This form is an option to purchase real estate. The buyer assumes all liability for damages to the property and/or persons caused by activities by the buyer or its agents under and this obligation shall survive any termination or rescinding of the agreement.
Virginia Option to Purchase Real Estate - Long Form
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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).
Virginia Follows a Rule of Caveat Emptor Virginia is one of the oldest states in the U.S., and its disclosure laws still follow an old English common-law concept known as caveat emptor - buyer beware.
Virginia is a caveat emptor (buyer beware) jurisdiction. Sellers of real estate in Virginia are not necessarily required to fully disclose all property defects when you buy the property, especially when the sale is AS IS.
What's on the Virginia Disclosure Formthe 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.the presence of nearby registered sexual offenders.More items...
Sellers of real estate in Virginia are not necessarily required to fully disclose all property defects when you buy the property, especially when the sale is AS IS. Typically, it is the buyer who must exercise the required due diligence before purchasing the property.
Virginia is one of those states where home buyers bear the responsibility to investigate a property to their satisfaction before they buy it. You may have heard of caveat emptor before, which means let the buyer beware.
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 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
The Virginia Supreme Court has defined the standard of due diligence on buyers as such a measure of prudence, activity, or assiduity, as is properly to be expected from, and ordinarily exercised by, a reasonable and prudent man under the particular circumstances; not measured by any absolute standard, but depending on
