Which document must a seller complete before a buyer can finalize a purchase?

The Disclosure Statement is a crucial document in real estate transactions, particularly in Virginia, as it serves to inform potential buyers about specific details regarding the property. This statement typically includes information about the condition of the property, known defects, and other material facts that can influence a buyer's decision.

Prior to finalizing a purchase, the seller is required to complete this document to ensure that the buyer is fully informed about any issues or conditions that may affect their ownership and enjoyment of the property. This obligation protects both parties by enhancing transparency and helping to avoid disputes after the sale.

While the other documents like the Offer Letter, Purchase Agreement, and Escrow Agreement are indeed important in the transaction process, they do not specifically serve the purpose of disclosing material facts about the property condition to the buyer. The Disclosure Statement is foundational in establishing trust and ensuring that the buyer can make a well-informed decision before proceeding with the purchase.