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2020 SESSION

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SB 342 Virginia Residential Property Disclosure Act; disclosure of special flood hazard area to purchaser.

Introduced by: Mamie E. Locke | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Residential Property Disclosure Act; Virginia Residential Landlord and Tenant Act; disclosure of special flood hazard area to prospective purchaser or renter. Requires the owner of residential real property who has actual knowledge that the property is located in one or more special flood hazard areas to provide a written disclosure when selling the property. Under current law, the owner is required to advise the buyer to exercise due diligence prior to purchasing the property. The bill also requires landlords who have actual knowledge that the residential dwelling unit is on property that is located in a special flood hazard area to disclose that information to the prospective tenant. If a tenant is not provided such disclosure within 60 days of discovery that the residential dwelling unit is on property that is located in a special flood hazard area, he may terminate the lease. This bill is a recommendation of the Virginia Housing Commission.


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