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.
1998 SESSION
989355346Be it enacted by the General Assembly of Virginia:
1. That § 55-518 of the Code of Virginia is amended and reenacted as follows:
§ 55-518. Exemptions.
A. The following are specifically excluded from the provisions of this chapter:
1. Transfers pursuant to court order including, but not limited to, transfers ordered by a court in administration of an estate, transfers pursuant to a writ of execution, transfers by foreclosure sale, transfers by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance.
2. Transfers to a beneficiary of a deed of trust by a trustor or successor in interest who is in default; transfers by a trustee under a deed of trust pursuant to a foreclosure sale, or transfers by a beneficiary under a deed of trust who has acquired the real property at a sale conducted pursuant to a foreclosure sale under a deed of trust or has acquired the real property by a deed in lieu of foreclosure.
3. Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust.
4. Transfers from one or more co-owners solely to one or more other co-owners.
5. Transfers made solely to any combination of a spouse or a person or persons in the lineal line of consanguinity of one or more of the transferors.
6. Transfers between spouses resulting from a decree of divorce or a property settlement stipulation pursuant to the provisions of Title 20.
7. Transfers made by virtue of the record owner's failure to pay any federal, state, or local taxes.
8. Transfers to or from any governmental entity or public or quasi-public housing authority or agency.
9. Transfers involving the first sale of a dwelling.
B. Notwithstanding the provisions of subdivision 9 of this section, the builder
of a new dwelling shall disclose in writing to the purchaser thereof
(a) all known material defects which would
constitute a violation of any applicable building code and
(b) that portion of the purchase
price, expressed in dollars, which relates directly to
the cost of complying with local government requirements
governing the construction of the dwelling. The disclosure
disclosures required by this subsection shall be made by a
builder (i) when selling a completed dwelling, before acceptance of the
purchase contract or (ii) when selling a dwelling before or during its
construction, after issuance of a certificate of occupancy. Such disclosure
shall not abrogate any warranty or any other contractual obligations the
builder may have to the purchaser. The disclosure disclosures
required by this subsection may be made on the disclosure form described
in § 55-519. The builder may not satisfy the requirements of this
subsection by the use of the disclaimer statement described in § 55-519.
If no defects are known by the builder to exist, no written disclosure is
concerning the lack of known defects shall be required by this
subsection. Failure of a builder to provide written
disclosure as required by clause
(b) shall not
affect the validity of the purchase contract
nor shall such failure establish any
additional rights of the parties to the purchase contract.