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.
Virgin Islands Seller's Real Estate Disclosure Statement
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How to fill out Seller's Real Estate Disclosure Statement?
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FAQ
A Seller's Disclosure is a legal document that requires sellers to provide previously undisclosed details about the property's condition that prospective buyers may find unfavorable. This document is also known as a property disclosure, and it's important for both those buying a house and for those selling a house.
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 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.
Here are eight common real estate seller disclosures to be aware of, whether you're on the buyer's side or the seller's side.Death in the Home.Neighborhood Nuisances.Hazards.Homeowners' Association Information.Repairs.Water Damage.Missing Items.Other Possible Disclosures.
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.
A disclosure statement is a financial document given to a participant in a transaction explaining key information in plain language. Disclosure statements for retirement plans must clearly spell out who contributes to the plan, contribution limits, penalties, and tax status.
Remember that sellers and real estate agents must make the disclosures necessary to avoid fraud, misrepresentation or deceit. This section deals with the major disclosures required by the California Civil Code (commencing at Section 1102).
The document provided by the seller that described the condition of the property is known as the Transfer Disclosure Statement. As a buyer, you should receive this document during the contract contingency period.
Most Common Disclosures in Real EstateNatural Hazards Disclosure. First on the list is the natural hazards disclosure.Market Conditions Advisory (MCA) Market Conditions Advisory, also known as MCA, covers items more financial in nature.State Transfer Disclosure.Local Transfer Disclosure.Megan's Law Disclosures.
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.
