In Virginia, the Property Condition Disclosure Statement and standard contract forms often create an obligation for sellers to ensure certain systems are in working order at closing. For material defects like plumbing leaks, simply offering a credit may not satisfy the legal requirement to deliver the property in the condition agreed upon, and the repair may legally need to be completed by a licensed contractor. The agent’s duty is to advise the seller of their potential legal obligations, not just the easiest path.

Virginia Real Estate Board regulations and the Realtor® Code of Ethics emphasize respecting existing exclusive agency relationships. An agent must not interfere with another broker’s contractual relationship. The correct action is to direct the prospective buyer back to their appointed representative. Option 4 could be considered only after the buyer has initiated the termination with their current agent, and with full transparency, but the immediate, safest ethical response is to decline to proceed unilaterally.

The best comparable is the one most similar to the subject property in key characteristics (location, size, age, features) and sold recently in a typical, arm’s-length transaction. Sales from different markets (option 2), with superior features (option 1), or under distressed conditions like foreclosure (option 3) require significant adjustments that reduce their reliability. The sale in option 4 has proximity, recent timing, physical similarity, and a normal sale condition, making it the most reliable indicator of market value.

The Virginia Residential Property Disclosure Act specifically states that sellers are not required to disclose the fact that an occupant of the property is or was suspected to be infected with a virus that is not known to be transmitted through occupancy of a dwelling. HIV/AIDS falls under this statutory protection. The other options (defective drywall, underground storage tanks, and material defects in systems) are all examples of required disclosures under the Act.

A low appraisal creates a significant hurdle but does not automatically kill the deal. The financing contingency typically requires the property to appraise for at least the sales price. The buyer’s options are to: 1) Negotiate with the seller to lower the price to the appraised value; 2) Bring additional cash to the table to cover the gap between the loan amount and sales price; or 3) If they cannot or will not do either, they can terminate the contract under the financing contingency and seek return of their earnest money. The contingency provides an ‘out,’ but negotiation is the first practical step.

In Virginia, local custom and practice, as reflected in the Northern Virginia Sales Contract and other regional forms, typically designate the seller as the party who pays for the owner’s title insurance policy. This is a negotiable item, but it is the strong customary starting point. The buyer usually pays for the lender’s title insurance policy, if required.

A listing agreement is a binding contract between the broker and the seller. The seller cannot unilaterally cancel it without the broker’s consent. If the broker has performed under the agreement (e.g., incurred expenses, developed a marketing plan), the seller may be in breach of contract. The broker can choose to release the seller from the agreement, often with a mutual release form, or could potentially seek damages. The key point is that it is not an arrangement that can be ended by one party on a whim.

The Virginia Brokerage Relationship Act (VBRA) is the foundational state law that outlines the different types of agency relationships (e.g., seller agency, buyer agency, designated agency, dual agency) and specifies the duties owed by licensees to clients (fiduciary duties) and to customers (specific duties of honesty and fairness). Its core purpose is to provide clarity and legal standards for how agents represent parties in a transaction.

The final walk-through is to verify the property is in the condition required by the contract. The removal of contracted personal property is a failure by the seller to perform. The buyer’s remedy is to delay closing until the seller cures the default (returns the appliance or provides agreed compensation). The buyer should not close and then sue, as closing typically signifies acceptance of the property’s condition. Unilaterally deducting funds at closing is not a standard or safe practice and could put the buyer in breach.

In Virginia, the Property Condition Disclosure Statement and standard contract forms often create an obligation for sellers to ensure certain systems are in working order at closing. For material defects like plumbing leaks, simply offering a credit may not satisfy the legal requirement to deliver the property in the condition agreed upon, and the repair may legally need to be completed by a licensed contractor. The agent’s duty is to advise the seller of their potential legal obligations, not just the easiest path.0