Virginia Code 55.1-700: Definitions
As used in this chapter, unless the context requires a different meaning:
Terms Used In Virginia Code 55.1-700
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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
“Electronic delivery,” for purposes of delivery of the disclosures required by this chapter, means sending the required disclosures via the Internet, provided that the sender retains sufficient proof of the electronic delivery, which may be an electronic receipt of delivery, a confirmation that the notice was sent by facsimile, or a certificate of service prepared by the sender confirming the electronic delivery.
“Notification” means a statement acknowledging that the purchaser has been advised of any disclosures required by this chapter on the Real Estate Board’s website or delivery of any such disclosures to the purchaser.
“Ratification” means the full execution of a real estate purchase contract by all parties.
“Real estate contract” means a contract for the sale, exchange, or lease with the option to buy of residential real estate subject to this chapter.