A Virginia purchase agreement for a property governed by the Virginia Residential Property Disclosure Act includes a seller's disclaimer statement rather than a full disclosure statement. The buyer later discovers that the roof has significant damage that was not mentioned. Under Virginia law, what is the general effect of the seller's disclaimer statement on the buyer's ability to seek recourse for the undisclosed roof damage?
Correct Answer
B) The disclaimer shifts the burden of discovery to the buyer and limits seller liability for conditions the seller did not actively conceal or misrepresent
Under the Virginia Residential Property Disclosure Act (Va. Code § 55.1-700 et seq.), a seller may choose to provide a disclaimer statement instead of a full disclosure statement. The disclaimer shifts the responsibility for discovering property conditions to the buyer and limits the seller's liability for unknown or undisclosed conditions. However, the disclaimer does NOT protect a seller who actively conceals defects or commits fraud—those acts remain actionable.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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