Virginia Acquisition Due Diligence Report
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How to fill out Acquisition Due Diligence Report?
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§ 55.1-709. A. The owner of residential real property subject to this chapter shall provide notification to the purchaser of any disclosures required by this chapter prior to the ratification of a real estate purchase contract or otherwise be subject to the provisions of subsection B.
The owner of residential real property located in any locality in which a military air installation is located shall disclose to the purchaser whether the subject parcel is located in a noise zone or accident potential zone, or both, if so designated on the official zoning map by the locality in which the property is ...
The Virginia Residential Property Disclosure Act (§ 55-517 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 § 55-518).
§ 55.1-700. Definitions "Notification" means a statement acknowledging that the purchaser has been advised of any disclosures required by this chapter on the Real Estate Board's website or delivery of any such disclosures to the purchaser.
Virginia is a caveat emptor state. Caveat emptor is a Latin phrase that translates to "let the buyer beware." This means that a person buys at their own risk. Potential buyers are advised to conduct extensive research (due diligence) and ask the seller any questions.
The owner of the residential real property shall furnish to a purchaser a residential property disclosure statement for the buyer to beware of certain matters that may affect the buyer's decision to purchase such real property.
The presence of nearby registered sexual offenders. whether the property is in a dam break inundation zone. the presence of any wastewater system on the property. any right to or use solar energy collection devices on the property.
The provisions of this chapter apply only with respect to transfers by sale, exchange, installment land sales contract, or lease with option to buy of residential real property consisting of not less than one nor more than four dwelling units, whether or not the transaction is with the assistance of a licensed real ...