                                 CODE OF VIRGINIA

FORM OF SALE AGREEMENT; NOTICE OF RIGHT TO REFUND (§ 55.1-2420)

A sale agreement for the purchase of escheated property shall include a
statement of the purchaser&#8217;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&#8217;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

HISTORY: 1986, c. 141, § 55-184.2; 2019, c. 712.