That's not to imply that any settlement agents in Harrisonburg have wood-destroying insects in their conference rooms, but rather...
The standard Virginia purchase contract places some minimum termite treatment and repair requirements on the Seller, but does not mandate disclosing the infestation or damage at the time of discovery. Here's what you need to know:
- Sellers are required by state law to perform a termite inspection (at their expense) within 30 days of the settlement on the sale of their house.
- If the inspection reveals the presence of or damage from termites or other wood-destroying insects or organisms, the seller is required to treat the infestation or repair the damages up to a cost of $1,000.
- If the cost is greater than $1,000, and if the buyer and seller cannot agree as to how the excess will be paid, the buyer may select to accept the $1,000 of seller-paid treatment/repairs, receive a $1,000 seller-credit at closing, or terminate the contract and receive a refund of their deposit.
- But......if the treatment or repairs cost less than $1,000 --- the seller may very well treat/repair the home and the buyer wouldn't know until closing when they saw the inspection report indicating infestation/damage and invoices showing the treatment/repair.
So...as a buyer, be aware that there is a (slight) chance that you could get to closing and find out that there were termites, or was damage in the home. It can be disconcerting (termites in our new home!?!?!?) but rest assured that the treatment or repairs have already been taken care of by the seller.
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