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Residential Property Disclosure Act Updates

BY GRACIE PECK

Effective in 2022, the following changes to the Virginia Residential Property Disclosure Act went into effect:

A new paragraph states that a property owner makes no representation with respect to current lot lines or limitations Owners of residential real estate must disclose the existence of a lis pendens filed against the dwelling to a prospective purchaser of the property

Sellers who have actual knowledge that a property is a repetitive flood risk loss structure must disclose such fact to the purchaser

The CVR MLS Summary of the Residential Property Disclosure Act form has been updated to reflect these changes.

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For more information, visit RARealtors.com/NewLaws2022