|Introduced in House||Passed House||Introduced in Senate||Passed Senate||Became Law|
Virginia Residential Property Disclosures Act; Real Estate Board's disclosure statement.
Requires the residential property disclosure statement form developed by the Real Estate Board and maintained on its website to include a statement signed by the parties acknowledging that the purchaser has been provided a copy of the residential property disclosure statement. Currently, such form only requires an acknowledgment that the purchaser has been advised to review the residential property disclosure statement. The bill also provides that the owner shall provide any disclosures required by the Virginia Residential Property Disclosure Act separate from other disclosures.
Be it enacted by the General Assembly of Virginia:
� 54.1-2105.1. Other powers and duties of the Real Estate Board.
1. Develop a residential property disclosure statement form for use in accordance with the provisions of the
Virginia Residential Property Disclosure Act (� 55.1-700 et seq.) and maintain such statement on its website.
The Board shall also develop and maintain on its
website a one-page The form shall also include a
statement to be signed by the parties acknowledging that the purchaser has been
advised to review provided a copy of
the residential property disclosure statement on
the Boards website; and
2. Inform licensed brokers, in a manner deemed appropriate by the Board, of the brokers ability to designate an agent pursuant to � 54.1-2109 in the event of the brokers death or disability.
� 55.1-700. Definitions.
As used in this chapter, unless the context requires a different meaning:
"Electronic delivery," for purposes of delivery of the disclosures required by this chapter, means 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.
a statement of the
availability of any disclosures required by this chapter on the
Real Estate Boards website or delivery of any such
disclosures to the purchaser required by this
"Ratification" means the full execution of a real estate purchase contract by all parties.
"Real estate contract" means a contract for the sale, exchange, or lease with the option to buy of residential real estate subject to this chapter.
� 55.1-714. Real Estate Board to develop form; when effective.
An owner shall be required to make disclosures required by
this chapter for real property subject to a real estate purchase contract that
is fully executed by all parties. The owner shall
provide these disclosures separate from any other disclosures not
required by this chapter. The Real Estate Board
shall develop the form for signature by the parties
advising the purchaser to review, to include the residential
property disclosure statement on the Boards website
in accordance with � 54.1-2105.1. The Board may at any time
amend the residential property disclosure statement and the
form for signature by the parties as the Board deems necessary and
|01/30/2020||House||House: Subcommittee recommends reporting (4-Y 3-N)|
|01/15/2020||House||House: Assigned GL sub: Housing/Consumer Protection|
|01/07/2020||House||House: Prefiled and ordered printed; offered 01/08/20 20101474D|
|01/07/2020||House||House: Referred to Committee on General Laws|