The FOCUS on NoVA Real Estate® Team discusses Caveat Emptor and the Realtor Code of Ethics on material facts.

Today we are talking about seller obligations to disclose information. The Commonwealth of Virginia is a caveat emptor state which means buyer beware. Sellers you do not have to make representations and warranties about the condition of your property, the parcels surrounding a property, whether the property has a historical designation, among other things.

You do, however, have a couple of things that you would have to disclose. For instance if you are operating on a waiver for your septic, if you live near a military base or a noise zone, if you have known lead-based paint, these are just a few of the conditions that you would need to disclose.

There is no disclosure from anyone that is selling to a relative, a co-owner, or in the event the seller has no way of knowing what the condition of the property is – for instance in a bankruptcy, foreclosure, or in a trust situation.

Here is the catch, as a real estate agent and broker participating under the National Association Code of Ethics, as soon as I (we) know something is wrong with a property that could be a material fact towards a buyer making a decision, I/we have to tell the prospective purchaser of this fact.

For more information, contact the FOCUS on NoVA Real Estate team today.®