A Virginia rent-to-own lease agreement is a regular lease agreement that also has an option to purchase the property. It includes the normal aspects of a lease agreement, including but not limited to the monthly rent, security and pet deposits, and tenant responsibilities. Attached is the option to purchase the property explaining the arrangements, purchase price, and requirements that the landlord and tenant agreed upon. The tenant has to pay the monthly rent until they are ready to buy the property. In some cases, rent paid can apply to the purchase price. The landlord must issue certain disclosures per Virginia law.
Seller Disclosures
To be used when the tenant decides to purchase the property.
Building Code or Zoning Ordinance Violations Disclosure (§ 55.1-706) – The seller is aware of an impending building code violation or local zoning ordinance.
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Defective Drywall Disclosure (§ 55.1-1218) – Required when the property contains defective drywall.
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Lead-Based Paint Disclosure – Buyers acquiring any home built before 1978 must be given this disclosure to divulge the home’s history of hazardous lead-based paint.
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Methamphetamine Disclosure (§ 55.1-708) – Discloses that the property was previously used to produce methamphetamine and has yet to be cleaned in accordance with State health procedures.
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Military Air Installation Disclosure (§ 55.1-704) – Informs the buyer that the property is located in a military air zone with increased noise levels.
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New Dwelling Disclosure (§ 55.1-706) – Discloses material defects that would result in a building code violation.
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Residential Property Disclosure Statement (§ 55.1-703(A)) – This protects the seller from specific liabilities.
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Septic System Disclosure (§ 55.1-703(B)(8)) – Informs the buyer that the property’s septic system is faulty and it needs repairs once they acquire the property.
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