Virginia Amends Residential Property Disclosure Act
The Virginia Residential Property Disclosure Act has been amended to include new sections outlining definitions and new disclosures required regarding pending building or zoning violations and additional other revisions.
The new definitions included are:
Electronic Delivery: sending the required disclosures via the Internet, provided that the sender retains sufficient proof of the electronic delivery, which may be an electronic receipt of delivery, a confirmation that the notice was sent by facsimile, or a certificate of service prepared by the sender confirming the electronic delivery.
Notification: a statement of the availability of any disclosures required by this chapter on the Real Estate Board’s website or delivery of any such disclosures to the purchaser.
Ratification: the full execution of a real estate purchase contract by all parties.
Real Estate Contract: a contract for the sale, exchange, or lease with the option to buy residential real estate subject to this chapter.
The new disclosures required where there is a pending building or zoning violation are as follows:
“Notwithstanding the exemptions in § 55-518, if the owner of a residential dwelling unit has actual knowledge of any pending enforcement actions pursuant to the Uniform Statewide Building Code (§ 36-97 et seq.) that affect the safe, decent, sanitary living conditions of the property of which the owner has been notified in writing by the locality, or any pending violation of the local zoning ordinance that the violator has not abated or remedied under the zoning ordinance, within a time period set out in the written notice of violation from the locality or established by a court of competent jurisdiction, the owner shall provide to a prospective purchaser a written disclosure that so states. Such disclosure shall be provided to the purchaser on a form provided by the Real Estate Board on its website and otherwise in accordance with this chapter.”
Additional amendments have also been made to the existing sections, including Section 55-519 “buyer to beware; buyer to exercise necessary due diligence” to clarify that the owner is required to furnish the residential property disclosure statement for the buyer to beware of certain matters that may affect the buyer’s decision to purchase the property. This section also revises the items included in the statement provided by the Real Estate Board on its website to include reference to conservation or other easements and community development authority.
View the update in its entirety via the below link:
http://lis.virginia.gov/cgi-bin/legp604.exe?ses=171&typ=bil&val=hb2034
Margaret Wright, JD, is regulatory compliance director with CLA. She is a graduate of Stonehill College and earned her juris doctor at Suffolk University Law School. She is admitted to the Massachusetts Bar.
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