Arlington County is one of the location within the Northern Virginia Association of Realtors region that has seen rapid growth and steady increase in property sales and prices over the past few years. Though the procedures involved in selling real estate property are similar across the globe, the real estate practices and laws in Virginia are quite unique in some aspects.
You might wonder what type of information about the house you are expected to disclose. Most sellers will be happy to know that the federal law of Virginia allow them not to share information about their property at all. Because purchasing of property requires huge investment, there are certain types of general information that potential buyers are interested in.
Essential Disclosure Duties
People interested in selling their Virginia property in another state must have to comply with the state’s law on real estate disclosures. There are some specific state laws that protect home buyers. Under Virginia Residential Property Disclosure Act, home sellers are required to complete and submit details forms mentioning their knowledge about the structure, features, and condition of the property.
The residential property disclosure statement (§ 55-517 et seq. of the Code of Virginia) notifies the buyer that the seller:
- Makes no warranties regarding the condition of the real estate and its attachment.
- Makes no warranties related to adjacent parcels.
- Makes no warranties regarding previous ordinances that might affect the property.
- Makes no representations related to facts on any registered sexual predators.
- Makes no representations about whether the property has storm water detention facilities or wastewater system.
For more detailed guidelines and information, the buyers and sellers are advised to visit the following website.
Who Should Fill the Disclosure Form?
In few instances, the disclosure statement is not needed. It has been analyzed that when sales takes place between co-owners, in a family or foreclosure sales setting then no disclosure is required. If you are a builder and selling a new home then you are also excluded from the category of people who are required to fill the form. In this case, the builder aka the seller must provide a written disclosure about the known imperfections and flaws made during the construction period.
The Virginia home sellers have to comply with the minimal obligations, but they are strictly prohibited to manipulate buyers or show inappropriate behavior that deviates from a responsible seller.
Working with us
Because most of the people in Virginia prefer to sell their property with licensed law companies and real estate brokers, they are able to obtain accurate information on the home values in the city which helps them to assess the value of their own property.
We are one of the top-rated real estate agents in Arlington with real local knowledge on the property trends and insights. We carefully analyze the value of comparable properties in the locale and predict the value of your property. Additionally, we advertise your property using the most effective channels, prepare documents, and negotiate with profitable buyers.