Real property; required disclosures for buyer to exercise due diligence, flood risk report.

Virginia Residential Property Disclosure Act; required disclosures; repetitive risk loss structure; flood risk information form. Requires the Real Estate Board (the Board) to make available on its website a flood risk information form, the details of which are outlined in the bill. The bill also provides that an owner of residential real property located in the Commonwealth who has actual knowledge that the dwelling unit is a repetitive risk loss structure, as defined in the bill, shall disclose such fact to the purchaser on a form provided by the Real Estate Board on its website. The bill has a delayed effective date of January 1, 2022.