Memorandum of Trustee's Foreclosure Sale
(VA)

Summary

This Memorandum of Sale may be used to set forth the terms of a trustee's foreclosure sale in Virginia. This template contains practical guidance and drafting notes. A deed of trust is the preferred security instrument in Virginia and most foreclosures are completed nonjudicially pursuant to the noteholder's contractual right to a power of sale granted by the borrower to a trustee in the deed of trust. The trustee's sale is conducted at public auction "upon such terms and conditions as the trustee may deem best." Va. Code Ann. § 55.1-320(7). There is no written report of the sale, so an Auctioneer's Certificate or a Trustee's Memorandum of Sale is usually executed by the trustee and the successful bidder(s) at the conclusion of the sale to provide a written record of the sale and to act as a receipt for the deposit placed with the trustee by the successful bidder. The Memorandum of Sale confirms in writing the terms and conditions of sale, the name and address of the purchaser, and constitutes a binding contract of sale. For further guidance, see Commercial Foreclosure (VA), Residential Foreclosure (VA), and Foreclosure Resource Kit (VA).