{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-3003.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-3003.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-3003.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-3003.html"}],"law_id":70484,"edition_id":1,"section_id":70484,"structure_id":15826,"section_number":"55.1-3003","catch_line":"Board for Housing and Community Development; development of best practice provisions for residential executory real estate contracts","history":"2019, c. 511, \u00a7 55-252.4.","full_text":"The Board for Housing and Community Development shall develop and make available on its website best practice provisions for residential executory real estate contracts. Such best practice provisions shall include (i) the full names and current mailing addresses of all parties to the contract; (ii) a legal description of the subject premises; (iii) the term of the contract or rental agreement and the amount of periodic payments or rent due; (iv) the most recent assessment of the value of the subject premises by the relevant property tax assessor, as well as the amount of property tax assigned to the property in the year preceding the transaction; (v) a statement disclosing any liens or encumbrances against the subject premises; (vi) the contract sales price for the subject premises, which shall be stated as a precise fixed amount in United States dollars; (vii) a description and the amount of any charges or fees for services that are includable in the contract separate from the contract sales price; (viii) the amount of any option payment and the deadline by which such option payment is required to be paid; (ix) the residual amount of the contract sales price that is required to be paid after the option payment has been made; (x) the total amount that the purchaser is required to pay in order to complete the purchase of the property under the terms of the contract, including the combined amount of the option, contract sales price, and rent payments coming due over the term of the contract; (xi) the amount that may be paid to extend the option, if any, and the duration of any such extension; and (xii) the notarized signature of each party and date of each signature.","order_by":null,"text":{"0":{"id":254357,"text":"The Board for Housing and Community Development shall develop and make available on its website best practice provisions for residential executory real estate contracts. Such best practice provisions shall include (i) the full names and current mailing addresses of all parties to the contract; (ii) a legal description of the subject premises; (iii) the term of the contract or rental agreement and the amount of periodic payments or rent due; (iv) the most recent assessment of the value of the subject premises by the relevant property tax assessor, as well as the amount of property tax assigned to the property in the year preceding the transaction; (v) a statement disclosing any liens or encumbrances against the subject premises; (vi) the contract sales price for the subject premises, which shall be stated as a precise fixed amount in United States dollars; (vii) a description and the amount of any charges or fees for services that are includable in the contract separate from the contract sales price; (viii) the amount of any option payment and the deadline by which such option payment is required to be paid; (ix) the residual amount of the contract sales price that is required to be paid after the option payment has been made; (x) the total amount that the purchaser is required to pay in order to complete the purchase of the property under the terms of the contract, including the combined amount of the option, contract sales price, and rent payments coming due over the term of the contract; (xi) the amount that may be paid to extend the option, if any, and the duration of any such extension; and (xii) the notarized signature of each party and date of each signature.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15826,"edition_id":1,"name":"Residential Executory Real Estate Contracts Act","identifier":"30","label":"chapter","depth":3,"order_by":1,"parent_id":12708,"metadata":{},"date_created":"2026-06-26 04:00:13","date_modified":"2026-06-26 04:00:13","permalink":{"id":248403,"object_type":"structure","relational_id":15826,"identifier":"30","token":"55.1\/V\/30","url":"\/55.1\/V\/30\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12708,"edition_id":1,"name":"Miscellaneous","identifier":"V","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":247771,"object_type":"structure","relational_id":12708,"identifier":"V","token":"55.1\/V","url":"\/55.1\/V\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":61064,"structure_id":15826,"section_number":"55.1-3000","catch_line":"Definitions","url":"\/55.1-3000\/","token":"55.1\/V\/30\/55.1-3000","metadata":false},{"id":72273,"structure_id":15826,"section_number":"55.1-3001","catch_line":"Exemptions","url":"\/55.1-3001\/","token":"55.1\/V\/30\/55.1-3001","metadata":false},{"id":78860,"structure_id":15826,"section_number":"55.1-3002","catch_line":"Provisions applicable to residential executory real estate contracts","url":"\/55.1-3002\/","token":"55.1\/V\/30\/55.1-3002","metadata":false},{"id":70484,"structure_id":15826,"section_number":"55.1-3003","catch_line":"Board for Housing and Community Development; development of best practice provisions for residential executory real estate contracts","url":"\/55.1-3003\/","token":"55.1\/V\/30\/55.1-3003","metadata":false}],"previous_section":{"id":78860,"structure_id":15826,"section_number":"55.1-3002","catch_line":"Provisions applicable to residential executory real estate contracts","url":"\/55.1-3002\/","token":"55.1\/V\/30\/55.1-3002","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-3003\/","history_text":"

This law was first created in 2019. The record of its establishment is cataloged in chapter 511<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":248417,"object_type":"law","relational_id":70484,"identifier":"55.1-3003","token":"55.1\/V\/30\/55.1-3003","url":"\/55.1-3003\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-3003\/","token":"55.1\/V\/30\/55.1-3003","dublin_core":{"Title":"Board for Housing and Community Development; development of best practice provisions for residential executory real estate contracts","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-3003","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Board for Housing and Community Development shall develop and make available on its website best practice provisions for residential executory real estate contracts<\/span>. Such best practice provisions shall include (i) the full names and current mailing addresses of all parties to the contract<\/span>; (ii) a legal description of the subject premises; (iii) the term of the contract<\/span> or rental agreement and the amount of periodic payments or rent due; (iv) the most recent assessment of the value of the subject premises by the relevant property tax assessor, as well as the amount of property tax assigned to the property in the year preceding the transaction; (v) a statement disclosing any liens<\/span> or encumbrances against the subject premises; (vi) the contract<\/span> sales price for the subject premises, which shall be stated as a precise fixed amount in United States dollars; (vii) a description and the amount of any charges or fees for services that are includable in the contract<\/span> separate from the contract<\/span> sales price; (viii) the amount of any option payment<\/span> and the deadline by which such option payment<\/span> is required to be paid; (ix) the residual amount of the contract<\/span> sales price that is required to be paid after the option payment<\/span> has been made; (x) the total amount that the purchaser<\/span> is required to pay in order<\/span> to complete the purchase of the property under the terms of the contract<\/span>, including the combined amount of the option, contract<\/span> sales price, and rent payments coming due over the term of the contract<\/span>; (xi) the amount that may be paid to extend the option, if any, and the duration of any such extension; and (xii) the notarized signature of each party<\/span> and date of each signature.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOARD FOR HOUSING AND COMMUNITY DEVELOPMENT; DEVELOPMENT OF BEST PRACTICE\nPROVISIONS FOR RESIDENTIAL EXECUTORY REAL ESTATE CONTRACTS (\u00a7 55.1-3003)\n\nThe Board for Housing and Community Development shall develop and make available\non its website best practice provisions for residential executory real estate\ncontracts. Such best practice provisions shall include (i) the full names and\ncurrent mailing addresses of all parties to the contract; (ii) a legal\ndescription of the subject premises; (iii) the term of the contract or rental\nagreement and the amount of periodic payments or rent due; (iv) the most recent\nassessment of the value of the subject premises by the relevant property tax\nassessor, as well as the amount of property tax assigned to the property in the\nyear preceding the transaction; (v) a statement disclosing any liens or\nencumbrances against the subject premises; (vi) the contract sales price for the\nsubject premises, which shall be stated as a precise fixed amount in United\nStates dollars; (vii) a description and the amount of any charges or fees for\nservices that are includable in the contract separate from the contract sales\nprice; (viii) the amount of any option payment and the deadline by which such\noption payment is required to be paid; (ix) the residual amount of the contract\nsales price that is required to be paid after the option payment has been made;\n(x) the total amount that the purchaser is required to pay in order to complete\nthe purchase of the property under the terms of the contract, including the\ncombined amount of the option, contract sales price, and rent payments coming\ndue over the term of the contract; (xi) the amount that may be paid to extend\nthe option, if any, and the duration of any such extension; and (xii) the\nnotarized signature of each party and date of each signature.\n\nHISTORY: 2019, c. 511, \u00a7 55-252.4.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}