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2015 SESSION
SB 775 Virginia Residential Property Disclosure Act; representations related to special flood hazard zones.
Introduced by: Mamie E. Locke | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia Residential Property Disclosure Act; representations related to special flood hazard zones. Requires the owner's representation to a prospective purchaser of residential property under the Virginia Residential Property Disclosure Act that the owner makes no representations with respect to whether the property is located in one or more special flood hazard areas and purchasers are advised to exercise whatever due diligence they deem necessary, including (i) obtaining a flood certification or mortgage lender determination of whether the property is located in one or more special flood hazard areas, (ii) review of any map depicting special flood hazard areas, and (iii) whether flood insurance is required, 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 such contract. The bill contains technical amendments.
SUMMARY AS INTRODUCED:
Virginia Residential Property Disclosure Act; representations related to special flood hazard zones. Requires the seller's representation to a prospective purchaser of residential property under the Virginia Residential Property Disclosure Act to state that the seller makes no representations as to whether the property is located in one or more special flood hazard zones.