Virginia Residential Property Disclosure Statement Template (Page 2 of 2) in pdf

VIRGINIA RESIDENTIAL PROPERTY DISCLOSURE ACT

SECTIONS 55-518 AND 55-519

§ 55-518.

Exemptions. -- A. The following are

§ 55-519. Required disclosures. A. With regard to

specifically excluded from the provisions of this chapter:

transfers described in § 55-517 of this chapter, the owner of the

residential real property shall furnish to the purchaser one of the

1. Transfers pursuant to court order including, but not

following:

limited to, transfers ordered by a court in administration of an

estate, transfers pursuant to a writ of execution, transfers by

1. A residential property disclaimer statement in a form

foreclosure sale, transfers by a trustee in bankruptcy, transfers by

provided by the Real Estate Board stating that the owner makes

eminent domain, and transfers resulting from a decree for specific

no representations or warranties as to the condition of the real

performance.

property or any improvements thereon, and that the purchaser

will be receiving the real property "as is," that is, with all defects

2. Transfers to a beneficiary of a deed of trust by a

which may exist, if any, except as otherwise provided in the real

trustor or successor in interest who is in default; transfers by a

estate purchase contract; or

trustee under a deed of trust pursuant to a foreclosure sale, or

transfers by a beneficiary under a deed of trust who has acquired

2. A residential property disclosure statement disclosing

the real property at a sale conducted pursuant to a foreclosure sale

those items contained in a form provided by the Real Estate

under a deed of trust or has acquired the real property by a deed

Board to implement the provisions of this chapter and to list

in lieu of foreclosure.

items which are required to be disclosed relative to the physical

condition of the property. Such disclosure form may include

Transfers by a fiduciary in the course of the

defects of which the owner has actual knowledge regarding: i) the

administration

decedent's

estate,

guardianship,

water and sewer systems, including the source of household

conservatorship, or trust.

water, water treatment system, and sprinkler system; (ii)

insulation; (iii) structural systems, including roof, walls, floors,

4. Transfers from one or more co-owners solely to one

foundation and any basement; (iv) plumbing, electrical, heating

or more other co-owners.

and air conditioning systems; (v) wood-destroying insect

infestation; (vi) land use matters; (vii) hazardous or regulated

5. Transfers made solely to any combination of a spouse

materials, including asbestos, lead-based paint, radon and

or a person or persons in the lineal line of consanguinity of one or

underground storage tanks; and (viii) other material defects

more of the transferors.

known to the owner. The disclosure form shall contain a notice

to prospective purchasers and owners that the prospective

6. Transfers between spouses resulting from a decree of

purchaser and the owner may wish to obtain professional advice

divorce or a property settlement stipulation pursuant to the

or inspections of the property and (b) that information is available

provisions of Title 20.

at the Department of Environmental Quality which identifies

confirmed releases or discharges of oil which may affect the

7. Transfers made by virtue of the record owner's

property. The disclosure form shall also contain a notice to

failure to pay any federal, state, or local taxes.

purchasers that the information contained in the disclosure is the

representations of the owner and is not the representations of the

8. Transfers to or from any governmental entity or

broker or salesperson, if any. The owner shall not be required to

public or quasi-public housing authority or agency.

undertake or provide any independent investigation or inspection

of the property in order to make the disclosures required by this

9. Transfers involving the first sale of a dwelling.

chapter.

B. Notwithstanding the provisions of subdivision 9 of

B. The disclosure and disclaimer forms shall contain a

this section, the builder of a new dwelling shall disclose in

notice to purchasers that regardless of whether the owner

writing to the purchaser thereof all known material defects which

proceeds under subdivision 1 or 2 of subsection A, the owner

would constitute a violation of any applicable building code. The

makes no representations with respect to any matters which may

disclosure required by this subsection shall be made by a builder

pertain to parcels adjacent to the subject parcel. Further, such

(i) when selling a completed dwelling, before acceptance of the

notice shall advise purchasers to exercise whatever due diligence

purchase contract or (ii) when selling a dwelling before or during

a particular purchaser deems necessary with respect to adjacent

its construction, after issuance of a certificate of occupancy. Such

parcels in accordance with terms and conditions as may be

disclosure shall not abrogate any warranty or any other

contained in the real estate purchase contract, but in any event,

contractual obligations the builder may have to the purchaser.

prior to settlement on a parcel of residential real property.

The disclosure required by this subsection may be made on the

disclosure form described in § 55-519. The builder may not

The disclosure and disclaimer forms shall

satisfy the requirements of this subsection by the use of the

contain a notice to purchasers that whether the owner proceeds

disclaimer statement described in § 55-519. If no defects are

under subdivision 1 or 2 of subsection A, purchasers should

known by the builder to exist, no written disclosure is required by

exercise whatever due diligence they deem necessary with respect

this subsection.

to information on any sexual offenders registered under Chapter

23 (§19.2-387 et seq.) of Title 19.2, including how to obtain such

information.

Comments continued from the front:

1/1/99

Virginia Residential Property Disclosure Statement Template Page 2

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