Need to Know: New Buyer Beware Disclosures Update
This past week many members were caught off guard by a change that the Department of Professional and Occupational Regulation (DPOR) made to the Residential Property Disclosure Statement – Notice to Seller and Purchaser form (also known as the Residential Property Disclosure Act form). The Virginia REALTORS® legal and government affairs teams went to bat on behalf of you and your clients by working with DPOR through the weekend to have this form returned to a one-page disclosure. The new one-page form links to a website containing ALL required disclosures, replacing a three-page form that was introduced on July 1. This disclosure method facilitates the transaction for REALTORS® and sellers while also offering the Buyer Beware (Residential Property Disclosure Act) consumer protection. We would like to extend a special thank you to the staff and leadership at DPOR for their quick response to the concerns we raised and their willingness to work with Virginia REALTORS®. Review comprehensive information here, or visit the Legal Hotline for further information.
What you need to know
- If you had a property that 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 property went under contract prior to July 1, there is nothing you need to do.
- If the property is still an active listing, you do not need to do anything. Because DPOR has now updated the information on the URL contained in the forms prior to July 1, those disclosure statements are valid again.
- If the seller has not signed a disclosure statement yet, have them sign the NEW one-page disclosure form.
You can find special education on this industry update through a special Virginia REALTORS® resource page here. You will find details on the impact to REALTORS®, access to an explanatory podcast, and links to the Department of Professional and Occupational Regulation (DPOR).
Courtesy Virginia REALTORS update on 7/10/17