Virginia House Bill HB2214

Virginia 2023 Regular Session

• Introduced: 1/11/23
• Refer: 1/11/23

Caption

Virginia Residential Property Disclosure Act; required disclosures, resource protection areas.

Impact

The bill intends to increase transparency in real estate transactions and protect the integrity of local environments by ensuring that prospective buyers receive detailed information regarding their potential property's ecological status. The annual written notice requirement for property owners containing resource protection areas aligns with the state's initiative to uphold the Chesapeake Bay Preservation Act, promoting better stewardship of Virginia's natural resources.

Summary

HB2214, titled the Virginia Residential Property Disclosure Act, introduces amendments to the Code of Virginia regarding required disclosures for residential property transactions. This bill mandates that property owners inform potential buyers if the properties contain resource protection areas established under the Chesapeake Bay Preservation Act. Such disclosures are aimed at enhancing consumer awareness about local environmental regulations and potential penalties associated with violations of zoning ordinances.

Contention

While the bill primarily aims for enhanced disclosure, some critics have raised concerns regarding the burden it may place on property owners. They argue that mandatory disclosures could complicate the selling process and lead to potential liabilities for sellers who fail to adequately inform buyers, thus raising questions about the practicality of such an obligation. Despite these concerns, proponents argue that thorough disclosures are vital for informed decision-making in real estate transactions.