Recently, a client asked me how property disclosure statements work, so I thought I’d write a blog post about it. Every state has its own unique set of laws with regard to disclosures. Some states require a lot of disclosures, and others require very few.
Virginia – Residential Property Disclosure Statement
With a few exceptions, every property sold in Virginia has a property disclosure, and it’s called the Residential Property Disclosure Statement. This document must be part of any home purchase contract. Most often, the document is blank, which means the seller has no known materially adverse facts about the property to disclose.
This is very important for buyers to understand, because Virginia is a “buyer beware” state, which means that sellers are not bound by the same disclosure-heavy laws that you’ll find common in other states (i.e. California, New York, etc.). Virginia homebuyers are responsible to do their own due diligence when buying a property. This means doing as many inspections as you want during your home inspection period.
Are you thinking of buying a home in Northern Virginia? It’s important to work with a real estate agent who does a lot of business and is very knowledgeable when it comes to real estate contracts. With over $12 Million in sales volume from the last year alone, I have the experience necessary to counsel you on what will be one of the most important financial transactions you’ll ever make. Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com so I can go to work for you.