In general, a real estate contract must be in writing, signed by both parties, and contain the full names of all parties involved. The agreement must also contain a description of the property—including an address, legal description, and a list of included items—as well as the amount to be paid, when payment is due, and how payment should be made. The contract must also identify the parties’ respective obligations. In Virginia, other legal limits of a real estate contract include requirements that all agreements must be fair and reasonable, and that the contract must not be based on fraudulent misrepresentations or violation of the law. Real estate contracts must not contain terms that are void and unenforceable, and any such terms will be deemed invalid by a court in land disputes. In addition, Virginia real estate contracts cannot be assigned or amended without the express written consent of all parties involved. Furthermore, real estate contracts are subject to the laws of the commonwealth, and any conflicting provisions may be void and unenforceable. These are all important considerations when entering into a real estate contract in Virginia.

Related FAQs

What are the legal limits of a real estate contract?

Related FAQs

Related Blog Posts