This form is a Seller's Disclosure Statement. This disclosure statement concerns the condition of property described in the document. The seller acknowledges that the information contained in the form is true and accurate.
Virginia Seller's Real Estate Disclosure Statement
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FAQ
Yes, a disclosure must be provided so the deed can be updated. No, transfers to a person who has a direct line relationship with one or more of the transferors are exempt. No, transfers to a person who has a direct line relationship with one or more of the transferors are exempt.
Virginia Seller Disclosure Requirements In Virginia, however, the seller is obligated only to provide the buyer with a "Residential Property Disclosure Statement," (Code of Virginia § 55.1), which contains little information beyond statements by the seller about what is NOT being disclosed.
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.
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 A§ 55.1-702).
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 buyer's decision to
Virginia Seller Disclosure Requirements In Virginia, however, the seller is obligated only to provide the buyer with a "Residential Property Disclosure Statement," (Code of Virginia § 55.1), which contains little information beyond statements by the seller about what is NOT being disclosed.
The Act also states that sellers of residential property located partially or wholly within a designated tourism activity zone established pursuant to § 15.2-982 may disclose in writing to prospective buyers or lessees that the property is located within a tourism activity zone.
Virginia is a caveat emptor (buyer beware) state. This essentially means that the responsibility for conducting a thorough inspection of the property that is contemplated to be purchased is on the Buyer.
Virginia Seller Disclosure Requirements In Virginia, however, the seller is obligated only to provide the buyer with a "Residential Property Disclosure Statement," (Code of Virginia § 55.1), which contains little information beyond statements by the seller about what is NOT being disclosed.
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 buyer's decision to