VIRGINIA RESIDENTIAL PURCHASE AGREEMENT

This Virginia Residential Purchase Agreement (the "Agreement") is made and entered into as of [[Agreement Date]] by and between:

Seller(s): [[Seller Full Legal Name(s)]] ("Seller"), whose address for notices is [[Seller Notice Address]]

Buyer(s): [[Buyer Full Legal Name(s)]] ("Buyer"), whose address for notices is [[Buyer Notice Address]]

Seller and Buyer are collectively referred to as the "Parties." The Parties agree as follows.

1. Property The real property that is the subject of this Agreement is located at:

[[Property Street Address]]
[[City]], Virginia [[ZIP Code]]

Legal Description: [[Full Legal Description of Property]]

Tax Parcel / GPIN / Map Reference: [[Tax Parcel or GPIN Number]]

Assessor's Parcel Number: [[Assessor Parcel Number]]

The Property includes all improvements, fixtures, and the following items of personal property: [[List of Included Personal Property or "None beyond standard fixtures"]].

The Property is sold in its present "as is" condition except as otherwise expressly provided in this Agreement or required by Virginia law. Buyer acknowledges the right to conduct inspections as set forth herein.

2. Purchase Price The total purchase price for the Property is $[[Purchase Price]] (the "Purchase Price").

The Purchase Price shall be paid as follows:
- Earnest Money Deposit (see Section 3)
- Additional cash or other funds at Closing
- Proceeds of a new loan (if financing contingency is satisfied)

3. Earnest Money Deposit Within [[Earnest Money Deposit Deadline (business days)]] business days after the date this Agreement is ratified by both Parties, Buyer shall deliver an earnest money deposit in the amount of $[[Initial Earnest Money Deposit Amount]] to the Escrow Agent / Title Company: [[Escrow Agent or Title Company Name and Address]] (the "Escrow Agent").

Any additional earnest money or increase shall be delivered by [[Increased Deposit Due Date or Condition]].

The earnest money shall be held by the Escrow Agent in a non-interest-bearing account (or interest-bearing if required by separate written instruction) pending Closing or termination. The earnest money shall be applied to the Purchase Price at Closing unless otherwise agreed or required by law or this Agreement.

4. Financing Contingency This Agreement is contingent upon Buyer obtaining a firm written commitment for a loan in the amount of approximately $[[Loan Amount]] (or such other amount as Buyer may elect) on terms acceptable to Buyer within [[Financing Contingency Period (days)]] days after the date of ratification of this Agreement.

Buyer shall make prompt, good-faith application for financing. If Buyer is unable to obtain financing despite good-faith efforts, Buyer may terminate this Agreement by written notice to Seller prior to the end of the contingency period and receive a full refund of the earnest money deposit (less any non-refundable fees agreed in writing). If the contingency is not removed in writing by the deadline, this Agreement shall automatically terminate and earnest money shall be returned to Buyer.

5. Appraisal Contingency This Agreement is contingent upon the Property appraising for at least the Purchase Price. Buyer shall order an appraisal promptly after ratification. If the appraised value is less than the Purchase Price, Buyer may: (a) renegotiate the price with Seller; (b) proceed without regard to appraisal; or (c) terminate this Agreement by written notice delivered within [[Appraisal Contingency Response Period (days)]] days after receipt of the appraisal report.

If Buyer fails to terminate within the period, the appraisal contingency is deemed waived.

6. Inspection and Due Diligence Contingency Buyer shall have the right, at Buyer's expense, to conduct such inspections, tests, and due diligence as Buyer deems appropriate, including but not limited to: general home inspection, pest/termite, roof, chimney, HVAC, plumbing, electrical, foundation, septic/well (if applicable), environmental, mold, radon, lead-based paint (pre-1978), and survey.

Buyer shall complete inspections and deliver written notice of any objections, request for repairs, or termination within [[Inspection / Due Diligence Period (days)]] days after ratification of this Agreement.

Seller shall provide reasonable access during normal business hours upon reasonable notice. Buyer shall restore the Property to its prior condition after inspections. Failure to deliver timely written notice shall constitute waiver of the inspection contingency.

7. Title Examination and Survey Seller shall convey marketable fee simple title to the Property by general warranty deed (or special warranty deed as customary in Virginia), free and clear of all liens, encumbrances, and exceptions except: (a) current real estate taxes not yet due and payable; (b) easements, restrictions, and covenants of record that do not materially and adversely affect the use or value of the Property; (c) any matters approved by Buyer in writing; and (d) standard exceptions in the title commitment.

Seller shall deliver to Buyer a current title commitment or preliminary title report from a title company acceptable to Buyer within [[Title Commitment Delivery Period (days)]] days after ratification.

Buyer shall have [[Title Objection Period (days)]] days after receipt of the title commitment to deliver written objections to title. Seller shall have a reasonable time (not to exceed [[Seller Cure Period for Title (days)]] days) to cure any valid objections or this Agreement may be terminated by Buyer with refund of earnest money.

Buyer may obtain a current survey or ALTA survey at Buyer's option and expense.

8. Property Owners' Association / HOA Disclosure (POA Act) If the Property is located within a development subject to the Virginia Property Owners' Association Act (Va. Code § 55.1-1800 et seq.) or the Virginia Condominium Act, Seller shall: - Disclose that fact in this Agreement - Obtain and deliver to Buyer the required association disclosure packet (or resale certificate) from the association or its managing agent within the time required by law and this Agreement

Buyer acknowledges the statutory right to cancel this Agreement within three (3) days after receiving the association disclosure packet (or notice that it is not available), or such longer period as may be stated in the ratified contract (up to seven days in certain cases under recent amendments). The right to receive the packet and to cancel is waived if not exercised before settlement. See Va. Code § 55.1-1808 and related sections.

Seller represents that the Property [[Is / Is Not]] subject to a property owners' association or condominium regime. If subject, the name of the association is [[Association Name]] and contact for packet: [[Association Contact or Management Company]].

9. Seller's Required Disclosure Statement (§ 55.1-703) Pursuant to the Virginia Residential Property Disclosure Act (Va. Code § 55.1-700 et seq.), Seller shall furnish to Buyer the residential property disclosure statement (the "Disclosure Statement") for the buyer to beware of certain matters that may affect Buyer's decision.

The Disclosure Statement is provided on the form developed by the Real Estate Board. Seller makes no representations or warranties as to the condition of the Property or improvements, covenants, restrictions, or mineral rights, and Buyer is advised to exercise due diligence including home inspection, mold assessment, and energy analysis prior to settlement.

The Disclosure Statement shall be delivered prior to ratification or in accordance with § 55.1-709. If delivered after ratification, Buyer's sole remedy (unless waived) is to terminate prior to the earliest of: (i) three days after personal/electronic delivery; (ii) five days after postmark; (iii) settlement; (iv) occupancy; or other events specified in the statute.

Buyer acknowledges receipt or will receive the Disclosure Statement: [[Date Received or "To be provided prior to settlement"]].

10. Financing and Recordation Costs; Taxes Buyer shall pay all costs of obtaining Buyer's financing (including appraisal, credit reports, and lender fees) unless otherwise agreed.

Virginia recordation tax on the deed of conveyance and any grantor's tax shall be paid as required by Virginia law and local custom (typically split or as negotiated). The Parties agree that the recordation tax and any transfer taxes shall be paid by: [[Buyer / Seller / Split as Customary]].

Real estate taxes, assessments, rents, interest, and other items shall be prorated as of the Closing date on a 365-day year basis or as required by local custom and the title company.

11. Closing and Possession Closing shall occur on or before [[Closing Date]] ("Closing") at the office of the Escrow Agent or such other location as the Parties agree.

Possession shall be delivered to Buyer on [[Possession Date]] at [[Possession Time, e.g., 5:00 PM]] or upon recordation of the deed if later, unless otherwise agreed in writing.

At Closing, Seller shall deliver:
- Duly executed general (or special) warranty deed
- Keys, access devices, garage openers, and all personal property included
- Assignment of any warranties or service contracts (if assignable)
- Any required affidavits (FIRPTA, owner affidavit, etc.)
- The Property vacant, broom clean, and in substantially the same condition as on the date of Acceptance, reasonable wear and tear excepted, with all debris and Seller's personal property removed (except items included in sale)

12. Default and Remedies If Buyer defaults, Seller may retain the earnest money as liquidated damages (initials required below) or pursue other remedies available at law or in equity.

If Seller defaults, Buyer may recover the earnest money plus actual damages or seek specific performance.

13. Liquidated Damages If Buyer defaults, Seller shall be entitled to retain the earnest money deposit as liquidated damages. The Parties agree that actual damages would be difficult to ascertain and that the deposit amount is a reasonable estimate of the harm.

Buyer initials: [[Buyer Initials for LD]] Seller initials: [[Seller Initials for LD]]

14. Default; Time of Essence Time is of the essence. All deadlines are calculated in calendar days unless business days are specified. Deadlines falling on a weekend or Virginia legal holiday are extended to the next business day.

15. Notices All notices required or permitted under this Agreement shall be in writing and delivered by hand, overnight courier, certified mail, or email (with read receipt) to the addresses set forth above or to such other address as a Party may designate in writing. Notice is effective upon receipt or, if mailed, three business days after deposit.

16. Assignment Buyer may not assign this Agreement without Seller's prior written consent. Any attempted assignment without consent is void.

17. Entire Agreement; Amendments This Agreement, including all addenda and exhibits attached hereto, constitutes the entire agreement between the Parties and supersedes all prior negotiations, representations, and agreements. No modification shall be binding unless in writing and signed by both Parties.

18. Severability If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.

19. Governing Law and Venue This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia. Any action arising out of this Agreement shall be brought in the state or federal courts located in the county or city where the Property is located.

20. Counterparts; Electronic Signatures This Agreement may be executed in counterparts, each of which shall be deemed an original, and electronic signatures (including DocuSign or similar) shall be deemed valid and binding.

21. Brokerage and Agency The Parties acknowledge the real estate agency relationships disclosed in the agency disclosure form provided separately. Commissions are as set forth in separate listing and buyer representation agreements.

Listing Broker / Agent: [[Listing Broker / Agent Name and License #]]

Buyer's Broker / Agent: [[Buyer Broker / Agent Name and License #]]

22. Additional Terms and Conditions The following additional terms and conditions are agreed:

[[Additional Terms and Conditions or "None"]]

23. Exhibits and Addenda The following exhibits and addenda are attached and incorporated by reference:

• Exhibit A: Legal Description (if separate)
• Exhibit B: Property Owners' Association / HOA Disclosure and Cancellation Rights Notice
• Exhibit C: Seller Residential Property Disclosure Statement (Virginia form)
• Addendum 1: Financing Contingency Details (if applicable)
• Addendum 2: Inspection / Repair Addendum
• Other: [[List Other Addenda]]

24. Contingency Timeline Summary

25. Key Requirements and Fillable Checklist (Numbered Steps)

1. Complete all [[Token]] fields above with accurate party, property, price, and date information.

2. Attach or deliver the Virginia Residential Property Disclosure Statement prior to or promptly after ratification as required by § 55.1-703 and § 55.1-709.

3. If POA or condominium applies, request the association disclosure packet immediately and deliver it to Buyer upon receipt. Note the statutory 3-day (or agreed) cancellation window.

4. Buyer to promptly apply for financing and order inspections within the first few days of the contingency periods.

5. All notices of termination, objection, or waiver must be in writing and delivered by an approved method before the applicable deadline.

6. At Closing, confirm prorations, recordation tax allocation, and delivery of all keys and documents.

7. Both Parties should initial the liquidated damages clause and retain copies of the fully executed Agreement and all addenda.

8. Consult qualified Virginia real estate counsel and title professional to review all documents prior to ratification and Closing.

26. Signatures

SELLER

Signature: ___________________________________________ Date: [[Seller Signature Date]]

Printed Name: [[Seller Full Legal Name(s)]]

BUYER

Signature: ___________________________________________ Date: [[Buyer Signature Date]]

Printed Name: [[Buyer Full Legal Name(s)]]

WITNESS (Optional)

Signature: __________________________________________ Date: ___________

Printed Name: [[Witness Name]], -

*Template example, not professional legal advice. Parties must verify all terms against current Virginia statutes (Va. Code Title 55.1), local ordinances, and their specific circumstances. No statutory general buyer cooling-off period exists beyond disclosure-based termination rights. Recordation tax applies to the deed of conveyance. All [[tokens]] are user-fillable fields. Provisions drafted in accordance with task key legal specifications (POA Act § 55.1-900 et seq., seller disclosure § 55.1-703, explicit contingency deadlines) and current as of 2026-06.*

Sources: Va. Code §§ 55.1-703, 55.1-709, 55.1-1800 et seq. (Property Owners' Association Act), 55.1-900 et seq.; Virginia Real Estate Board forms and standard practices. Consult the Commonwealth of Virginia courts and a licensed attorney for the most current requirements.