Introduced in House Passed House Introduced in Senate Passed Senate Became Law
01/06/2020     01/15/2020  

Virginia Residential Property Disclosure Act; residential building energy analysis.

Specifies residential building energy analysis as a method of due diligence that a prospective homeowner may choose to perform when purchasing a residential property. Currently, the residential property disclosure statement provided to purchasers by the Real Estate Board advises purchasers to perform due diligence and specifies only home inspection as one such method.

Date Version PDF TXT
01/06/2020 House: Prefiled and ordered printed; offered 01/08/20 20103768D Open

            

2020 SESSION

    20103768D
    HOUSE BILL NO. 574
    Offered January 8, 2020
    Prefiled January 6, 2020
    A BILL to amend and reenact � 55.1-703 of the Code of Virginia, relating to the Virginia Residential Property Disclosure Act; residential building energy analysis.
    ----------
    Patron-- Keam
    ----------
    Referred to Committee on General Laws
    ----------

    Be it enacted by the General Assembly of Virginia:

    1. That � 55.1-703 of the Code of Virginia is amended and reenacted as follows:

    55.1-703. Required disclosures for buyer to beware; buyer to exercise necessary due diligence.

    A. The owner of the residential real property shall furnish to a purchaser a residential property disclosure statement for the buyer to beware of certain matters that may affect the buyers decision to purchase such real property. Such statement shall be provided by the Real Estate Board on its website.

    B. The residential property disclosure statement provided by the Real Estate Board on its website shall include the following:

    1. The owner makes no representations or warranties as to the condition of the real property or any improvements thereon, or with regard to any covenants and restrictions, or any conveyances of mineral rights, as may be recorded among the land records affecting the real property or any improvements thereon, and purchasers are advised to exercise whatever due diligence a particular purchaser deems necessary, including obtaining a home inspection, as defined in � 54.1-500, or a residential building energy analysis, as defined in � 54.1-1144, in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event prior to settlement pursuant to such contract;

    2. The owner makes no representations with respect to any matters that may pertain to parcels adjacent to the subject parcel, including zoning classification or permitted uses of adjacent parcels, and purchasers are advised to exercise whatever due diligence a particular purchaser deems necessary with respect to adjacent parcels in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event prior to settlement pursuant to such contract;

    3. The owner makes no representations to any matters that pertain to whether the provisions of any historic district ordinance affect the property, and purchasers are advised to exercise whatever due diligence a particular purchaser deems necessary with respect to any historic district designated by the locality pursuant to � 15.2-2306, including review of (i) any local ordinance creating such district, (ii) any official map adopted by the locality depicting historic districts, and (iii) any materials available from the locality that explain (a) any requirements to alter, reconstruct, renovate, restore, or demolish buildings or signs in the local historic district and (b) the necessity of any local review board or governing body approvals prior to doing any work on a property located in a local historic district, in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event prior to settlement pursuant to such contract;

    4. The owner makes no representations with respect to whether the property contains any resource protection areas established in an ordinance implementing the Chesapeake Bay Preservation Act (� 62.1-44.15:67 et seq.) adopted by the locality where the property is located pursuant to � 62.1-44.15:74, and purchasers are advised to exercise whatever due diligence a particular purchaser deems necessary to determine whether the provisions of any such ordinance affect the property, including review of any official map adopted by the locality depicting resource protection areas, in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event prior to settlement pursuant to such contract;

    5. The owner makes no representations with respect to information on any sexual offenders registered under Chapter 23 (� 19.2-387 et seq.) of Title 19.2, and purchasers are advised to exercise whatever due diligence they deem necessary with respect to such information, in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event prior to settlement pursuant to such contract;

    6. The owner makes no representations with respect to whether the property is within a dam break inundation zone. Such disclosure statement shall advise purchasers to exercise whatever due diligence they deem necessary with respect to whether the property resides within a dam break inundation zone, including a review of any map adopted by the locality depicting dam break inundation zones;

    7. The owner makes no representations with respect to the presence of any stormwater detention facilities located on the property, or the existence or recordation of any maintenance agreement for such facilities, and purchasers are advised to exercise whatever due diligence they deem necessary to determine the presence of any stormwater detention facilities on the property, or any maintenance agreement for such facilities, such as contacting their settlement provider, consulting the locality in which the property is located, or reviewing any survey of the property that may have been conducted, in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event prior to settlement pursuant to such contract;

    8. The owner makes no representations with respect to the presence of any wastewater system, including the type or size of the wastewater system or associated maintenance responsibilities related to the wastewater system, located on the property, and purchasers are advised to exercise whatever due diligence they deem necessary to determine the presence of any wastewater system on the property and the costs associated with maintaining, repairing, or inspecting any wastewater system, including any costs or requirements related to the pump-out of septic tanks, in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event prior to settlement pursuant to such contract;

    9. The owner makes no representations with respect to any right to install or use solar energy collection devices on the property;

    10. The owner makes no representations with respect to whether the property is located in one or more special flood hazard areas, and purchasers are advised to exercise whatever due diligence they deem necessary, including (i) obtaining a flood certification or mortgage lender determination of whether the property is located in one or more special flood hazard areas, (ii) reviewing any map depicting special flood hazard areas, (iii) contacting the Federal Emergency Management Agency (FEMA) or visiting the website for FEMAs National Flood Insurance Program or for the Virginia Department of Conservation and Recreations Flood Risk Information System, and (iv) determining whether flood insurance is required, in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event prior to settlement pursuant to such contract;

    11. The owner makes no representations with respect to whether the property is subject to one or more conservation or other easements, and purchasers are advised to exercise whatever due diligence a particular purchaser deems necessary in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event prior to settlement pursuant to such contract; and

    12. The owner makes no representations with respect to whether the property is subject to a community development authority approved by a local governing body pursuant to Article 6 (� 15.2-5152 et seq.) of Chapter 51 of Title 15.2, and purchasers are advised to exercise whatever due diligence a particular purchaser deems necessary in accordance with terms and conditions as may be contained in the real estate purchase contract, including determining whether a copy of the resolution or ordinance has been recorded in the land records of the circuit court for the locality in which the community development authority district is located for each tax parcel included in the district pursuant to � 15.2-5157, but in any event prior to settlement pursuant to such contract.

    C. The residential property disclosure statement shall be delivered in accordance with � 55.1-709.

    Picture Name From Date Type
    Mark L. Keam D-Richmond Sponsor
    Date Branch Action
    01/15/2020 House House: Assigned GL sub: Housing/Consumer Protection
    01/06/2020 House House: Prefiled and ordered printed; offered 01/08/20 20103768D
    01/06/2020 House House: Referred to Committee on General Laws
    Summary
    Congress - Bill Number Major Title
    Branch Vote Date Yes No Not Voting
    Wiki




    Start Description.
    Specifies residential building energy analysis as a method of due diligence that a prospective homeowner may choose to perform when purchasing a residential property. Currently, the residential property disclosure statement provided to purchasers by the Real Estate Board advises purchasers to perform due diligence and specifies only home inspection as one such method.
    End Description.

    Bill TEXT Points.
    This Bill has been listed with the following Subjects from Texts:
    Property
    1-703 of the Code of Virginia, relating to the Virginia Residential Property Disclosure Act; residential building energy analysis

    Virginia
    1-703 of the Code of Virginia, relating to the Virginia Residential Property Disclosure Act; residential building energy analysis


    End Bill TEXT Points.
    Date Bill Major Title
    Committee Name
    Subject Type