What is required for a real estate transaction in Virginia to be legally binding?

For a real estate transaction in Virginia to be legally binding, a written agreement is required. This is in line with the Statute of Frauds, which mandates that certain contracts, including those involving the transfer of real property, must be in writing to be enforceable. A written document provides clear evidence of the terms agreed upon by the parties involved, which helps prevent misunderstandings and disputes.

While there may be informal discussions or preliminary agreements that occur in real estate transactions, such as oral agreements or verbal understandings, these do not meet the legal requirements to make the contract enforceable in terms of real estate. Notarization, while it can add an extra layer of legitimacy to a document, is not a requirement for the contract itself to be binding in the context of the legality of the agreement. Thus, having a written agreement is essential for it to be legally enforceable in Virginia.