Virginia Code 15.2-983.1: Establishment by localities of certain real estate contract disclosures prohibited.
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No locality shall have the authority to establish or enforce a mandatory disclosure requirement for a real estate licensee, any party to a contract for the sale or listing of residential real property, or any authorized agent of such party. For purposes of this section, “mandatory disclosure” means any notification required to be made by a homeowner or his authorized agent to a potential or actual buyer or his authorized agent. Prohibited mandatory disclosures include mandatory notifications in contracts, contract amendments or addenda, advertising, other promotional materials, and subsequent deeds after the initial deed is recorded, related to the sale of residential real estate.
Terms Used In Virginia Code 15.2-983.1
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.