Earlier this week, DPOR released a new version of the Virginia Residential Property Disclosure Act statement that sellers must provide to purchasers. Under the new law, taking effect July 1, the owner shall provide to a purchaser a statement for the buyer to beware of certain matters that may affect the buyer’s decision to purchase such real property. The new law has all of the “buyer beware” statements in one section, and the four affirmative seller disclosures in individual sections. In light of this, DPOR revamped the disclosure form and now provides individual forms for use with the affirmative disclosures.
The new DPOR form can be found at http://www.dpor.virginia.gov/Consumers/Disclosure_Forms/
The new form has also been incorporated into Virginia REALTORS®’ Residential Property Disclosure Summary of Rights and Obligations (Form SUM1) and will be available on the Virginia REALTORS® website along with in the Virginia REALTORS® Forms Library on Instanet and ZipForms.
A summary of the changes, along with redline versions of all Virginia REALTORS® forms changing on July 1 can be found at https://www.virginiarealtors.org/for-members/legal/standard-forms/july-1-2017-update/
–Laura M. Farley, Vice President of Legal Operations / Deputy General Counsel