§ 55.1-708.2 Required disclosures pertaining to repetitive loss
The owner of residential real property located in the Commonwealth who has actual knowledge that the dwelling unit is a repetitive risk loss structure shall disclose such fact to the purchaser. For purposes of this section, “repetitive risk loss” means that two or more claims of more than $1,000 were paid by the National Flood Insurance Program within any rolling 10-year period, since 1978. Such disclosure shall be provided to the purchaser on a form provided by the Real Estate Board on its website.
History
This law was first created in 2021. The record of its establishment is cataloged in chapters 322 and 323 of the Special Session I of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2021, Sp. Sess. I, cc. 322, 323.