Maria is selling her single-family home in Richmond, Virginia. Her listing agent explains that under Virginia law, Maria has two options for satisfying her disclosure obligations to the buyer. Which statement correctly describes those two options?
Correct Answer
B) Maria may provide either a disclosure statement listing known defects or a disclaimer statement shifting discovery responsibility to the buyer.
The Virginia Residential Property Disclosure Act (Va. Code § 55.1-700 et seq.) gives residential sellers exactly two options: (1) a disclosure statement in which the seller discloses known material defects and conditions, or (2) a disclaimer statement in which the seller declines to make representations about the property's condition, effectively selling it 'as-is' and placing the inspection burden on the buyer. This dual-option framework is unique to Virginia.
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