Virginia Supervision and Sales Agreement
Description
How to fill out Supervision And Sales Agreement?
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FAQ
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.
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.
There are exceptions where no disclosure statement is required, including in sales or transfers between co-owners or between blood relatives or divorcing spouses, or in certain tax, bankruptcy, trust, and foreclosure sales. (See Code of Virginia § 55.1-702.)
Every resident real estate broker shall maintain a place of business in this Commonwealth.
B. The purchaser's remedies for failure of an owner to comply with the provisions of this chapter are as follows: 1. If the owner fails to provide any of the applicable disclosures required by this chapter, the contract may be terminated subject to the provisions of subsection B of § 55.1-709.
Can I handle the sale as a real estate salesperson? A: Under Virginia law, if a mobile home is not attached to the land in some way (like a foundation) it is not considered real property. Therefore, you could not market it as a real estate agent without having a manufactured home license.
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.
The presence of nearby registered sexual offenders. whether the property is in a dam break inundation zone. the presence of any wastewater system on the property. any right to or use solar energy collection devices on the property.