New Residential Property “Buyer Beware” Disclosure Form
June 26, 2017
UPDATED July 10, 2017
On July 1, 2017, the VA Real Estate Board issued a new three-page Residential Property Disclosure form for use in residential real estate transactions. In response to feedback, the Real Estate Board has modified the form so that only the one-page acknowledgment form directing purchasers to the DPOR website is required to be signed by parties.
• If the property went under contract prior to July 1, there is nothing you need to do.
• If the property was listed before July 1 and is still an active listing, you do not need to do anything. DPOR has now updated the information on the URL contained on the forms prior to July 1, so those forms may still be used.
• If a property went under contract between July 1-10, 2017, and you used the new three-page form on the VREB website, you are in compliance with Virginia law and do not need to get the parties to sign the new one-page form.
• If the seller has not signed a disclosure statement (and for all future listings), the seller will need to sign the NEW one-page disclosure form.