“Caveat emptor” is Latin for “let the buyer beware.” The state of Virginia supports this concept in real estate transactions.
Sellers are not required to disclose any material adverse facts for their home. However, defects cannot be hidden or covered up. For example, let’s say there is a leak in the roof causing major water damage. This leak cannot be temporarily patched and the water stains painted over. Rather, the leak should be accessible to the buyer (and/or home inspector). In addition, any material adverse facts known by your licensed Realtor must be disclosed to the buyer prior to writing an offer.
Although “buyer beware” may sound intimidating, doing your due diligence to discover facts about your new home is extremely beneficial. By not relying on the seller, listing agent, selling agent, tax records, etc… buyers can discover their own facts in many different positions. For more information on what to investigate, go to “Buyer Beware” Inspections.
Hampton Roads Real-e-statement is written by Alyssa Godwin, a Realtor with Liz Moore and Associates. For questions regarding due diligence, contact Alyssa at 757-329-6161 or firstname.lastname@example.org. You can also find Alyssa on Facebook or on the web at www.lizmoore.com/alyssagodwin.