Real property; required disclosures for buyer to exercise due diligence, flood risk report. (SB1389)

Introduced By

Sen. Lynwood Lewis (D-Accomac) with support from co-patron Sen. Monty Mason (D-Williamsburg)

Progress

✓	Introduced
✓	Passed Committee
☐	Passed House
☐	Passed Senate
☐	Signed by Governor
☐	Became Law

Description

Property; required disclosures for buyer to exercise due diligence; flood risk report. Requires the Department of Conservation and Recreation (the Department) to (i) develop, maintain, and update on its public website a statewide database and an official map of any parcel of real property in the Commonwealth and (ii) make available on its website a copy of a flood risk report for each parcel of real property in the Commonwealth, the details of which are outlined in the bill. The bill adds obtaining a flood risk report from the Department to the list of things a purchaser is advised to exercise due diligence on when purchasing a property. 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. The provisions of the bill are contingent on funding in a general appropriation act. Read the Bill »

Status

01/27/2021: passed committee

History

Date	Action
01/13/2021	Prefiled and ordered printed; offered 01/13/21 21102797D
01/13/2021	Referred to Committee on General Laws and Technology
01/21/2021	Impact statement from DPB (SB1389)
01/27/2021	Senate committee, floor amendments and substitutes offered
01/27/2021	Reported from General Laws and Technology with substitute (14-Y 0-N)
01/27/2021	Rereferred to Finance and Appropriations