HB 1264 Virginia Residential Property Disclosure Act; representations related to covenants, report

About HB-1264

Virginia Residential Property Disclosure Act; representations related to covenants and restrictions affecting the property. Provides that, in delivering the residential property disclosure statement to a prospective purchaser of residential property under the Virginia Residential Property Disclosure Act, the owner makes no representations with respect to (i) any covenants and restrictions that may be recorded in land records that affect the real property or any improvements located on the property, (ii) the zoning classification or permitted uses of adjacent parcels, or (iii) the costs associated with maintaining, repairing, or inspecting any wastewater system, including any costs or requirements related to the pump-out of septic tanks. The bill replaces a reference to "certified home inspection" with "home inspection," relating to a prospective purchaser's exercise of due diligence. The bill requires the Virginia Housing Commission (the Commission) to study the provisions of the Virginia Residential Property Disclosure Act (the Act) to determine whether the required disclosures contained in the Act may be consolidated or otherwise addressed in a more comprehensive way. The Commission shall report its findings and any recommendations for legislation to the Chairmen of the House Committee on General Laws and the Senate Committee on General Laws and Technology by November 1, 2016.