If you’ve ever bought or sold a home, you’re most likely aware that the process involves an abundance of paperwork and legal formalities. One of the most important documents is the seller’s disclosure form, in which the seller may answer various questions related to the condition of the property. When completed correctly, this form can help protect both parties to the transaction—it informs buyers of potential problems while shielding the seller from lawsuits in certain situations. But what exactly are sellers required to disclose? The specifics may vary substantially from state to state or even city to city, Virginia requires the seller to disclose much less than other states. For example, if a seller corrects a defect, he/she does not need to disclose it. For more information on exactly what needs to be disclosed in Virginia, please ask us at info@licatagroup.com or call us at 540/388-2541. We are always happy to answer questions!
Here are some typical disclosures required by many states:
- Threats to health or safety. If the seller is aware of the presence of asbestos, lead paint, toxic mold, or other hazards on the property—including risks from potential natural disasters—they typically must disclose these threats.
- Water damage, including existing damage and known flood risks.
- Significant repairs that the home has had or may imminently need. These are generally limited to structural issues or the home’s electrical, plumbing, or other key systems.
- Neighborhood nuisances, such as noise or odors that could negatively impact the owner’s enjoyment of the property.
- Deaths. Many states require sellers to disclose deaths that have occurred due to the property’s condition (even if the safety issue has been rectified) or as a result of violent crimes that took place on the property.
- Missing items. If the seller intends to remove items that a buyer may reasonably expect to have once they move in—for example, kitchen appliances, lighting fixtures, or HVAC units—many states require it to be disclosed.
sources: redfin & investopedia.com
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
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