Virginia Due Diligence Checklist
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How to fill out Due Diligence Checklist?
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FAQ
Do you have to disclose? Unless the felony that occurred was the manufacture of methamphetamine, the answer is no. This is governed by the Virginia Residential Property Disclosure Act. § 55.1-713.
Caveat emptor ? buyer beware. Since Virginia is a caveat emptor state, it is mostly up to buyers to inspect the home and negotiate any necessary repairs to be made to the property before purchasing it from the seller.
The condition of the property or its improvements. adjacent property parcels. whether historic district ordinances affect the property. whether the property is protected under the Chesapeake Bay Preservation Act.
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.
A home inspector's obligations are narrow, and inspection reports typically contain a variety of limitations on liability and detailed descriptions limiting the scope of the inspection. As a Virginia home buyer, you are generally assuming responsibility for any problems you find with the condition of the home later on.
Due diligence is a crucial stage of the home buying process in Virginia; it involves thoroughly inspecting the property and understanding any potential issues. A professional home inspection is a must and will reveal structural, electrical, plumbing, or other issues that may need repair.
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.