What type of transaction requires disclosure under the Virginia Residential Property Disclosure Act?

The Virginia Residential Property Disclosure Act applies specifically to residential transactions where certain disclosures about the property’s condition and history must be made to potential buyers. A lease with an option to purchase falls under this Act because it involves a residential property being sold in the future, meaning it is part of a purchase agreement rather than a typical rental situation.

Disclosures are crucial in these scenarios to ensure that the buyer has all pertinent information about the property before proceeding with the purchase. This includes knowledge of any known issues with the property, which aligns with the goals of the Act to protect buyers by providing transparency.

In contrast, standard rental agreements, commercial leases, and short-term vacation rentals are not typically subject to the same disclosure requirements under this specific Act. These types of transactions do not involve the sale of residential property, therefore the disclosures mandated by the Virginia Residential Property Disclosure Act do not apply to them.