The Virginia property disclosure statement is a report completed by a seller of real estate that informs a potential buyer of the property’s physical condition. As a “buyer beware” state, Virginia doesn’t require property owners to disclose the condition of their property to buyers. Therefore, this form is optional and it will be the buyer’s responsibility to either inspect the property or accept it in “as-is” condition. However, sellers are legally required to provide buyers with a Residential Property Disclosure Statement that directs the buyer to the Residential Property Disclosure Statement webpage where they will be able to access the full list of required disclosures and other information that may influence their decision to purchase (§ 55.1-703(A)).
Purchase Agreement – Used by potential buyers to make an offer to purchase residential real estate to a property owner. If accepted, both parties will execute the document to commit to the agreement. This document requires additional disclosures for situations including, code and zoning violations, septic systems, private stormwater facilities, and proximity military air installations.