Key Takeaways
- Virginia requires sellers of residential property to provide a disclosure statement or make a disclaimer
- The Virginia Residential Property Disclosure Statement covers known material defects
- Sellers may choose to disclaim by stating property is sold "as is" with no representations
- Even with disclaimer, sellers cannot actively conceal known defects or commit fraud
- Lead-based paint disclosure is required by federal law for homes built before 1978
Virginia Residential Property Disclosure
Virginia has specific requirements for property disclosures that sellers must follow.
Disclosure Options in Virginia
Virginia law gives sellers of residential real property (1-4 units) a choice:
Option 1: Provide Disclosure Statement
Complete the Virginia Residential Property Disclosure Statement which covers:
| Category | Items Disclosed |
|---|---|
| Structural | Foundation, roof, walls, floors |
| Systems | HVAC, plumbing, electrical, water/sewer |
| Environmental | Lead paint, underground tanks, flood zone |
| Property Issues | Drainage, boundaries, easements |
| HOA/Condo | Association information, fees, restrictions |
Option 2: Make Disclaimer Statement
Alternatively, sellers may provide a disclaimer statement that:
- States property is sold "as is"
- Makes no representations about condition
- Places responsibility on buyer to investigate
- Must be in writing and signed
Important Rules for Both Options
What Sellers Cannot Do
Even with a disclaimer:
- Cannot actively conceal known defects
- Cannot commit fraud or misrepresentation
- Cannot fail to disclose conditions required by law
- Must answer truthfully if directly asked
Timing of Disclosure
| When | Requirement |
|---|---|
| Before ratification | Preferred timing |
| Before closing | Minimum requirement |
| After changes | Update if material changes occur |
Licensee Disclosure Obligations
Virginia licensees have separate disclosure duties:
Required Disclosures by Licensees
Licensees must disclose to all parties:
| Must Disclose | Description |
|---|---|
| Material adverse facts | Known physical defects affecting value |
| Latent defects | Hidden problems not apparent to buyer |
| Environmental hazards | Known contamination or hazards |
| Legal issues | Known zoning violations, liens |
What Licensees Don't Have to Disclose
Virginia law exempts certain facts from disclosure:
| Non-Material Facts |
|---|
| Deaths on the property (any cause) |
| Prior occupant's disease or illness |
| Nearby sex offenders |
| Prior felonies of occupants |
Federal Disclosure Requirements
Regardless of Virginia law, federal requirements apply:
Lead-Based Paint Disclosure (Pre-1978 Homes)
For any home built before 1978:
- Seller must provide EPA pamphlet
- Seller must disclose known lead-based paint
- Buyer has 10 days to conduct lead inspection (can be waived)
- Specific disclosure forms must be signed
Other Federal Requirements
| Disclosure | When Required |
|---|---|
| Flood zone | May be required by lender |
| Radon | Not federally mandated but recommended |
| FIRPTA | Foreign seller withholding |
Buyer's Rights and Responsibilities
Buyer's Due Diligence
Buyers should:
- Review all disclosure statements carefully
- Hire professional inspectors
- Ask specific questions about concerns
- Not rely solely on seller representations
Inspection Rights
Virginia buyers typically have the right to:
- Conduct home inspections
- Order specialized inspections (radon, mold, termites)
- Review HOA documents
- Obtain surveys if desired
What options does Virginia law give sellers regarding property disclosure?
If a Virginia seller chooses the disclaimer option, what are they still prohibited from doing?
Which of the following is a Virginia licensee NOT required to disclose?