Sandra is selling her home in Fairfax County, Virginia. She knows the basement has experienced minor flooding during heavy rain events. Sandra's agent recommends she provide a full disclosure statement under the Virginia Residential Property Disclosure Act rather than a disclaimer. Which of the following is the most accurate statement about the difference between the two options in Virginia?
Correct Answer
A) A disclosure statement requires the seller to disclose known material defects, while a disclaimer shifts the responsibility for discovering defects to the buyer without the seller making representations about the property's condition
Under Va. Code § 55.1-700 et seq., Virginia uniquely offers sellers two options: (1) a disclosure statement in which the seller discloses known material defects, or (2) a disclaimer statement in which the seller makes no representations about the property's condition and shifts the burden of discovery to the buyer. These two options have fundamentally different legal effects and represent a Virginia-specific feature of real estate law.
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Related Topics & Key Terms
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Related Concepts
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