Virginia Real Estate: Buyer Beware

Over the past few months, the real estate market in the Richmond area has been booming, with a surplus of demand and not enough supply of houses on the market.  Because of that, buyers have had to resort to special tactics to be the one picked to purchase their dream home.  One of these tactics we have seen has been to waive the home inspection and purchase a house sight unseen.  Although this may entice a seller to choose your offer, it is a potentially dangerous tactic that buyers should only use with care.

Under most circumstances, the buyer of real estate in Virginia is bound by the doctrine of caveat emptor, or buyer beware.  The purchaser of real estate must discover for themselves the true conditions of the premises; and is responsible for any defects that would be discovered by a reasonably prudent person.  The buyer cannot hold liable the seller for any defects that would have been discovered through reasonable inspection of the property.  Without a home inspection, a buyer would have no recourse to discover major defects on the property.  A buyer who waives inspect does so at enormous risk.

If you are seeking to buy a home, and have a question about your legal rights or want protection during the settlement process, contact the real estate attorneys at Winslow, McCurry, & MacCormac, PLLC.  As the buyer, you have the choice in settlement agent. WMMLegal would love to help you through the purchase of your dream home.