Starting July 1, 2009, all listing agents in Virginia will need to start using the revised property disclosure form, even if they had their seller complete a disclosure before that deadline.
Virginia HB 1856 adds some new language to the property disclosure form effective 7/1/09; VAR says the language “imposes no additional obligations on sellers, and simply advises purchasers to exercise whatever due diligence they deem necessary to determine if there are stormwater detention facilities located on the seller’s property”.
Whether or not you need to use the new form depends on when you give the form to a prospective buyer, not on when your seller signed the form. If you took the listing on 6/1/09 and had the seller sign the old form, and then a buyer walks in the door on 7/1/09, you’ll need to have a signed copy of the new disclosure ready to give that buyer; if a buyer puts in an offer and you give them the disclaimer on 6/30/09, on the other hand, you have to use the old form, but you don’t have to re-disclose to that same buyer with the new form on 7/1/09.
Right now, the new form is only available on the VREB website; presumably it will be posted to the VAR Forms library and to companies like ZipForm relatively soon.
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jpt
on Jun 23rd, 2009
@ 1:56 am:
Thanks for the heads up!
Dirk
on Jul 30th, 2009
@ 10:34 am:
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