VA SB649

Requires settlement agents to provide written notice to purchasers when real estate is subject to special use-value assessment (land-use taxation) and obtain written acknowledgment before closing

Adds a new disclosure item to Virginia's residential property disclosure statement informing buyers that properties under land-use assessment may be subject to roll-back taxes and interest if the use or zoning changes

Settlement agents must retain purchaser acknowledgments for a minimum of five years after settlement completion

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 helping settlement agents identify properties under special use-value assessment; effective date is January 1, 2027