SB 342

Abstract

Virginia Residential Property Disclosure Act;Virginia Residential Landlord and Tenant Act; disclosure of specialflood hazard area to prospective purchaser or renter. Requiresthe owner of residential real property who has actual knowledge thatthe property is located in one or more special flood hazard areasto provide a written disclosure when selling the property. Undercurrent law, the owner is required to advise the buyer to exercisedue diligence prior to purchasing the property. The bill also requires landlords who have actual knowledge that the residential dwellingunit is on property that is located in a special flood hazard areato disclose that information to the prospective tenant. If a tenantis not provided such disclosure within 60 days of discovery that the residential dwelling unit is on property that is located in a specialflood hazard area, he may terminate the lease. This bill is a recommendationof the Virginia Housing Commission.