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A Virginia rent-to-own agreement is a unique lease that permits a tenant to purchase rental property after satisfying certain conditions. Before the lease commences, the tenant pays the landlord a fee to exercise the option to purchase the property. It is important to note that the option fee is non-refundable and is credited towards the purchase.
The tenant will only be able to buy during the option term, which is a pre-established period specified in the lease. When the option term becomes effective, the tenant can commit to the sale by sending notice to the landlord and paying any requisite deposit. Failure by the tenant to commit within the option term will forfeit their buying rights and any funds contributed toward the property.
Rental Laws – Virginia Residential Landlord and Tenant Act
Purchase Agreement Laws – Title 55.1, Subtitle 1 (Property Conveyances)
Disclosures (11) |
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The landlord must report any defective drywall that exists within the rental unit.
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2) Demolition or Conversion to Condominium Tenants must be notified if they face displacement due to a project proposal to convert, demolish, or renovate a property.
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3) Lead-Based Paint Disclosure Used to inform tenants of the risks associated with living in dwellings containing harmful lead-based paint (required for property constructed before 1978).
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4) Manager and Owner Information Tenants must be kept up to date with the names and addresses of the landlord, property owner, and manager, and all their agents authorized to accept service of process and receive notices and demands.
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Property owners of a dwelling with a history of methamphetamine manufacturing must include this disclosure form in the lease agreement.
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6) Military Air Installation Disclosure Dwellings near military airbases cannot be rented without including this disclosure declaring the area as a noise zone and accident potential zone.
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The landlord must state whether or not a dwelling contains mold in the move-in inspection report.
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The tenant, landlord, or both parties must perform a move-in inspection assessing the condition of a rental unit five (5) days after the beginning of the lease term.
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Tenants must receive the name, address, and telephone number of the new property owner if the property is sold.
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10) Statement of Tenant Rights and Responsibilities It is required by law that landlords present the Statement of Tenant Rights and Responsibilities to all their tenants. Both the landlord and tenant must sign the form to acknowledge the tenant has received it.
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Tenants must be familiarized with the regular happenings of a tourism activity zone and its possible interference with the tenant’s day-to-day affairs.
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