Virginia SB 628: Virginia Residential Property Disclosure Act; residential building energy analysis.

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Bill Tracking - 2020 session > Legislation 

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2020 SESSION

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CHAPTER 186 

An Act to amend and reenact � 55.1-703 of the Code of 
Virginia, relating to Virginia Residential Property Disclosure Act; disclosures 
for a buyer to beware; residential building energy analyst. 

[S 628] 

Approved March 6, 2020 

Be it enacted by the General Assembly of Virginia:

1. That � 55.1-703 of the Code of Virginia is amended and 
reenacted as follows:

� 55.1-703. Required disclosures for buyer to beware; buyer to 
exercise necessary due diligence.

A. The owner of the residential real property shall furnish to 
a purchaser a residential property disclosure statement for the buyer to beware 
of certain matters that may affect the buyer's decision to purchase such real 
property. Such statement shall be provided by the Real Estate Board on its 
website.

B. The residential property disclosure statement provided by 
the Real Estate Board on its website shall include the following:

1. The owner makes no representations or warranties as to the 
condition of the real property or any improvements thereon, or with regard to 
any covenants and restrictions, or any conveyances of mineral rights, as may be 
recorded among the land records affecting the real property or any improvements 
thereon, and purchasers are advised to exercise whatever due diligence a 
particular purchaser deems necessary, including obtaining a home inspection, as 
defined in � 54.1-500, and a residential building energy analysis, as defined 
in � 54.1-1144, 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;

2. The owner makes no representations with respect to any 
matters that may pertain to parcels adjacent to the subject parcel, including 
zoning classification or permitted uses of adjacent parcels, and purchasers are 
advised to exercise whatever due diligence a particular purchaser deems 
necessary with respect to adjacent parcels 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;

3. The owner makes no representations to any matters that 
pertain to whether the provisions of any historic district ordinance affect the 
property, and purchasers are advised to exercise whatever due diligence a 
particular purchaser deems necessary with respect to any historic district 
designated by the locality pursuant to � 15.2-2306, including review of (i) any 
local ordinance creating such district, (ii) any official map adopted by the 
locality depicting historic districts, and (iii) any materials available from 
the locality that explain (a) any requirements to alter, reconstruct, renovate, 
restore, or demolish buildings or signs in the local historic district and (b) 
the necessity of any local review board or governing body approvals