Under the Virginia Residential Property Disclosure Act (Va. Code § 55.1-700 et seq.), which of the following best describes the purpose of a disclaimer statement?
Correct Answer
A) It shifts the responsibility for discovering property defects from the seller to the buyer.
Under Va. Code § 55.1-703, a seller who opts for a disclaimer statement is essentially selling the property 'as-is' with respect to the seller's knowledge. The disclaimer shifts the burden of discovery to the buyer, who is then responsible for conducting inspections and due diligence to uncover any defects. This is the defining characteristic of the disclaimer option under Virginia's RPDA.
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