A Virginia purchase agreement, or real estate purchase agreement, is a written contract in which a buyer agrees to buy a home or other real property from a seller. It records the parties, the home or land, the price, the deposit, the conditions, and the closing schedule. For home sales, Virginia law also requires the seller to give the buyer a property disclosure statement.[1.2] Use the builder below to create a free Virginia real estate purchase agreement.
Last Updated: October 2026. This guide is reviewed and updated regularly to reflect current Virginia law. If you notice an error or outdated information, please contact us.
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A residential Virginia purchase agreement sets out the terms of a home sale. The buyer usually makes the offer. The seller can accept it, turn it down, or negotiate until the two sides agree on one set of terms. The final version is what both parties sign.
The seller may draft the contract, but the buyer usually puts forward the offer and the conditions. Agreements for other states are on our fillable real estate purchase agreement page.
The main parts of the contract cover:
A commercial purchase and sale contract works the same way. It is used when the buyer wants a business or investment site. Like the residential version, it names the buyer and seller, describes the parcel, and sets the price, the payment terms, and the schedule.
An agent is often involved in commercial deals. Ask the agent early whether they will represent one side or both, and get the answer in writing.
Under Section 54.1-2139.01 of the Code of Virginia, a licensee may act as a dual agent or dual representative in a commercial real estate transaction only with the written consent of all clients. A client who signs the dual agency or dual representation disclosure is presumed to have given that consent.[2.1]
In any sale, commercial or residential, the buyer should arrange an inspection. A licensed inspector checks the condition of the site against the terms of the contract, within the period the contract sets. When the inspection ends, one of four things usually happens:
In the last two cases the parties usually negotiate further, and the deal is called off if they cannot agree. Spell out as many of these outcomes as you reasonably can in the contract, so both sides know what happens next.
In a residential sale, the Virginia Residential Property Disclosure Act requires the owner to give the purchaser a residential property disclosure statement. The statement is meant to make the buyer aware of certain matters that may affect the decision to buy. The Real Estate Board provides the statement on its website.[1.2]
Other disclosures depend on the property or on what the owner knows:
A real estate licensee who represents an owner as the listing broker must also tell the owner about the owner's rights and obligations under the Act.[1.11] Ask your agent which other disclosure forms go with your sale.
The disclosure statement also tells the buyer that the owner makes no representations about any wastewater system on the property, including its type, its size or its maintenance. Buyers are advised to use whatever due diligence they think necessary to find out whether there is a wastewater system and what it costs to maintain, repair or inspect it, including pumping out septic tanks (Section 55.1-703).[1.2]
The statement also says the owner makes no representations about whether the property has defective drywall. Buyers are advised to use whatever due diligence they think necessary to find out whether there is defective drywall on the property, in any event before settlement (Section 55.1-703).[1.2]
The owner must notify the purchaser of the required disclosures before the real estate purchase contract is ratified. An owner who misses that point is subject to subsection B of the same section.[1.9] At or before settlement, the owner must also disclose any material change in what was disclosed earlier.[1.10]
If the disclosures reach the buyer after ratification, the buyer's only remedy is to terminate the contract. That right ends at the earliest of these events:
A buyer who ends the contract this way owes no penalty, and any deposit must be promptly returned.[1.9] You can count the three-day and five-day windows with our deadline calculator.
Any action under the disclosure law must start within one year of the date the buyer received the applicable disclosures.[1.12] Our statute of limitations guide explains time limits for legal claims.
These short answers cover the seller disclosure rules that buyers and sellers ask about most. Each answer follows the disclosure law, and the sources are listed at the end of the page.
Most of them exist to alert the buyer to matters that may affect the decision to buy. The owner must furnish a residential property disclosure statement.[1.2] The owner must deliver the required disclosures before the contract is ratified.[1.9] At or before settlement, the owner must disclose any material change.[1.10]
An action under the disclosure law must start within one year of the date the buyer received the applicable disclosures.[1.12]
Certain transfers are exempt from the disclosure requirement. They are:
General information, not legal or tax advice.
