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2021 SPECIAL SESSION I

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SB 1389 Real property; required disclosures for buyer to exercise due diligence, flood risk report.

Introduced by: Lynwood W. Lewis, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Virginia Residential Property Disclosure Act; required disclosures; repetitive risk loss structure; flood risk information form. Requires the Real Estate Board to make available on its website a flood risk information form, the details of which are outlined in the bill. The bill also provides that an owner of residential real property located in the Commonwealth who has actual knowledge that the dwelling unit is a repetitive risk loss structure, as defined in the bill, shall disclose such fact to the purchaser on a form provided by the Real Estate Board on its website. The bill has a delayed effective date of January 1, 2022. This bill is identical to HB 2320.

SUMMARY AS INTRODUCED:

Property; required disclosures for buyer to exercise due diligence; flood risk report. Requires the Department of Conservation and Recreation (the Department) to (i) develop, maintain, and update on its public website a statewide database and an official map of any parcel of real property in the Commonwealth and (ii) make available on its website a copy of a flood risk report for each parcel of real property in the Commonwealth, the details of which are outlined in the bill. The bill adds obtaining a flood risk report from the Department to the list of things a purchaser is advised to exercise due diligence on when purchasing a property. The bill also provides that an owner of residential real property located in the Commonwealth who has actual knowledge that the dwelling unit is a repetitive risk loss structure, as defined in the bill, shall disclose such fact to the purchaser on a form provided by the Real Estate Board on its website. The bill has a delayed effective date of January 1, 2022. The provisions of the bill are contingent on funding in a general appropriation act.