2006 Code of Virginia § 55-525 - Real Estate Board to develop forms; when effective

55-525. Real Estate Board to develop forms; when effective.

An owner shall be required to make disclosures or a disclaimer required bythis chapter for real property subject to a real estate purchase contractwhich is fully executed by all parties thereto on and after July 1, 1993. Onor before January 1, 1993, the Real Estate Board shall, by regulation,develop the forms for the residential property disclaimer statement and theresidential property disclosure statement and shall provide at least one copyof each form to all licensees of the Board. Until such time as the forms aredeveloped by the Board, forms currently in use may continue to be used.After development of the initial forms, the Board may, by regulation, at anytime amend the forms as the Board deems necessary and appropriate.

Prior to July 1, 1993, at which time an owner of residential real propertyshall be required to provide a purchaser with disclosures required by thischapter, the parties may agree in writing (i) in the real estate purchasecontract, (ii) in an addendum to the real estate purchase contract, or (iii)in a separate agreement, that the provisions of this chapter shall apply.Upon such agreement, the owner of residential real property shall provide thepurchaser with a residential property disclaimer statement or a residentialproperty disclosure statement. Such statement may be prepared by the owner,an attorney, or a real estate broker and shall comply with the provisions ofthis chapter.

(1992, c. 717; 1993, c. 848.)