If you are considering buying of a Charlottesville home, you may be aware that Virginia is a caveat emptor state.
For those of us who are selling real estate in the state of Virginia or who have lived here for some time the fact that we live in a caveat emptor state is not something that we really think about very much. However I had some out of state clients this week who were quite disturbed by this. In fact it scared them to death.
What does "caveat emptor" mean? The phrase "caveat emptor" is Latin for "let the buyer beware" and this principle is the law in the state of Virginia governing the sale of resale homes. In other words Virginia law places the responsibility on the buyer to find out the concerns in a home that is for sale.
For this reason it is important when you are purchasing a home in the state of Virginia to have a knowledgeable Realtor to advise you during home buying process. As an example it is important that the contract be written so that is can allow for the resolution of issues that may come up during the purchase. For instance there are a number of inspections that can be included as contingencies in the comtract. These can include a home inspection, lead based paint inspection, radon test, mold inspection, termite inspection, well and septic inspection, exterior finishing inspection etc. Of course you may not need all of these inspections, but your Realtor will be able to help you determine which ones may be appropriate for the particular home. In addition he will be able to provide you with a list of licensed professionals who will be able to perform these tests and inspections. Also there may be local disclosures that you should know about as the Megan's Law disclosure or the url of the website to check for licensed sexual offenders.
It is up to the buyer to research what conditions are going on in the area of the property that might impact the particular property. The seller is only required to disclose defects within the "four corners" of the property itself.
The buyer will also be able to perform a final walkthrough before closing to ensure that no changes in the condition of the home have taken place since the home inspection.
With the counseling of a real estate professional a buyer of a Charlottesville Virginia home should be able to feel comfortable with the purchase of a home in a "caveat emptor" state.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.
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Copyright © 2009 by Pam Dent, all rights reserved, "Buying A Charlottesville Home - Virginia Is A Caveat Emptor State".
First Published on Charlottesville Real Estate Talk.
