HB702: Va. Residential Property Disclosure Act; required disclosures, maximum lot coverage.

Legislative Summary

Residential Property Disclosure Act; required disclosures for buyer to beware; buyer to exercise necessary due diligence; lot coverage. Requires that the owner of residential real property include in the residential property disclosure statement provided to a potential purchaser of such residential real property a statement that the owner makes no representation with respect to current lot lines or the ability to expand, improve, or add any structures on the property and that the potential purchaser is advised to exercise necessary due diligence, including obtaining a property survey and contacting the locality to determine zoning ordinances or lot coverage, height, or setback requirements on the property. Residential Property Disclosure Act; required disclosures for buyer to beware; buyer to exercise necessary due diligence; lot coverage. Requires that the owner of residential real property include in the residential property disclosure statement provided to a potential purchaser of such residential real property a statement that the owner makes no representation with respect to current lot lines or the ability to expand, improve, or add any structures on the property and that the potential purchaser is advised to exercise necessary due diligence, including obtaining a property survey and contacting the locality to determine zoning ordinances or lot coverage, height, or setback requirements on the property.