Contracts
In Virginia, a contract term that requires the buyer to waive all rights under the Virginia Residential Property Disclosure Act is:
AEnforceable if both parties agree
BUnenforceable — statutory rights under the RPDA cannot be waived by contract✓ Correct
CValid for commercial property only
DPermissible with VREB approval
Explanation
The Virginia Residential Property Disclosure Act establishes minimum disclosure rights for buyers. Attempting to waive statutory rights through contract provisions is generally unenforceable in Virginia.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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