New Laws Effective July 1
Please be aware of the following changes to Virginia law that become effective Friday, July 1, 2022
- SB 533 states that if a principal or supervising broker, or any of their agents receive an EMD that will not be held in the firm’s escrow account, the principal or supervising broker shall ensure that the EMD is delivered to the escrow agent named in the contract by the end of the fifth business banking day following receipt of the deposit, unless otherwise agreed to in writing by the principals to the transaction
- Residential Property Disclosure Act
- HB 702 adds a new paragraph to the Residential Property Disclosure Statement stating that a property owner makes no representation with respect to current lot lines or limitations
- HB 281 states an owner of residential real estate must disclose the existence of a lis pendens filed against the dwelling to a prospective purchaser of the property
- HB 281 requires licensees to disclose when they, any member of their family, their firm, or any entity in which they have an ownership interest of a property they are selling or leasing
The CVR MLS Summary of the Residential Property Disclosure Act form has been updated to reflect these changes.
- Common Interest Communities
- HB 470/SB 197 requires condo and property owner associations to recognize real estate licensees that are representing an owner in the community
The CVR MLS Residential Listing Agreement (Standard Agency, Limited Service and Independent Contractor versions) and the CVR MLS Residential Listing Agreement for Unimproved Property have been updated to include the name, contact information and license number for the seller’s designated representative with respect to any POA/COA associated with the property. This update has also been made to the Request for Association Disclosure Packet/Resale Certificate.