2026 SESSION
ENROLLED
VIRGINIA ACTS OF ASSEMBLY -- CHAPTER
An Act to direct the Virginia Housing Commission to conduct a comprehensive review of statutory language regarding required disclosures for a buyer to beware or exercise necessary due diligence; report.
[H 1518]
Approved
Be it enacted by the General Assembly of Virginia:
1. § 1. That the Virginia Housing Commission (the Commission) shall conduct a comprehensive review of § 55.1-703 of the Code of Virginia. As part of such review, the Commission shall:
1. Establish and convene a stakeholder advisory group to assist the Commission in such review, to include the Real Estate Board, the Virginia Realtor's Association, the Real Property Section of the Virginia State Bar, and the Real Estate Section of the Virginia Bar Association;
2. Examine the existing required disclosures for a buyer to beware, including the relevance of such disclosures and any recommended disclosures not currently included;
3. Review the current methods for a buyer to receive a residential property disclosure statement, including: (i) the format of the statement, (ii) its location on the Real Estate Board website, (iii) the use of a one-page form with a website link, and (iv) any required signatures on the form;