What level of disclosure do I have to make when selling real estate?

In the state of Virginia, sellers of real estate must make certain disclosures to potential buyers to ensure both parties have full knowledge of any hidden issues with the property. These disclosures are required by law and failure to provide them can result in legal repercussions. The exact level of disclosure varies depending on the type of property being sold. For instance, commercial or industrial real estate sellers must fill out disclosure forms with information about the property’s condition, any issues that are known to the seller, and any environmental hazards. Sellers of residential real estate must fill out a state-mandated Property Condition Disclosure Form, which includes information about any known issues with the property. It also includes questions about the seller’s knowledge of past or present legal issues, lead-based paint, and hazardous materials on the property. Sellers of all types of real estate must disclose any latent defects of the property, which can refer to hidden features or issues that would not be visible on the surface. For example, if there is a major electrical issue with the property that the seller knew about but failed to disclose, it would be considered a latent defect. Ultimately, the seller needs to be as open and honest as possible when selling real estate in Virginia in order to protect both themselves and the buyer. Selling a property without disclosing all known information can result in hefty legal consequences, so it is important to be forthcoming with any information that may be relevant.

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What level of disclosure do I have to make when selling real estate?

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