contracts

Residential Property Disclosure Act (Virginia)

Virginia's Residential Property Disclosure Act requires owners of one to four unit residential property to furnish the Real Estate Board's Residential Property Disclosure Statement, which says the owner makes no representations on listed matters (such as Chesapeake Bay Resource Protection Areas, the sex offender registry, flood zones, and airports) and urges buyer due diligence. It is due before ratification. If delivered late, the buyer's sole remedy is to terminate within 3 days of hand or electronic delivery or 5 days after a mailing postmark, or before settlement, occupancy, or waiver.