A Virginia residential purchase agreement enables property transactions between sellers and buyers. This comprehensive legal document begins with the buyer’s initial offer, outlining crucial details like the purchase price and any specific conditions they require. The seller has time to respond, during which they can propose amendments by submitting a counteroffer.
The contract becomes binding and marks the commitment to the conveyance of property ownership when both parties sign. The seller and buyer can refer to this agreement for key details like the closing date, associated costs, and contingencies that either party must meet for the sale to proceed smoothly.
State Laws
- Buyer Beware: Virginia is a caveat emptor or buyer beware state. The seller doesn’t have to reveal the property’s condition to the buyer. Instead, the buyer is responsible for obtaining an inspection and understanding the property’s condition before entering a purchase agreement [1] .
Realtor Version
Residential Contract of Purchase
The Virginia Association of Realtors provides this form for its licensed members to use to facilitate residential property purchases.
Required Seller Disclosures
Lead-Based Paint Disclosure
Per federal law (42 U.S. Code § 4852d), sellers must divulge any known lead hazards for residences built before 1978.
Residential Property Disclosure Statement
This form states the specific disclosures a seller must make to a potential buyer.
Disclosure Statement for Pending Building Code or Zoning Ordinance Violations
Property owners must disclose pending building code or zoning ordinance violations per Va. Code § 55.1-706.
Flood Risk Information Form
This form provides prospective property owners with information about managing and owning a property in flood-prone areas.
Methamphetamine Disclosure Statement
Per Va. Code § 55.1-708, the seller must alert the buyer if the property was previously used for methamphetamine manufacturing and hasn't been cleaned properly.
Military Air Installation Disclosure Statement
According to Va. Code § 55.1-704, the seller must inform the buyer if the property is near a military air installation and alert them of the potential risk of accidents or noise.
New Dwelling Disclosure Statement
The seller must inform the buyer if the property is a) a new dwelling with known building code violations, b) near abandoned mines, shafts, or pits, or c) located where mining occurred (Va. Code § 55.1-702).
Privately Owned Stormwater Management Facility Disclosure Statement
The seller must inform prospective buyers of the maintenance requirements of a privately owned stormwater management facility if there's one located on the for-sale property (Va. Code § 55.1-708.1).
Septic System Waiver Disclosure Statement
The seller must inform the buyer if a property's septic system needs repairs, according to Va. Code § 32.1-164.1:1.
Do Sellers in Virginia Have to Disclose Property Defects?
No. Real estate sellers don’t have to divulge a property’s condition, including any material defects. If the buyer discovers issues after a property’s sale, the seller won’t have any liability.
However, the seller must not blatantly hide defects or do so with ill intent. Otherwise, they may become responsible for reversing a real estate transaction that had bad consequences for the buyer.
