Virginia Retail Charge Account Agreement Initial Disclosure Statement
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How to fill out Retail Charge Account Agreement Initial Disclosure Statement?
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FAQ
It is the intent of the General Assembly that this chapter shall be applied as remedial legislation to promote fair and ethical standards of dealings between suppliers and the consuming public.
Individual action for damages or penalty. A. Any person who suffers loss as the result of a violation of this chapter shall be entitled to initiate an action to recover actual damages, or $500, whichever is greater.
§ 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.
§ 59.1-200. ( Misrepresenting goods or services as those of another; 2. Misrepresenting the source, sponsorship, approval, or certification of goods or services; 3.
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).
SECTION 55.1-704 contains a disclosure requirement for properties in any locality in which there is a military air installation. SECTION 55.1-706 contains a disclosure requirement for properties with pending building code or zoning ordinance violations.
§ 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.
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.