What must be included in a written real estate contract in Virginia?

In Virginia, a written real estate contract must include essential elements to be enforceable, with the purchase price and a legal description of the property being two of the critical components. The legal description ensures clarity about the property being sold, while the purchase price specifies the amount agreed upon by the parties involved. Additionally, the signatures of the parties help to signify mutual consent to the terms of the contract, making it a binding agreement.

Including these elements addresses the legal requirements for the formation of a contract, providing a clear understanding of what is being bought and sold and confirming that all parties are in agreement. Other components, like a property appraisal or a survey of the land, while potentially useful, are not mandatory for the contract to be valid. The buyer's financial history is also not a required element in this context. Thus, the correct choice underscores the fundamental aspects necessary for the validity of a real estate transaction in Virginia.