                                 CODE OF VIRGINIA

PROVISIONS APPLICABLE TO RESIDENTIAL EXECUTORY REAL ESTATE CONTRACTS (§
55.1-3002)

A. Notwithstanding any other provision of law, a residential executory real
estate contract shall be subject to the Virginia Residential Landlord and Tenant
Act (&#xA7; 55.1-1200 et seq.).

B. Notwithstanding any other provision of law, the following provisions shall be
applicable to every residential executory real estate contract:

   1. The purchaser shall have the right to exercise the option to purchase the
   property at any time before the option expires, and no fee or penalty shall be
   charged to any purchaser who exercises the option at an earlier time than
   anticipated under the contract.

   2. If the purchaser defaults in the payment of rent or other requirements
   under a lease, the vendor may serve notice of such default. If default is
   limited solely to failure to pay rent or other monetary charges, the vendor
   may terminate the lease and recover possession of the premises only if the
   delinquent obligation remains outstanding more than 30 days after notice is
   served upon the purchaser notifying him of (i) the nonpayment, (ii) the amount
   of the delinquency, and (iii) the vendor&#8217;s intention to terminate the
   lease if the default is not timely cured.

   3. The vendor may not forfeit the option payment or any portion of such
   payment, provided, however, that the vendor may apply the option payment (i)
   to any amounts owed by such purchaser under the residential executory real
   estate contract or (ii) as otherwise directed by court order in an
   interpleader action filed by such vendor pursuant to &#xA7; 8.01-364 in a
   court of competent jurisdiction.

   4. If the vendor defaults, the purchaser shall be entitled to bring an action
   in a court of competent jurisdiction (i) to enjoin further violations; (ii) to
   recover the purchaser&#8217;s actual damages; (iii) for specific performance
   of the contract; (iv) for rescission; or (v) to receive other equitable relief
   as the court may find appropriate in the interests of justice.

   5. The prevailing party in any proceeding under this chapter in a court of
   competent jurisdiction may be awarded reasonable attorney fees and costs.

C. A residential executory real estate contract may be recorded among the land
records in the office of the clerk of the circuit court where the real property
is located.

D. The provisions contained in this section shall not be waived by contract.

HISTORY: 2019, c. 511, § 55-252.3.