HB2348: Virginia Residential Property Disclosure Act; flood-related disclosures.

Legislative Summary

Virginia Residential Property Disclosure Act; flood-related disclosures. Requires the owner of residential real property located in the Commonwealth who has actual knowledge that the dwelling unit is located within certain flood hazard areas or floodplains to disclose such fact to the purchaser. The bill also removes from the disclosure statement provided by the Real Estate Board that is furnished to the purchaser of residential real property that the owner makes no representation with respect to whether the property is located in one or more special flood hazard areas.