Bill > HB863

This bill amends the Virginia Residential Property Disclosure Act to enhance flood-related disclosures for residential property sales and rentals. The legislation requires property owners to provide detailed information about flood risks and history when selling or renting their property. Specifically, owners must disclose whether the property is located in a flood zone (100-year or 500-year), has experienced flood damage, has filed flood insurance claims, or received federal disaster assistance. They must also inform potential buyers or renters about any known flood-related damages, erosion control structures, and whether the property currently has flood insurance. For property sales, owners must complete a standardized form created by the Real Estate Board that includes spaces for historical flood damages, insurance claims, and associated costs. For rentals, owners must disclose past flood damages and flood zone information, and the contract must include a notice encouraging renters to consider flood insurance for their personal property. The bill aims to provide more transparency about flood risks, helping potential buyers and renters make more informed decisions about properties in flood-prone areas.

Business and Industry, Justice

https://lis.virginia.gov/cgi-bin/legp604.exe?251+sum+HB863