This week’s Q&A column is sponsored and written by Chris Perry and Kathy Hassett of McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact Chris at 610-733-0247 or Kathy at 703-863-1546, or by email at [email protected] or [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: As a buyer, what should I know before diving into the current Virginia real estate market?
Answer: Real estate sales are governed by state contract law and property law. Depending on the circumstances, buyers in Virginia can expose themselves to significant risk if they are not fully aware of their rights and responsibilities.
Virginia is one of only three states that follow the caveat emptor theory for real estate transactions. Caveat emptor is a Latin term meaning “let the buyer beware.” It is a legal principle that requires a buyer to assume the risk for the purchase and conduct the appropriate inquiries before completing the sale.
Sellers in Virginia, and their agents, are merely required to provide buyers with a signed notice of the Virginia Real Estate Disclosure Act, which alerts the buyer that the seller will make no representations or warranties about the property. As a result, sellers are not required to make any disclosures about the condition of the property or adjacent parcels, with the exception of known material defects which would affect the value of the property.
It is the obligation of the buyer to conduct the necessary inspections or to ask the proper questions to uncover any potential issues with the home.
In the “buyer beware” atmosphere what should a buyer do to ensure that they are purchasing a property in good condition? Including a home inspection contingency with the purchase offer allows the buyer to take a close look at the property and its various systems (i.e. heating/air conditioning units, electric, and plumbing) and become aware of existing or possible future problems. When necessary, the buyer may have multiple inspections take place during the home inspection contingency period.
For example, in addition to a general home inspection, the buyer may opt to have a structural engineer inspect the property and give an opinion on the foundation or have a contractor inspect the roof. The home inspection contingency gives the buyer the opportunity to discover systems or appliances that are in need of repair or replacement, or safety hazards present in the home that should be addressed.
During this time of the novel coronavirus pandemic, inspections are still taking place with extra safety and health precautions. Inspectors are wearing protective gear and performing the inspection without the buyer or buyer’s agent present in the home.
Video clips and texts, in addition to the written report, are used to provide information to the buyer about the home’s systems, appliances and structure, and the inspectors are available to discuss concerns and answer questions that the buyer and their agent have.
Following the inspection period the buyer has the opportunity to negotiate with the sellers to make necessary repairs in the home prior to settlement. As an alternative to negotiating repairs, the buyer has the option of voiding the sales contract if they determine they no longer want the property. The buyer is responsible for the cost of the inspection(s), but it is money well spent to gain information on the condition of the property.
Kathy Hassett and Chris Perry, Realtors® with McEnearney Associates in Old Town, have the experience and knowledge to guide their clients through the home buying process successfully and protect their clients’ interests throughout the transaction. Contact Chris Perry at 703-286-1204 or Kathy Hassett at 703-863-1546 today for assistance in your next real estate purchase or sale.
If you would like a question answered in our weekly column or to set up an appointment with one of our Associates, please email: [email protected] or call 703-549-9292.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314. www.McEnearney.com Equal Housing Opportunity. #WeAreAlexandria
Recent Stories
Good Tuesday morning, Alexandria! ⛅ Today’s weather: Partly cloudy throughout the day. High of 59 and low of 43. ⛅ Tomorrow: Mostly cloudy throughout the day. High of 59 and…
The 1.1 million-square-foot Inova at Landmark project got unanimous approval by the Alexandria City Council on Saturday, giving the hospital system the green light to build the future home of…
Seven months after it was originally supposed to reopen, South African fast food chain Nando’s Peri-Peri could finally be opening next week in Alexandria’s Carlyle neighborhood. In a press release,…
Live Alexandria spotlights The Greenery, a sustainable coffee shop coming soon to keep you caffeinated.
Alexandria Women for Good donated $6,720 to Alexandria’s Community Lodgings from their first donation cycle! They toured one of the learning centers, met some of the staff and kids, and handed over a big check.
Alexandria Women for Good is a newly formed local Grapevine Giving Circle composed of local Alexandria women who make the commitment to give back to the local community regularly and intentionally. Each quarter they raise money to give to local nonprofits making a difference.
For more information visit: https://www.grapevine.org/giving- circle/3y6h4Ay/Alexandria-Women-for-Good
Pictured left to right: Laura Herron, Laura Turner, Kate Wiley from Community Lodgings, and Laura Bloodgood
Hi, my name is Moneim Z., and I am a blind male with chronic kidney disease, who needs a living kidney donor for a transplant. My blood type is B+, and I can accept a kidney from individuals who have blood types B and O.
To read my story, please see the attached letter.
To contact me directly, please email me at [email protected] or call at 571-428-5065. My living donor coordinator at INOVA Hospital, Amileen Cruz can be reached at (703) 776-8370 , or via email at [email protected]
Thank you!
Del Ray Dog Fest & Yappy Hour
The 1st Annual Del Ray Dog Fest is a fun outdoor event that will include dog-centered activities, dog menu items, live music, vendors and food on Sunday, April 2 from 11am- 3pm at the George Washington Middle School parking lot.
