Virginia Residential Property Disclosure Act, etc.; required disclosures.

Virginia Residential Property Disclosure Act and VirginiaResidential Landlord and Tenant Act; required disclosures; impoundingstructures, dams, flood hazard areas, and stormwater management facilities.Requires the owner of residential real property who has actual knowledge thatthe property is located in one or more special flood hazard areas to provide adisclosure that states such information to a potential purchaser. The owner ofany residential real property upon which a stormwater management facility islocated is required to provide to a prospective purchaser a written disclosurethat includes specifications, requirements, and a schedule of audits of suchfacility. Such disclosures are to be made on forms provided by the Real EstateBoard on its website. The bill also requires the landlord of a dwelling unitthat has actual knowledge that the dwelling unit is on property that is locatedin a special flood hazard area to provide to a prospective tenant a writtendisclosure that states such information prior to the execution by the tenant ofa written lease agreement or, in the case of an oral lease agreement, prior tooccupancy by the tenant. Any tenant who is not provided the required disclosuremay terminate the lease agreement at any time within 60 days of discovery thatthe property is located in a special flood hazard area. The bill adds to therequired disclosures for the buyer to beware that the owner makes norepresentation with respect to the condition or regulatory status of anyimpounding structure or dam on the property or under the ownership of thecommon interest community that the owner of the property is required to join,and purchasers are advised to exercise due diligence in determining suchinformation.