55-79.02 - Form of instrument. - Virginia Statutes

§ 55-79.02. Form of instrument.

In any case where a residential ground rent is created, the agreementtherefor shall:

(i) Be reduced to writing;

(ii) Be in recordable form; and

(iii) Disclose the date, the names of the parties, the ground rent and anyfuture adjustments to it, when such rent is payable, the duration of theagreement and the value of the land at the time the agreement is made. If theparties have so agreed, the agreement shall state the amount for which theground rent may be redeemed. Such agreement shall be included as a part ofthe deed or other instrument of transfer.

(1975, c. 363.)