This form provides an outline of due diligence coordinators for departments within a company.
Virginia Due Diligence Coordinators
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US-DD03042
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FAQ
Virginia Seller Disclosure Requirements In many states, the law requires a home seller to disclose to a potential buyer any problems or defects known about the home.
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.
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 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.
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
The Due Diligence Coordinator is a critical role in supporting the transactional initiatives of the company. The Due Diligence Coordinator will be collaborating with the Transactions team in executing acquisitions, dispositions, and financings.
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.
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.
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