Virginia Due Diligence List
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How to fill out Due Diligence List?
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FAQ
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, as described below.
Per § 55.1-703 of the Virginia Code, a seller must only put prospective buyers on notice that no representations about the physical condition of the property are being made.
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.
Federal Lead Disclosure Requirements Beyond Virginia's legal requirements, real property sellers must also comply with disclosure rules under federal law. The main ones relate to lead-based paint. If you are selling a home that was built prior to 1978, you must disclose any known lead-based paint hazards in the home.
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. Such statement shall be provided by the Real Estate Board on its website.
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.
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.
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.