Changed:
Virginia Residential Property Disclosure Statement

K1336 – Understanding the Virginia Residential Disclosure Statement

Defective Drywall Disclosure Statement: Notice to Prospective Purchaser

Virginia Residential Property Disclosure Statement:

The disclosures that appear on the Residential Property Disclosure Statement provided by sellers to purchasers of residential property will change dramatically. The current list of disclosures/disclaimers on that form will move to a website maintained by the Real Estate Board (http://www.dpor.virginia.gov/dporweb/reb_consumer.cfm) — thus eliminating the risk of using an out-of-date form (and threatening your contract). The Residential Property Disclosure Statement will direct the purchaser to view that website. Of course, you can print the site’s contents and provide it to the purchaser at the seller’s discretion or if required by contract.

The new form must be given to all prospective buyers unless the seller is exempt from the requirements of the statute (exemption rules have not changed) and it must be given effective July 1, 2011. This means that Realtors® who took listings before that date will have to get their sellers to sign new Disclosure forms and these new forms must be given out from and after July 1, 2011. You do not have to give the new form to buyers who got the old form before July 1. Simply replace the old form with the new form after July 1 and you’re good to go. Remember: It doesn’t matter when you took the listing. If you are giving a form to a prospective buyer after July 1, it must be the new Disclosure form, regardless of when you took the listing.

K1336 – Understanding the Virginia Residential Disclosure Statement

The form has been updated to reflect the changes to the form.

Defective Drywall Disclosure Statement: Notice to Prospective Purchaser

The Real Estate Board has approved a disclosure form concerning defective drywall. It applies to both sales and leasing transactions and to all configurations of owners, sellers, buyers and tenants and potential tenants. Disclosure is required of REO and foreclosed property holders as well, unlike the requirements of the Virginia Residential Property Disclosure Act.