Which statement about the Notice of Disclosure Pursuant to Virginia Residential Property Disclosure Act is true?

The correct statement regarding the Notice of Disclosure Pursuant to the Virginia Residential Property Disclosure Act is that the disclosure form is not part of the purchase agreement. This distinction is important because the disclosure form serves as a separate document that provides essential information about the condition of the property being sold. It is designed to inform potential buyers about various aspects of the property, such as known defects and other pertinent details that could influence their purchasing decision.

Since the disclosure form exists independently of the purchase agreement, it must be provided to the buyer prior to finalizing the contract. This procedure is intended to ensure transparency and foster informed decision-making in real estate transactions. Having the disclosure separate from the purchase agreement allows for clear communication and acknowledgment of the property's condition without intertwining it with the terms of the sale.

The other options do not accurately reflect the nature of the Notice of Disclosure. For example, while it is mandatory for the seller to provide the disclosure to buyers, it does not specifically call for the buyer's signature on the form itself. Additionally, this form is applicable exclusively to residential properties, not commercial properties, aligning with the focus of the Virginia Residential Property Disclosure Act.