A seller in Virginia chooses to provide a full disclosure statement rather than a disclaimer under the Virginia Residential Property Disclosure Act. Which of the following best describes the seller's obligation under this choice?
Correct Answer
B) The seller must disclose all known material defects and adverse conditions affecting the property to the buyer
Under the Virginia Residential Property Disclosure Act (Va. Code § 55.1-700 et seq.), a seller who provides a full disclosure statement is required to disclose all known material defects and adverse conditions affecting the property. The disclosure is based on the seller's actual knowledge and does not require the seller to warrant a defect-free property or to hire a professional inspector.
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Related Topics & Key Terms
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Related Concepts
Radon disclosure involves informing buyers about the presence or potential presence of radon gas in a property. Radon is a naturally occurring radioactive gas that can accumulate in buildings and is the second leading cause of lung cancer.
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
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