Virginia Code 55.1-2420: Form of sale agreement; notice of right to refund
A sale agreement for the purchase of escheated property shall include a statement of the purchaser’s right to claim a refund pursuant to § 55.1-2438 upon submission to the State Treasurer within 120 days of the sale of satisfactory evidence that the escheated property does not exist or was improperly escheated. The following form may be used:
Terms Used In Virginia Code 55.1-2420
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- known: includes inspection of tax records and any other inquiry deemed to be reasonable. See Virginia Code 55.1-2400
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
Sale Agreement of Escheated Property
This agreement of sale made in triplicate this ____ day of ______, 20__, between ________, Escheator (hereinafter known as Seller), and ________ (hereinafter known as Purchaser) and ________ (hereinafter known as Agent).
WITNESS
That for and in consideration of the full purchase price of $______ by cash/check in hand paid, receipt of which is hereby acknowledged, the Seller agrees to sell and the Purchaser agrees to buy all that certain lot or parcel of land with all the appurtenances (if any) thereunto belonging and described as follows:
________________
________________
________________
The Seller agrees to obtain a state grant. It is hereby understood that GRANTS for lots, parcels and acreage sold pursuant to this agreement shall be WITHOUT WARRANTY and in accordance with § 55.1-2422 of the Code of Virginia. The recovery of proceeds of each sale from the Commonwealth, less the expenses of sale and the escheator’s commission, may be obtained if the Purchaser, pursuant to § 55.1-2438 of the Code of Virginia, submits satisfactory evidence to the State Treasurer within 120 days of the sale that the escheated property does not exist or was improperly escheated.
WITNESS the following signatures and seals made this ______ day of ______, 20__.
____________ (SEAL)
____________ (SEAL)
Agent
____________ (SEAL)
Purchaser
____________ (SEAL)
Escheator for
____________, Virginia,
Seller
1986, c. 141, § 55-184.2; 2019, c. 712.