Virginia Code 55.1-1601: Memoranda of leases and options
A. In lieu of the recording of a lease, a memorandum of such lease may be recorded, executed by the lessor and the lessee in the manner that would entitle a conveyance to be recorded. Such memorandum of lease shall contain at least the following information with respect to the lease:
Terms Used In Virginia Code 55.1-1601
- Grantor: The person who establishes a trust and places property into it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
1. The name of the lessor;
2. The name of the lessee and a reference to the lease;
3. The addresses, if any, set forth in the lease as addresses of such parties;
4. The date of the memorandum of such lease;
5. A description of the leased premises; and
6. A statement of the term, commencement date or termination date, and rights of extension or renewal, if any, to the extent required to determine the period for which or date to which the lease may be in effect.
B. In lieu of the recording of an option to purchase real estate, a memorandum of such option may be recorded, executed by the grantor of the option in the manner that would entitle a conveyance to be recorded. Such memorandum of option to purchase real estate shall contain at least the following information with respect to the option:
1. The name of the person granting the option;
2. The name of the optionee and a reference to the option;
3. The addresses, if any, set forth in the agreement as addresses of such parties;
4. The date of the memorandum of the option;
5. A description of the optioned premises;
6. The option price or reference to the document containing the method with regard to how the option price is computed; and
7. The statement of the term, commencement date or termination date, and rights of extension or renewal, if any, to the extent required to determine the period during which or date to which the option may be in effect.
1978, c. 628, § 55-57.1; 1982, c. 365; 1984, c. 573; 2019, c. 712.