The Virginia Notice of Hearing on Disclosure Statement is a document used in Virginia, USA, that is initiated by a creditor in the bankruptcy process. This document is used to inform the debtor about a hearing that will be held to consider the approval of a disclosure statement. The debtor has the right to appear at the hearing and object to the disclosure statement if they have any objections. There are two types of Virginia Notice of Hearing on Disclosure Statement. The first type is a Notice of Hearing on Confirmation of Plan, which is used when a Chapter 11 bankruptcy plan has been proposed, and the court must hold a hearing to determine if the plan should be confirmed. The second type is a Notice of Hearing on Disclosure Statement, which is used when a disclosure statement has been filed in a Chapter 11 bankruptcy and the court must hold a hearing to determine if the disclosure statement should be approved.
Virginia Notice of Hearing on Disclosure Statement
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FAQ
55-519. Required disclosures. 2. A residential property disclosure statement disclosing those itemscontained in a form provided by the Real Estate Board to implement theprovisions of this chapter and to list items which are required to bedisclosed relative to the physical condition of the property.
The Virginia property disclosure statement is a report completed by a seller of real estate that informs a potential buyer of the property's physical condition. As a ?buyer beware? state, Virginia does not require property owners to disclose the condition of their property to buyers.
Per the Virginia Residential Property Disclosure Act, sellers are not necessarily required to disclose flaws or defects to buyers, but they also cannot lie or actively conceal a problem. They also must honestly respond to any inquiries from potential buyers.
Yes, all sales (even foreclosure sales) require disclosure. No, transfers resulting from foreclosure sale are exempt.
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.
§ 55.1-700. Definitions "Ratification" means the full execution of a real estate purchase contract by all parties. "Real estate contract" means a contract for the sale, exchange, or lease with the option to buy of residential real estate subject to this chapter.
THE VIRGINIA RESIDENTIAL PROPERTY DISCLOSURE ACT Virginia's Residential Property Disclosure Act (the ?Act) (Virginia Code §55-517 et seq.) requires real estate licensees to inform the parties to a transaction with whom they deal of their rights and obligations under the Act.