Contracts
In Virginia, a real estate contract's 'legal description' must be:
AThe property's street address only
BA description sufficient to identify the specific parcel with certainty✓ Correct
CThe tax map parcel number only
DAny informal description
Explanation
A real estate contract must identify the property with sufficient certainty. While street addresses may be adequate for simple cases, a full legal description (lot/block/plat reference or metes and bounds) is preferable for enforceability.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
DRE Regulation
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