The Virginia purchase agreement accredits the transaction of a piece of real estate in exchange for financial compensation. The contents of the contract are standard for the state of Virginia, but the involved parties can negotiate terms to amend the document. Finalization of the paperwork occurs upon the endorsements from buyers, sellers, and participating agents.
Buyer Beware (§ 27.55.519) – The state of Virginia requires the use of a property disclosure statement to inform purchasers to operate with due diligence to inspect the property before purchase. It puts the responsibility to assess any defects with the property on the buyer.
Required Disclosures
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – Federal law mandates that for homes built before 1979, an additional warning of the dangers associated with lead-composed paint be attached to the contract.
Residential Property Disclosure Statement (§ 27.55.517-525) – Due to the recent update to the Virginia Residential Property Disclosure Act, home sales will require this attached disclosure to accompany the purchase agreement. It clarifies that the burden of due diligence to inspect the property lies on the buyer of the property. It also describes other possible disclosures that may be needed for certain special circumstances. Upon acceptance of the statement, the buyer and seller will be obligated to complete the Virginia Residential Property Disclosure Statement Acknowledgement Form.
Virginia Disclosure Statement for Certain New Dwellings (§ 27.55.518.B) – Newly constructed residential buildings will not be required to complete a Residential Disclosure Statement Acknowledgment Form. In place of that particular form, there is an alternate for newly built homes that serves to inform the buyer of any defects to the structure. The seller-provided form also covers information on the property should it have ever been utilized for the purposes of mining or excavating.
Defective Drywall Installation (§ 55-519.2) – Homes containing flawed drywall composed with sulfur oxide are subject to the additional disclosure form to accompany the sales contract. The Code of Virginia § 36-156.1 details an explanation of what specifically constitutes defective drywall. This drywall poses health hazards should it be exposed to certain environmental and climate conditions. The Defective Drywall Installation Form cautions the buyer of the issues associated with the faulty material.
Military Airbase in the Proximity of the Dwelling (§ 55-519.1) – Domiciles that are positioned within a potential accident or noise zone must be indicated s such on the provided form. The seller must also furnish an official zoning map to visually display where within the noise or potential accident zone, where exactly the property is located.
Current Building Code or Zoning Ordinance Violation (§ 55-519.2.1) – It is mandated by the state of Virginia that the owner must divulge any knowledge of an infraction to the local building or zoning code for the property being sold. Should there be qualifying information regarding a violation, the facts about the matter must be included in the provided form for the potential buyer.
Validity of Septic System Operating Permit (§ 32.1-164.1:1) – The Virginia State Health board has distinctive requirements for septic systems to be operated for residential purposes. A property owner can obtain a waiver for repairs or upgrade of a system, but upon selling the waiver cannot be transferred. Should the system require maintenance, this material fact must be disclosed to a possible purchaser before sale using the allocated form.
Manufacture of Methamphetamine on Premises (§ 55-519.4) – If a dwelling has been previously exploited for Methamphetamine production, and has not been cleaned in a manner adhering to the state guidelines enforced by Virginia Code § 32.1-11.7, it must be disclosed to a purchaser.
Realtor Versions
Virginia Realtors Residential Contract of Purchase – PDF