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WBK Industry News - State Regulatory Developments

Virginia Amends Residential Property Disclosure Act

On March 13, 2017, the State of Virginia amended the Residential Property Disclosure Act (RPDA) by adding two new disclosure requirements. The amendments are effective on July 1, 2017.

Specifically, as amended, the seller of property in a transaction subject to the RPDA must provide the purchaser of the property with two new disclosures, in addition to those already required in the residential property disclosure statement (Statement), including whether the property is subject to one or more conservation or other easements and whether the property is subject to a community development authority approved by a local governing body. The amendments also create a definitions section, allow for the electronic delivery of the required disclosures, require the Real Estate Board to provide the Statement on its website, and make a number of other technical changes.

A copy of the amendments can be viewed here: http://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+CHAP0386.