                                 CODE OF VIRGINIA

BOARD FOR HOUSING AND COMMUNITY DEVELOPMENT; DEVELOPMENT OF BEST PRACTICE
PROVISIONS FOR RESIDENTIAL EXECUTORY REAL ESTATE CONTRACTS (§ 55.1-3003)

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.

HISTORY: 2019, c. 511, § 55-252.4.