Chapter 1
Virginia Real Estate Law & Agency
Course: Virginia Real Estate Exam Prep
Subject: Virginia State Salesperson Exam Prep
Chapter: Virginia Real Estate Law Agency
Virginia Residential Property Disclosure Act (VRPDA):
- Philosophy: "Caveat Emptor (Let the Buyer Beware) Lite." The law shifts the primary burden of discovery to the buyer but requires the seller to disclose known issues.
- The Form Itself: The state-mandated form is a series of checkboxes: "Yes," "No," or "No Representation." "No Representation" is a legally permissible answer and is not an admission of a problem. It means the seller has no knowledge on that particular item.
- Delivery Deadline: The disclosure must be delivered to the buyer "before the ratification of a purchase contract." In practice, this means the buyer should receive and review it before signing the offer, or it must be attached to the offer when presented. The contract becomes "ratified" when the signed offer is accepted by the other party.