Legal Aspects of Seller Disclosure in Process of Buying a House in Virginia

If you have decided to invest in the real estate market of Virginia, buying a house in Virginia would need some time to analyze a number of things before finalizing this important purchase of the property such as your affordability in terms of finances, the kind of neighborhood, which is ideal for you, the features you may require or desire to have in the house you are going to buy. It is advisable to stay updated about the particular legal aspects, rules, and issues associated with buying a house in the state of Virginia. An important legal aspect associated with buying is the seller disclosure, related with real estate transaction for buying a house in Virginia. Therefore, a buyer must do proper homework, make cautious selections in hiring a realtor and wise use of other related skilled professionals such as property lawyers in order to make the experience of buying a house in Virginia, a positive one.

As compared to other states, the seller disclosure requirement in the state of Virginia is further limited and does not bound sellers to provide complete details of every downside of their property to the buying party. The main disclosure statute of Virginia that comes under the code of Virginia Section 55-519 specifically provides the seller with the advantage of revealing very little about any flaws in the property. On the other hand, it eventually makes buying party more attentive by making it their sole responsibility to deeply review the condition of the property, which they decide to buy. Some mandatory disclosures about the property include updating the buying party about the requirement of repair of a system that could cause health harms and the seller has procured a waiver from the Virginia Board of Health, under code of VA 32.1-164.1:1 and sellers might also inform the buying party about the fact that their property had been a labelled tourism activity zone under code of VA, 55-519.3. However a specific kind of sales, for instance, a sale of a recently developed house is excluded from the rules of disclosure in Virginia under Code of Virginia Section 55-518.Seller disclosure is significant for the buying party because a single tour of the property would not be sufficient to analyze the possible issues that were faced by the previous residents of the house.

The buying party could hire a realtor to represent them in the buying process. The Realtor might requires to pay an upfront charges and sign an exclusive deposit agreement where the deposit fee would be generally refunded after the settlement. This deposit agreement could be exclusive, which means that the buying party would not be allowed to work with another realtor at the same time.However. Always remember that hiring a realtor does not exclusively means that you would be also provided with legal support in the process of buying a house in Virginia. Realtors are not licensed to be consulted for any kind of legal support in the process of buying a house in Virginia.