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A Seller's Guide:
TLDR: Disclosures are forms that must be signed by both parties acknowledging potentially adverse conditions of a property. The required disclosures vary widely from state to state.
TLDR: Disclosures are forms that must be signed by both parties acknowledging potentially adverse conditions of a property. The required disclosures vary widely from state to state.
If disclosures were not completed and signed prior to ratifying the offer, disclosures will need to be signed prior to closing. For a comprehensive overview of disclosures, refer to Step 2: Disclosures.
The only federally required disclosure is for the possible presence of lead paint for properties built before 1978.
Virginia Disclosures
Virginia Disclosures
In Virginia, these are the situations that necessitate seller disclosures:
The property is located in a Homeowners’ Association (HOA).
The property is located in a Condominium (Condo) Association.
This is the first sale of the dwelling.
The seller has indicated that they have knowledge of previous mining operations and/or abandoned mines, shafts, or pits wholly or partially on the property.
The property is situated in a locality in which there is a military air installation.
There are pending building code or zoning ordinance violations.
The property has previously been used to manufacture methamphetamine.
The property has a privately owned stormwater management facility.
Since 1978, two or more claims of more than $1,000 have been paid by the National Flood Insurance Program for the structure within any rolling 10-year period.
The property requires septic system operating permits.
Click here to see the complete list of Virginia’s Department of Professional and Occupational Regulation's required disclosures.
Any other concerns about the property need to be researched by the buyer. Virginia’s Department of Professional and Occupational Regulation has a document dedicated to protecting sellers from liability, so be sure you ask about these topics or hire a professional if you suspect any relevancy to your property. More information on legally required disclosures can be found here.
Fun Fact
Fun Fact
In Virginia, HOA and Condo Association disclosures operate similarly to contingencies in that they permit buyers to terminate the contract within three days of receipt of the HOA Disclosure Packet or Condo Association Resale Certificate.
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