Virginia real estate

Virginia real estate refers to land and permanent structures located within Virginia’s state boundaries, classified as residential, commercial, industrial, or agricultural property. Virginia law requires buyers of homes such as single-family houses and condos to receive a Residential Property Disclosure Statement (Code of Virginia § 55.1-703).

Title insurance in Virginia protects buyers from undisclosed liens or ownership disputes; for example, the American Land Title Association reports that title claims affect about 4% of transactions nationwide. Homeowners insurance is not legally required in Virginia but mortgage lenders like Wells Fargo mandate it for financed properties.

Flood insurance is recommended for properties in FEMA-designated Special Flood Hazard Areas; over 100,000 Virginians held National Flood Insurance Program policies as of 2023. Real estate taxes in counties including Fairfax and Loudoun fund public services and are assessed annually based on fair market value determined by local assessors, as stated by the Insurance Information Database.

Short-term rental owners in cities like Virginia Beach must comply with zoning ordinances and carry liability coverage per city code requirements. Condominium associations statewide require master policies that cover common areas while unit owners need HO-6 policies for interior protection according to the Virginia Condominium Act (§ 55.1-1900 et seq.).

New construction homes must meet building codes enforced by the Department of Housing and Community Development before insurers issue standard homeowners policies.