What does Virginias residential property Disclosure Act require sellers to do?

55-519. Required disclosures.

A. With regard to transfers described in 55-517 of this chapter, the ownerof the residential real property shall furnish to a purchaser one of thefollowing:

1. Except with respect to the disclosures required by 55-519.1, aresidential property disclaimer statement in a form provided by the RealEstate Board stating that the owner makes no representations or warranties asto the condition of the real property or any improvements thereon, and thatthe purchaser will be receiving the real property "as is," that is, withall defects which may exist, if any, except as otherwise provided in the realestate purchase contract; or

2. A residential property disclosure statement disclosing those itemscontained in a form provided by the Real Estate Board to implement theprovisions of this chapter and to list items which are required to bedisclosed relative to the physical condition of the property. Such disclosureform may include defects of which the owner has actual knowledge regarding:(i) the water and sewer systems, including the source of household water,water treatment system, and sprinkler system; (ii) insulation; (iii)structural systems, including roof, walls, floors, foundation, and anybasement; (iv) plumbing, electrical, heating and air conditioning systems;(v) wood-destroying insect infestation; (vi) land use matters; (vii)hazardous or regulated materials, including asbestos, lead-based paint,radon, and underground storage tanks or other adverse environmental siteconditions; and (viii) other material defects known to the owner. Thedisclosure form shall contain a notice to prospective purchasers and owners(a) that the prospective purchaser and the owner may wish to obtainprofessional advice or inspections of the property and (b) that informationis available at the Department of Environmental Quality which identifiesconfirmed releases or discharges of oil or other adverse environmental siteconditions that may affect the property. The disclosure form shall alsocontain a notice to purchasers that the information contained in thedisclosure is the representations of the owner and is not the representationsof the broker or salesperson, if any. The owner shall not be required toundertake or provide any independent investigation or inspection of theproperty in order to make the disclosures required by this chapter.

B. The disclosure and disclaimer forms shall contain a notice to purchasersthat regardless of whether the owner proceeds under subdivision A 1 or A 2,the owner makes no representations with respect to any matters which maypertain to parcels adjacent to the subject parcel. Further, such notice shalladvise purchasers to exercise whatever due diligence a particular purchaserdeems necessary with respect to adjacent parcels in accordance with terms andconditions as may be contained in the real estate purchase contract, but inany event, prior to settlement on a parcel of residential real property.

C. The disclosure and disclaimer forms shall contain a notice to purchasersthat regardless of whether the owner proceeds under subdivision A 1 or A 2,if property is located in a historic district designated by the localitypursuant to 15.2-2306 and which the owner has knowledge of suchdesignation, such fact shall be disclosed by the owner. Otherwise, the noticeshall advise purchasers to exercise whatever due diligence a particularpurchaser deems necessary to determine whether the provisions of any historicdistrict ordinance affect the property, including review of any localordinance creating such district or any official map adopted by the localitydepicting historic districts, in accordance with terms and conditions as maybe contained in the real estate purchase contract, but in any event, prior tosettlement on a parcel of residential real property.

D. The disclosure and disclaimer forms shall contain a notice to purchasersthat regardless of whether the owner proceeds under subdivision A 1 or A 2,the owner makes no representations with respect to whether the propertycontains any resource protection areas established in an ordinanceimplementing the Chesapeake Bay Preservation Act ( 10.1-2100 et seq.)adopted by the locality where the property is located pursuant to 10.1-2109. Further, such notice shall advise purchasers to exercise whateverdue diligence a particular purchaser deems necessary to determine whether theprovisions of any such ordinance affect the property, including review of anyofficial map adopted by the locality depicting resource protection areas, inaccordance with terms and conditions as may be contained in the real estatepurchase contract, but in any event, prior to settlement on a parcel ofresidential real property.

E. The disclosure and disclaimer forms shall contain a notice to purchasersthat whether the owner proceeds under subdivision A 1 or A 2, purchasersshould exercise whatever due diligence they deem necessary with respect toinformation on any sexual offenders registered under Chapter 23 ( 19.2-387et seq.) of Title 19.2, including how to obtain such information.

F. The disclosure and disclaimer forms shall contain a notice to purchasersthat whether the owner proceeds under subdivision 1 or 2 of subsection A, theowner represents that there are no pending enforcement actions pursuant tothe Uniform Statewide Building Code ( 36-97 et seq.) that affect the safe,decent, and sanitary living conditions of the property of which the owner hasbeen notified in writing by the locality.

(1992, c. 717; 1996, c. 379; 1998, cc. 384, 795; 2005, c. 510; 2006, cc. 247,514, 533, 705, 767.)

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