Virginia real estate contract laws for buyers and sellers

Real estate laws in Virginia are enforced to protect the rights of both sellers and buyers in relation to the purchase, transactions, and other activities between a buyer and a seller. These include homestead protection and landlord-tenant relations, among other issues. Virginia real estate contract law obliges landlords to return the amount deposited as security by a purchaser within the period of 45 days as soon as the lease is terminated. Under the Virginia real estate contract law, landlords can charge their tenants an amount equivalent to two months as the security deposit.

Economic fluctuations in recent times have forced upon the world the realization that these changes can happen in a very short span of time, which have can have drastic effects on all aspects of a society, from corporates to individuals. Virginia has prepared homestead protection laws on the basis of the same realization, that economic uncertainties and sudden fluctuations can cause people to be evicted and lose their homes. As such, Virginia real estate contract law acknowledges the need to protect people that suffer harshly from the change in economic conditions, preventing them from losing homes. The homestead laws in Virginia allow residents to retain partial or full equity in their primary residence from creditors. This is usually done by assigning a particular portion of the property as a “homestead.” The homestead laws, which is a part of Virginia real estate contract law, are usually invoked in cases of individuals running into bankruptcy or the actions taken by creditors against the residents.

Homestead laws have differences across different states. In some states, the residents are granted the choice between invoking federal or state bankruptcy exemptions for seeking protection against creditors in times of economic hardship. However, Virginia real estate contract law demands that residents should use the state-specific exemption laws of Virginia. Residents have the right to allocate property up to a worth of $5,000 as homestead. In addition, a worth of $500 homestead laws are allocated for each dependent in the household. Furthermore, for senior citizens at the age of sixty-five or more or married coupled, real estate worth of $10,000 may be exempted under Virginia real estate contract law.

Tenants are also entitled to important basic rights in Virginia. In Virginia there certain rules that both tenants and owners of houses are expected to follow, in addition to the federal law that exists in the US as a whole. The Virginia Residential Landlord and Tenant Act is the central legal act that addresses the obligations and rights of tenants and landlords that have entered into a residential agreement. The Virginia real estate contract law mainly addresses the living conditions that a tenant the right to be provided with, discrimination, and security deposits. The anti-discriminatory law is in place to prevent any house owner to refuse to rent a house to a person on the basis of their colour, ethnicity, race, and religion. Moreover, landlords and sellers are required to provide reasonable living conditions with proper air conditioning, plumbing, and heating systems in place within the house for the buyer.