Code of Virginia

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Code of Virginia
Title 55.1. Property and Conveyances
Chapter 24. Escheats
10/19/2020

§ 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:

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.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.