ALERT: Updated Buyer Beware Requirements
As a result of new legislation, the Residential Property Disclosure Act has been updated and is now more of a true “Buyer Beware” law with four affirmative disclosures.
There have been several recent changes surrounding this update to necessary disclosures. Here’s what you need to know.
In late June, the Virginia Real Estate Board (VREB) released a three-page Buyer Beware form (also known as the Residential Property Disclosure Act form) that included a written list of all of the disclosures. This form represented a significant change over the previous disclosures requirement, creating a new and unnecessary burden on both agents and sellers. To protect the business practices of our members, the Virginia REALTORS® association has worked closely over the past week to have the Department of Professional and Occupational Regulation (DPOR) revert to a one-page VREB disclosure that links to a website containing all of the required disclosures. This disclosure method facilitates the transaction for REALTORS® and sellers while also offering the Buyer Beware consumer protection.
Download a one page guide here.
Download a summary of the VREB form transition here.
Access a special episode of the Caveat REALTOR® podcast here.
Visit DPOR resources directly here: