VA HB1518

Virginia Housing Commission must conduct a comprehensive review of § 55.1-703 regarding residential property disclosure requirements and "buyer beware" language

Commission will establish a stakeholder advisory group including the Real Estate Board, Virginia Realtor's Association, Real Property Section of the Virginia State Bar, and Real Estate Section of the Virginia Bar Association

Review will examine existing required disclosures for relevance, identify recommended disclosures not currently included, and evaluate delivery methods including format, website location, one-page forms with links, and signature requirements

Commission must evaluate the statutory and disclosure statement language for drafting inefficiencies and ease of consumer understanding

Written report with findings and recommendations due to the House Committee on General Laws and Senate Committee on General Laws and Technology by October 1, 2026