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VIRGINIA RESIDENTIAL PROPERTY DISCLOSURE |
An E-News Bulletin
Compliments of RGS TITLE, LLC – 12/5/07
For residential real estate contracts which are fully executed after December 31, 2007, the Virginia Residential Property Disclosure Act (Sec. 55-517 et seq.) requires a new Disclosure form to be used by all sellers and the Disclaimer form will no longer be applicable. The single form required after the first of the year is available on the DPOR website located at www.dpor.virginia.gov/.
In addition, on or before settlement, Seller shall be required to disclose any material change in the disclosures or to affirm that the disclosures are substantially the same as when originally provided.
The old forms are obsolete for contracts ratified after December 31, 2007.
In addition to the required Disclosure form, the website also provides the disclosure forms for Septic Waivers and for Military Air Installations, which may be required on certain properties.
The information in these materials was prepared by the law firm of Shreves Schudel Devol Saunders Jackson Clarke and Parello, PLLC in its capacity as general counsel to RGS TITLE LLC. It is not intended nor should it be relied upon as legal advice, without consulting independent counsel for specific advice on your particular circumstances.