Virginia Laws
Requirement to Record: Recording is not required.
Expiration: Constructive notice does not expire by statute.
Maximum Term: There is no statutory maximum.
No Duration: If the lease does not specify the duration of the option to purchase, it will expire when the lease expires.
Signing Requirements: Must be in writing and signed by the seller.[1]
Required Disclosures (8)
1. Statement of Tenant Rights and Responsibilities – Tenants must receive a statement of tenant rights within 10 days of moving in.[2]
2. Defective Drywall – If any drywall on the property is defective, landlords must notify tenants in writing.[3]
3. Lead-Based Paint Disclosure & EPA Pamphlet – If the property was built before 1978, then landlords must notify tenants that the walls and ceiling could contain lead-based paint.
4. Methamphetamines Disclosure – If the property was used to manufacture methamphetamines at any point, new tenants must be notified in writing.[4]
5. Military (Air) Zone Disclosure – If local zoning positions the property within a military air zone, the landlord must notify a new tenant in writing.[5]
6. Move-in Checklist – Within five days of the tenant moving in, the landlord must provide a move-in checklist for both parties to sign, which details any existing damages to the property. The checklist must indicate whether or not there is mold on the property. If there is, the tenant can terminate the lease.[6]
7. Electronic Notices – If the landlord wishes to send notices electronically, this must be stated in writing in the lease agreement.[7]
8. Ratio Utility Billing – If utility meters are shared with adjacent properties, the landlord must specify in writing how charges are calculated and allocated.[8]
Seller’s Disclosures (8)
1. Building Code or Zoning Ordinance Violations Disclosure – Notifies the buyer that the seller has knowledge of an impending building code violation or local zoning ordinance.[9]
2. Flood Risk Information Form – Provides property owners and potential property owners with information regarding flood risk.[10]
3. Methamphetamine Disclosure – Discloses to buyers that the residential property was previously used to produce methamphetamine and that the home has yet to be cleaned according to State health procedures.[11]
4. Military Air Installation Disclosure – Informs buyers that a home is located in a military air zone which has increased noise levels (view maps).[12]
5. Privately Owned Stormwater Management Facility Disclosure – If a seller has a known private stormwater management facility on the property, they must disclose the long-term maintenance and inspection requirements of the facility.[13]
6. Repetitive Risk-Loss Disclosure Statement – “Repetitive risk loss” refers to 2 or more claims of at least $1,000 or more by the National Flood Insurance Program for any rolling 10-year period.[14]
7. Residential Property Disclosure Statement and Acknowledgment – A property disclosure that protects the seller from certain liabilities. Sellers are required to provide the disclosure to buyers unless specifically exempt. In addition, the parties must sign and acknowledge each has exercised their rights. The selling and buying parties can sign on page four of this form.[15]
8. Septic System Disclosure – A statement informing the buyer that a home’s septic system is faulty and that it must be repaired once they acquire the property.[16]