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2015 SESSION

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HB 1450 Virginia Residential Property Disclosure Act; representations related to special flood hazard area.

Introduced by: Jackson H. Miller | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Residential Property Disclosure Act; representations related to special flood hazard areas and stormwater facility maintenance agreements. Requires the residential property disclosure statement provided by a property owner to a prospective purchaser under the Virginia Residential Property Disclosure Act to include explanation that the owner makes no representation with respect to the presence of any maintenance agreement for any stormwater detention facility on the property or with respect to whether the property resides in any special flood hazard area. The bill requires the statement to advise prospective purchasers to exercise whatever diligence they deem necessary to determine the presence of any such agreement or location of any such special flood hazard areas prior to settlement.


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