The Virginia property condition disclosure and lead-based paint disclosure let's talk about what they mean hi I'm Kathleen Brown, principal broker of Highlands Realty in Abingdon, Virginia, in Virginia when there's a residential sale, the seller is required to present a property condition disclosure to the purchaser before the contract is ratified. The only exceptions to that are a family to family transfer, a court-ordered transfer, or in the case of an estate sale other than that the seller is required to provide the disclosure but is it really a disclosure or is a disclaimer? Well, I believe it's more like a disclaimer because it basically is saying that the seller is providing no warranties no representations about the property to the purchaser. Virginia is known as a caveat emptor state, which means buyer beware buyer do your due diligence and determine if the home has any defects that you want to know about before you own the property. Do your inspections make sure the zoning is going to be applicable for your intended use? Make sure that a septic system even exists because none of that is required to be disclosed by the seller. Is not required to disclose any known material defects other than if there is Chinese drywall in the home which is known to be defective. Whether the home is located under a military fly zone? Whether the home was not meeting the current building code in the year in which it was built? Or if there was meth manufactured in the home other than those four conditions, a seller is not required to disclose any known material defects. A real estate agent, however, who does have knowledge of material defects is required to disclose those to a potential purchaser. This is a two-page summary that...
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What you should know about Seller Disclosure Example
- Seller must disclose all material defects about the property.
- Buyer advised to obtain professional inspections of the property.
- Check all legal authority and title details before selling the property.
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About Seller disclosure form west virginia
The Seller Disclosure Form in West Virginia is a document used in real estate transactions to disclose any known material defects or issues with a property that could affect its value or desirability. This form is required by law and must be provided by the seller to the buyer before the purchase agreement is signed. The Seller Disclosure Form typically covers various aspects of the property, including its structure, systems, utilities, and any known hazards. It may inquire about the property's condition, previous repairs, renovations, or the presence of any environmental hazards like lead or asbestos. The form also requires the seller to disclose any pending legal or regulatory actions or violations against the property. The purpose of the Seller Disclosure Form is to provide transparency and allow buyers to make informed decisions about the property. It helps protect buyers from purchasing a property with concealed defects or issues that may later result in financial or legal problems. All sellers in West Virginia who are involved in a real estate transaction are required to complete the Seller Disclosure Form. This includes individual property owners, real estate agents acting as sellers, and developers or builders. Failure to provide accurate and complete information on the form can lead to legal consequences or potential lawsuits from the buyer.
How to complete a Seller Disclosure Example
- The form is based on the seller's actual knowledge of the property at the time of completion
- If a section does not apply to the property, write 'NA'
- Any items requiring explanation should be detailed on attached sheets if necessary
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