What Must Sellers Disclose In Virginia?
Here are three seller disclosures to be aware of in Virginia real estate.
What must homeowners reveal in their seller disclosures during a real estate transaction?
The specifics vary by state, but most states (including Virginia) require some type of seller disclosure. Disclosures are documents that provide information about all the known qualities of the home that could impact the property’s value. The goal of these documents is to add transparency to the transaction for the buyer’s benefit. There are three main disclosures in Virginia to be aware of:
1. HOA/condo association disclosure. If the property is part of an HOA or a condo association, this disclosure will include information about the property itself, any rules governing the property, the amenities of the association, the financial health of the association, and more.
2. Residential property disclosure. This essentially notifies the buyer that they must do their own due diligence to find out as much as they can about the property. For example, they’ll need to learn about the condition of the property itself, any parcels adjacent to the property, if it has any easements, and so on.
"The goal of this document is to add transparency to the transaction for the buyer’s benefit."
3. Lead-based paint disclosure. If your house was built before 1978, you’re required by federal law to disclose whether or not your home has lead-based paint in it.
If you have any questions about disclosures or the home-selling process in general, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.
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