VA HB1358

Requires settlement agents to provide written notice to purchasers when real estate is under special "land use" assessment and taxation, and obtain written acknowledgment before settlement

Adds a new disclosure to residential property disclosure statements warning buyers that properties with special use assessments may be subject to roll-back taxes and interest if the use or zoning changes to a nonqualifying use

Mandates settlement agents retain the purchaser's written acknowledgment for a minimum of five years after settlement

Imposes a civil penalty of up to $250 for willful failure by settlement agents to comply with the notice requirements

Directs the Virginia State Bar, in consultation with the State Corporation Commission and Department of Taxation, to develop guidelines for settlement agents to determine if property is under special land-use assessment

Effective date: January 1, 2027