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RESIDENTIAL PROPERTY DISCLOSURE STATEMENT NOTICE TO SELLER AND PURCHASER The Virginia Residential Property Disclosure Act (55517 et seq. Of the Code of Virginia) requires the owner of certain residential

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How to fill out residential property disclosure statement

How to fill out a residential property disclosure statement:

01

Begin by providing your personal information, such as your name, contact details, and the date of completion.

02

Identify the property in question by providing its address and legal description.

03

Indicate whether you are the owner of the property or acting as an agent on behalf of the owner.

04

Disclose any known material defects of the property, such as structural issues, leaks, or electrical problems. Be as specific and detailed as possible.

05

Provide information about any past or ongoing legal actions or disputes related to the property, including any pending lawsuits or neighborhood disputes.

06

Disclose any knowledge of environmental hazards on or near the property, such as asbestos, lead-based paint, or underground storage tanks.

07

State whether the property is serviced by a homeowner's association or subject to any restrictive covenants or easements.

08

If any remodeling or renovations have been done on the property, disclose the permits obtained and whether they were completed by licensed professionals.

09

Mention any known issues with utilities, including water, sewer, heating, cooling, and electrical systems.

10

Finally, sign and date the disclosure statement, affirming that all the information provided is complete and accurate to the best of your knowledge.

Who needs a residential property disclosure statement:

01

Homeowners who are selling their property are typically required to provide a disclosure statement to potential buyers. This helps ensure transparency and allows buyers to make informed decisions about the property.

02

Real estate agents and brokers representing the sellers must also familiarize themselves with the disclosure requirements and assist their clients in completing the statement accurately.

03

Potential buyers should review the disclosure statement thoroughly to understand any known issues or defects of the property before making an offer or finalizing the purchase. This helps them assess the risks and determine if the property meets their needs and expectations.

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What is residential property disclosure statement?

A residential property disclosure statement is a document that outlines any known issues or defects with a property that the seller is required to disclose to potential buyers.

Who is required to file residential property disclosure statement?

In most states, sellers of residential properties are required to file a residential property disclosure statement.

How to fill out residential property disclosure statement?

To fill out a residential property disclosure statement, the seller must answer all questions honestly and accurately, and disclose any known issues or defects with the property.

What is the purpose of residential property disclosure statement?

The purpose of a residential property disclosure statement is to inform potential buyers of any known issues or defects with the property before they make a purchase.

What information must be reported on residential property disclosure statement?

Information that must be reported on a residential property disclosure statement includes the age and condition of the property, any previous repairs or renovations, and any known issues or defects.

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