Virginia SB 342: Virginia Residential Property Disclosure Act; disclosure of special flood hazard area to purchaser.

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2020 SESSION

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20103375D

SENATE BILL NO. 342 

Offered January 8, 2020 

Prefiled January 6, 2020 

A BILL to amend and reenact � 55.1-703 of the Code of Virginia 
 and to amend the Code of Virginia by adding sections numbered 55.1-708.1 and 
 55.1-1219.1, relating to the Virginia Residential Property Disclosure Act; 
 Virginia Residential Landlord and Tenant Act; disclosure of special flood 
 hazard area to prospective purchaser or renter. 
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Patron-- Locke 

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Referred to Committee on General Laws and Technology 

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Be it enacted by the General Assembly of Virginia:

1. That � 55.1-703 of the Code of Virginia is amended and 
 reenacted and that the Code of Virginia is amended by adding sections numbered 
 55.1-708.1 and 55.1-1219.1 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, 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