Legal Question in Real Estate Law in Virginia
Legal Obligation to Disclose?
Two weeks ago I signed a standard VA Regional Sales Contract for sale of my condo. At the time the contract was signed I was not aware of any defects, nor was I asked about any. The buyer did not seek a home inspection contingtency and we both signed off on the 'as is' property condition clause, checking the Contract Date box to indicate the effective date.
Today I find that my cental air unit is leaking. The unit is over 20 years old and I have been told it is almost beyond repair. My question is what, if any, are my legal obligations to disclose this situation to the buyer? By not doing so and assuming I take no further action to repair the unit, am I exposing myself to an action under Section 3 of the contract - Equipment, Maintenance and Condition in that I warrant the cooling system is in normal working order as of the possession date?
1 Answer from Attorneys
Re: Legal Obligation to Disclose?
Knowing what you now know with respect to your central air unit, how could you warrant under Section 3 of your contract that "the cooling system is in normal working order as of the possession date"?
Although there is no general obligation in the Commonwealth for a seller to disclose material defects to a buyer of real property, there is an obligation to be truthful regarding any specific representations which the seller may make to the buyer regarding equipment, maintenance and conditions which apply to such property.
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