Don’t worry it’s not a big deal. There is a change to reflect the Stormwater Retention Issue. (I don’t know about everyone else, but if this disclosure doc keeps growing, I think we should just had the Buyers a copy of the Virginia Law and tell them to read it.)
None-the-less, this Disclosure Statement does replace all other copies as of July 1, 2009. If you have something that hasn’t closed by July 1st, 2009; you’ll need to get all the principals to sign the disclosure. My understanding is that if you have something under contract now, but it doesn’t close till after July 1st, 2009 you’ll still need to get he updated disclosure signed before closing. Consult your corporate counsel and Broker.
For those who really want to know that the Stormwater Retention law is, here ya go:
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Hey SNARKY- FYI…one of my agents brought to my attention the fact that on page 2 paragraph 2 line 2 the new disclosure uses the word DETENTION (rather than Retention ) …this is a supposed mistake but after posing the info to Blake Hegemen of VAR his reponse is that the statute uses that word so the law and the form includes the same wording….little factoids
Thanks for the fast heads up on this on Facebook. I have sent this out to all my agents this am. As contracts are coming in, it is great to have up todate forms, before not after the change.
Maybe they meant to say detention…here is what Wikipedia says…
A detention basin is an stormwater management facility installed on, or adjacent to, tributaries of rivers, streams, lakes or bays that is designed to protect against flooding and, in some cases, downstream erosion by storing water for a limited period of a time. These basins are also called “dry ponds”, “holding ponds” or “dry detention basins” if no permanent pool of water exists. Some detention ponds are also “wet ponds” in that they are designed to permanently retain some volume of water at all times. In its basic form a detention basin is used to manage water quantity while having a limited effectiveness in protecting water quality, unless it includes a permanent pool feature.[1]
A retention basin, is a type of best management practice (BMP) that is used to manage stormwater runoff to prevent flooding and downstream erosion, and improve water quality in an adjacent river, stream, lake or bay. Sometimes called a wet pond or wet detention basin, it is essentially an artificial lake with vegetation around the perimeter, and includes a permanent pool of water in its design.[1] [2]
It is distinguished from a detention basin, sometimes called a dry pond, which temporarily stores water after a storm, but eventually empties out at a controlled rate to a downstream water body. It also differs from an infiltration basin which is designed to direct stormwater to groundwater through permeable soils.
Wet ponds are frequently used for water quality improvement, groundwater recharge, flood protection, aesthetic improvement or any combination of these. Sometimes they act as a replacement for the natural absorption of a forest or other natural process that was lost when an area is developed. As such, these structures are designed to blend into neighborhoods and viewed as an amenity.[3]
Thanks for the update! We have been using the new form for just over a week in our office but was not aware we needed the new form for currently pending contracts that close after July 1. Facebook update was great!