Real property; duty to disclose ownership interest and lis pendens. (HB281)

Introduced By

Del. Carrie Coyner (R-Chesterfield) with support from co-patron Del. Wren Williams (R-Stuart)

Description

Real property; duty to disclose ownership interest and lis pendens. Provides that a real estate licensee has an affirmative duty, upon having substantive discussions about specific real property, to disclose in writing to the purchaser, seller, lessor, or lessee of the property if he, any member of his family, his firm, any member of his firm, or any entity in which he has an ownership interest has or will have an ownership interest as a party to the transaction and must also disclose in writing that he is a licensee. The bill requires that an owner of a residential dwelling unit who has actual knowledge of a lis pendens filed against the dwelling unit must provide to a prospective purchaser a written disclosure of such fact on a form provided by the Real Estate Board on its website. This bill is identical to SB 311. Read the Bill »

Outcome

History