I, like many of you, was surprised to learn that the Virginia Real Estate Board (VREB) recently amended the Virginia Residential Disclosure Statement to comply with House Bill 837. HB 837. This disclosure requires a new 7th notice be given to all prospective purchasers advising them that the seller makes no representations with regard to whether the property is located in a “dam break inundation zone.”
The new form was adopted by the VREB on July 10, 2008, and was posted to the VREB website that evening which means Listing agents should get the new disclosure signed by their sellers and use it for all contracts ratified Friday, July 11, 2008, forward.
Buyers who received the old form before July 11 do not need to receive a new form.
Remember: As with the changes effective January 1 of this year, It doesn’t matter when you took the listing. If you are giving a form to a prospective buyer on or after July 11, it must be the new disclosure form. If your seller or agent gave the old form on July 11 -15, you might want to give the current form to the buyers to avoid creating a potential loop-hole for a non-performing buyer to discover later in the process.
You can download the document below or Here is a link to the form: Virginia Residential Disclosure Form
Here is a link to thew new disclosure law.
Virginia Residential Property Disclosure Form – Free Legal Forms
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Thank michelle, yes i didn’t realize this until i saw the update come through the Zipforms library update that our brokerage subscribes too… thanks for keeping us on our toes!!!!