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2009 SESSION
HB 1856 Residential Property Disclosure Act; disclosure of stormwater detention facilities.
Introduced by: Stephen C. Shannon | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia Residential Property Disclosure Act; disclosure of stormwater detention facilities. Provides that an owner of real property disclose that no representations are being made with respect to the presence of any stormwater detention facilities located on the property and that purchasers are advised to exercise whatever due diligence they deem necessary to determine the presence of any stormwater detention facilities on the property, 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 that contract.
SUMMARY AS INTRODUCED:
Virginia Residential Property Disclosure Act; disclosure of stormwater detention facilities. Provides that an owner of real property makes no representations with respect to the presence of any stormwater detention facilities located on the property and that purchasers are advised to exercise whatever due diligence they deem necessary to determine the presence of any stormwater detention facilities on the property, 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 that contract.