Virginia Realtors Commercial Purchase Agreement
Virginia Residential Purchase Agreement – A purchase and sale agreement only for residential real estate transactions. 4 are taken or taken by the seller or buyer under this Agreement or jeopardize the continued exploitation of the property for commercial purposes. 7. Seller`s insurance and warranties. The seller, jointly and severally (if more than one seller) represents and warrants to the buyer, from the date of this agreement and on the date of invoicing, that: A. Authority and marketable title. The seller is the owner of the property, has the necessary power to enter into and perform this contract and has the absolute right to sell, assign and transfer ownership to the buyer when invoicing. B. No ongoing litigation or bankruptcy.
There are no remedies, lawsuits or proceedings under the law or fairness that are pending before or by any federal, regional, local or other department, commission, board of directors, office, agency or toolbox, or that relate to ownership. No bankruptcy or similar measure, wilful or involuntary, is pending or threatens seller, and seller does not intend to file or bring such action within ninety (90) days of the transaction. C. No call option in progress. No option, right of pre-emption or other contractual possibility of purchase of the property has been granted to a third party or executed with a third party that is enforceable against the seller and/or property and that gives that third party the right to acquire an interest in the immovable property or part thereof. D. No repair message. The seller has not received any written notification from a government authority of the need to make repairs, modifications or corrections to be made to the property.
E. Utilities. The land is connected to [select one]: a communal water and sanitation system and has power meters installed on the land, OR a well and sanitation system on the land. The seller does not guarantee that the capacities of these distribution companies are sufficient for the intended use of the good by the buyer. F. Hazardous substances. To the seller`s knowledge, no toxic or hazardous material (as defined by applicable federal or state laws) has been used, delivered or stored on or above the land in violation of these laws and, to its knowledge, there are currently no toxic or hazardous materials in the colony located on or below the surface of the land. There are no oil storage tanks on or below the surface of the property. G. Parties in possession.
From the date of the transaction, there will be no adverse parties or other parties in possession of the property or any part thereof, nor any license, lease or any other right or interest related to the use or ownership of the property or any part thereof, with the exception of related leases, and has been converted in part as ANNEX A. .