You have seemingly spent forever looking for your family’s dream home and you finally found a home of your dreams and you are ready to make an offer. This is the time in the process in which you seek a listing agent to help you get the process done properly.
Every state has laws as to what listing agents are legally required to tell you and the state of Virginia is no different. Agents will know the laws of their state inside and out so they are able to increase their chances of selling the home. This makes it equally important for the potential homeowners to understand the same laws so they ensure that they are able to get all of the information they need to make an educated decision when purchasing their home.
One of the big questions you have after finding the home of your dreams for your family is: What does Virginia law require you to be told about the property you are purchasing versus what can be hidden?
What Needs To Be Disclosed According To Virginia Law?
Many buyers will want to know what information must be listed on the property they are about to buy. The biggest key to the Virginia law is that the real estate agent is required to notify you of your rights under the Virginia laws before you enter into an agreement to purchase a home.
According to Virginia law, as long as the real estate agent informs you of your rights prior to you signing for a home, the real estate agent is not required to disclose any other information to you under Virginia law.
However, the real estate agent is required to release the condition of the property before the prospective buyer agrees to close on and purchase a property. The agent will have to disclose and provide honest information about the home, but their knowledge of the physical condition of the home will often be limited.
What Information Is Not Required To Be Disclosed Under Virginia Law?:
Virginia law does not require a real estate agent to disclose any information other than reading the buyer their rights under the state laws. Once buyers know their rights, however, if the buyer asks any questions the real estate agent must answer those questions according to the best of their knowledge or commit to finding honest answers to the questions the prospective buyer asks about the property.
Other than disclosing the buyer’s rights under the Virginia state laws and answering your questions honestly, there is no information that the real estate agent is obligated to share with you as a buyer up front. However, the real estate agent is not obligated to do independent research to uncover any sort of information about the property that they may not already know. Keep in mind that their limited knowledge comes from the fact that they have never lived at that address or on that property and will not know every single thing that may be or will be wrong with the property. This means it’s up to you to find information about the home to make an educated purchasing decision.
The agent is not required to release any information related to any properties that are adjacent to the property you are purchasing or about the area surrounding your property. However, if the real estate agent knows of any information about the property that may effect the structure or the integrity of the property which is being sold.
In addition, the agent does not have to tell the buyer anything about local land regulations, area deed restrictions, any issues in the surrounding communities, information about the local schools, or any other pertinent community information in which the buyer is purchasing the home.
According to Virginia law, the only information that real estate agents are required to give you is information they may have about the physical condition of the property. They also must read the rights of the buyer under Virginia law.
Otherwise, there is no information that the real estate agent is legally bound to release to the prospective buyers. It will be up to the buyers to research and find out information of the property they are purchasing on their own.
For more information about what real estate agents must tell you about your prospective home buying purchase versus what you, as the client must ask, please feel free to contact us
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