Considering buying real estate in Virginia? If this is your first time you need to know, Virginia is a Buyer Beware state. With few exceptions, real estate transactions are governed by the laws of the state that the transaction occurs in. People who have purchased real estate in other states are often surprised by the lack of protection Virginia provides buyers. Here is the first article in the Virginia Residential Disclosure Act which will govern your purchase:
- CONDITION: The owner makes no representations or warranties as to the condition of the real property or any improvements thereon, and purchasers are advised to exercise whatever due diligence a particular purchaser deems necessary including obtaining a certified home inspection, as defined in § 54.1-500, in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event, prior to settlement pursuant to such contract.
54.1-500 noted above defines what a certified home inspector is.
This is sometimes a tough pill to swallow for first time buyers or for people who have bought property in other states where the state may favor the buyer and require sellers to disclose a lot of information about the condition of the property.
It’s important to know this when you are buying a home. Unless you are an experienced contractor, or you are tearing down the home to build something else, you must (well the law doesn’t make you but your realtor should insist)get a home inspection. The home inspection can uncover any defects that you may want the seller to remedy and also allows for you to void the contract.
Additionally, if you have any concerns about that vacant lot next to your dream home, a quick call to the county would be in order. It may be the beautiful home of your new best friends or the newest 7-11 in the neighborhood….nearby slurpees may be your thing, but if they are not….you may want to know about it.