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The Virginia Residential Property Disclosure Act ( 55.1-700 et seq. of the Code of Virginia) governs the information owners must disclose to prospective purchasers of residential real property. Certain residential property transfers are excluded from the requirements (see 55.1-702).
Is Virginia a full disclosure state?
Although federal law requires some basic disclosures across the U.S., Virginia law does not require sellers to disclose much information about their property at all.
What might happen if a seller fails to make a required disclosure under the Virginia Residential Property Disclosure Act?
55.1-713. The purchasers remedies for failure of an owner to comply with the provisions of this chapter are as follows: 1. If the owner fails to provide any of the applicable disclosures required by this chapter, the contract may be terminated subject to the provisions of subsection B of 55.1-709.
What do realtors have to disclose in Virginia?
Virginia law does not require a real estate agent to disclose any information other than reading the buyer their rights under the state laws.
Which of these transaction types requires disclosure under the Virginia Residential Property Disclosure Act?
Yes, all sales (even foreclosure sales) require disclosure. No, transfers resulting from foreclosure sale are exempt.
What might happen if a seller fails to make a required disclosure under the Virginia Residential Property Disclosure Act?
55.1-713. The purchasers remedies for failure of an owner to comply with the provisions of this chapter are as follows: 1. If the owner fails to provide any of the applicable disclosures required by this chapter, the contract may be terminated subject to the provisions of subsection B of 55.1-709.
Does Virginia have due diligence?
The Virginia Supreme Court has defined the standard of due diligence on buyers as such a measure of prudence, activity, or assiduity, as is properly to be expected from, and ordinarily exercised by, a reasonable and prudent man under the particular circumstances; not measured by any absolute standard, but depending on
Does the Virginia Residential Property Disclosure Act require a seller to disclose that a property is in a tourism activity zone?
Does the Virginia Residential Property Act require a seller to disclose that a property is in a tourism activity zone? If a seller has prior knowledge of the fact that the location of the property falls in a tourism activity zone, the seller may provide disclosure for it.
What does a seller have to disclose in Virginia?
Virginia Follows a Rule of Caveat Emptor In most states, sellers are required to inform the buyer of known defects of the house and must fill out a fairly long document that indicates many possible issues (such as a leaky roof, or a land dispute.
What does Virginias Residential Property Disclosure Act require sellers to do?
The Virginia Residential Property Disclosure act is a statutory scheme enacted by the General Assembly of Virginia that requires a seller of real estate in Virginia to furnish to a purchaser a residential property disclosure statement for the buyer to beware of certain matters that may affect the buyers decision to
Related links
55.1-708. Required disclosures; property previously used to
Virginia Residential Property Disclosure Act 55.1-708. Required disclosures; property previously used to manufacture methamphetamine. Section.
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