Introduced in House Passed House Introduced in Senate Passed Senate Became Law
01/07/2020        

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.

Date Version PDF TXT
01/07/2020 House: Prefiled and ordered printed; offered 01/08/20 20101474D Open

            

2020 SESSION

    20101474D
    HOUSE BILL NO. 838
    Offered January 8, 2020
    Prefiled January 7, 2020
    A BILL to amend and reenact �� 54.1-2105.1, 55.1-700, and 55.1-714 of the Code of Virginia, relating to the Virginia Residential Property Disclosures Act; Real Estate Board; disclosure statement.
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    Patron-- Convirs-Fowler
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    Referred to Committee on General Laws
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    Be it enacted by the General Assembly of Virginia:

    1. That �� 54.1-2105.1, 55.1-700, and 55.1-714 of the Code of Virginia are amended and reenacted as follows:

    54.1-2105.1. Other powers and duties of the Real Estate Board.

    In addition to the provisions of �� 54.1-2105.01 through 54.1-2105.04, the Board shall:

    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.

    "Notification" means 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 chapter.

    "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 appropriate.

    Picture Name From Date Type
    Kelly K. Convirs-Fowler D-Richmond Sponsor
    Date Branch Action
    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
    Summary
    Congress - Bill Number Major Title
    Branch Vote Date Yes No Not Voting
    House 1/15/2020 12:00:00 AM 4 3 0
    Wiki





    Start Description.
    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 disclos
    End Description.

    Bill TEXT Points.
    This Bill has been listed with the following Subjects from Texts:
    Property
    1-714 of the Code of Virginia, relating to the Virginia Residential Property Disclosures Act; Real Estate Board; disclosure statement

    Virginia
    1-714 of the Code of Virginia, relating to the Virginia Residential Property Disclosures Act; Real Estate Board; disclosure statement


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