SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2006 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 55-519 of the Code of Virginia is amended and reenacted as follows:
§ 55-519. Required disclosures.
A. With regard to transfers described in § 55-517 of this chapter, the owner of the residential real property shall furnish to a purchaser one of the following:
1. Except with respect to the disclosures required by § 55-519.1, a residential property disclaimer statement in a form provided by the Real Estate Board stating that the owner makes no representations or warranties as to the condition of the real property or any improvements thereon, and that the purchaser will be receiving the real property "as is," that is, with all defects which may exist, if any, except as otherwise provided in the real estate purchase contract; or
2. A residential property disclosure statement disclosing
those items contained in a form provided by the Real Estate Board to implement
the provisions of this chapter and to list items which are required to be
disclosed relative to the physical condition of the property. Such disclosure
form may include defects of which the owner has actual knowledge regarding: (i)
the water and sewer systems, including the source of household water, water
treatment system, and sprinkler system; (ii) insulation; (iii) structural
systems, including roof, walls, floors, foundation, and any basement;
(iv) plumbing, electrical, heating and air conditioning systems; (v)
wood-destroying insect infestation; (vi) land use matters; (vii) hazardous or
regulated materials, including asbestos, lead-based paint, radon, and
underground storage tanks; and (viii) other material defects known to the
owner. The disclosure form shall contain a notice to prospective purchasers and
owners (a) that the prospective purchaser and the owner may wish to obtain
professional advice or inspections of the property and (b) that information is
available at the Department of Environmental Quality which identifies confirmed
releases or discharges of oil which that may affect the property.
The disclosure form shall also contain a notice to purchasers that the
information contained in the disclosure is the representations of the owner and
is not the representations of the broker or salesperson, if any. The owner
shall not be required to undertake or provide any independent investigation or
inspection of the property in order to make the disclosures required by this
chapter.
B. The disclosure and disclaimer forms shall contain a notice
to purchasers that regardless of whether the owner proceeds under subdivision A
1 or A 2 of subsection A, the owner makes no representations
with respect to any matters which may pertain to parcels adjacent to the
subject parcel. Further, such notice shall advise purchasers 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 on a
parcel of residential real property.
C. The disclosure and disclaimer forms shall contain a notice to purchasers that regardless of whether the owner proceeds under subdivision A 1 or A 2, if property is located in a historic district designated by the locality pursuant to § 15.2-2306 and which the owner has knowledge of such designation, such fact shall be disclosed by the owner. Otherwise, the notice shall advise purchasers to exercise whatever due diligence a particular purchaser deems necessary to determine whether the provisions of any historic district ordinance affect the property, including review of any local ordinance creating such district or any official map adopted by the locality depicting historic districts, in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event, prior to settlement on a parcel of residential real property.
C D. The disclosure and disclaimer forms shall
contain a notice to purchasers that whether the owner proceeds under
subdivision A 1 or A 2 of subsection A, purchasers should
exercise whatever due diligence they deem necessary with respect to information
on any sexual offenders registered under Chapter 23 (§ 19.2-387 et seq.) of
Title 19.2, including how to obtain such information.