Contract Updates to Support Septic Inspection Changes
August 28, 2020
As of July 1, 2020, Virginia law now requires that any person performing a septic inspection in connection with a real estate transaction must have an appropriate license or accreditation. Based on our conversations with members and the number of questions to the Legal Hotline, we know that many of you are very concerned about the impacts of this law.
To try and mitigate some of those concerns, the Standard Forms subcommittee made several tweaks to the Virginia REALTORS® Purchase Contract. Specifically, it removed the requirement that a Seller provide the Purchaser with a certificate stating that the septic system is in good working order. It also removed references to “home” inspections throughout the contract to make it clear that the inspection contingency is much broader than just a home inspection and allows for a number of other inspections.
For those who want to have a separate septic inspection contingency, distinct from the home inspection contingency, language has been added to the Standard Clause Booklet to facilitate that. These changes will go live on our website and all forms providers who have our forms on September 1, 2020. Stay tuned to our website for any additional changes.
You might also like…
“How can I find out what changes are being made to Standard Forms for the upcoming year?
By Santiago Montalvo - December 19, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q:… Read More
“What happens if a purchaser receives a Resale Disclosure Certificate in improper form?”
By Sean Olk - December 17, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q:… Read More
Corporate Transparency Act on Hold
By Jon Haley - December 16, 2024
If you’ve followed any of our resources, you’re hopefully aware of the Corporate Transparency Act (or CTA). This act, which became law in January of this year, requires… Read More