State DPOR/VREB Disclosure Changes

Residential Property Disclosure Statement (DPOR-RPD) 

The existing Residential Property Disclosure Statement has been reduced from 3 pages to just 1. This revised form directs sellers and purchasers to the DPOR website to read the full disclosures online. All new listings dated July 1, 2011 or later must have this revised form signed by the seller and uploaded to MLXchange.

Residential Property Disclosure Statement for Website (DPOR-RPDWeb) 

For your convenience, a PDF of the full list of disclosures from DPOR's website is available through TrueForms and www.REINMLS.com under "Contracts and Forms."

Defective Drywall Disclosure Statement (DPOR-DRYWALL)

This is a new disclosure, and is only required on properties with defective drywall. If a home has defective drywall, this disclosure must be signed by the seller and uploaded to the listing in MLXchange. Language was also added to the REIN Listing and Purchase Agreements to address this new disclosure.

All revised/new DPOR forms have been uploaded to www.REINMLS.com, and are ready for download immediately. 

For more information, please contact VREB Executive Director, Christine Martine at 804.367.8552 or REBoard@dpor.virginia.gov

All VREB Real Estate Transaction Disclosure Forms available online at http://www.dpor.virginia.gov/dporweb/reb_consumer.cfm 

REIN Contract Updates

1. Handling of Deposit in Foreclosure   

A statement has been added to the forms below, clarifying that if a listing has a contract pending and is foreclosed on before closing can occur, the Deposit will be returned to the Purchaser in accordance with Virginia law.

• Standard Purchase Agreement (PA) - Par. 5B (Ratification/Deposit)
• Unimproved Lot Purchase Agreement (UL) - Par. 6 (Deposit)
• Standard New Construction Residential Purchase Agreement (NC) - Par. 6B (Deposit)

2. Septic System Waiver,Clarification

In each of the forms listed below, the septic system waiver statement has been revised to spell out the name of the referenced disclosure and corresponding Virginia code.

• Standard Purchase Agreement (PA) - Par. 7D (Representations)
• General Disclosure Addendum (PAA-8) - Par. 21B (Drinking Water and Septic)
• Standard Listing Agreement (SLA) - Par. 8F


3. Consumer Real Estate Settlement Protection Act (CRESPA)

The Code of Virginia section numbers for "Choice of Settlement Agent" were updated on the forms listed below. No other words or meaning were changed.

• Standard Purchase Agreement (PA) - Par. 8 (Settlement/Possession)
• Unimproved Lot Purchase Agreement (UL) - Par. 10 (Settlement/Possession)
• Standard New Construction Residential Purchase Agreement (NC) - Par. 7B (Construction/Settlement)
• General Disclosure Addendum (PAA-8) - Par. 14 (Choice of Settlement Agent)
• Consumer Disclosure and Information Form (CDIF) - Par. 15 (Settlement Service Provider)

4. Defective Drywall Disclosure  **NEW**

A new Defective Drywall Disclosure paragraph has been added to the forms below. In each case, the Seller must disclose if he/she "__HAS OR __ DOES NOT HAVE actual knowledge that the property contains "Defective Drywall." 

• Standard Purchase Agreement (PA) - Par. 15H (Confirmations and Disclosures)
• Standard New Construction Residential Purchase Agreement (NC) - Par. 24G (Disclosures)
• General Disclosure Addendum (PAA-8) - Par. 18B (Virginia Residential Property Disclosure Act)
• Standard Listing Agreement (SLA) - Par. 8L (Representations, Warranties and Agreements)
• Consumer Disclosure and Information Form (CDIF) - Par. 20C (Virginia Residential Property Disclosure Act)
• Rental Consumer Disclosure and Information Form (RDIF) - Par. 3D (Environmental Disclosures)

5. Defaulting Party to Pay Attorney Fees & Other Costs

A statement has been inserted that says the prevailing party of any legal action related to this Agreement shall be entitled to receive reasonable attorneys' fees, costs and expenses.

• Standard Purchase Agreement (PA) - Par. 17 (Default)
• Unimproved Lot Purchase Agreement (UL) - Par. 16 (Default)
• General Disclosure Addendum (PAA-8) - Par. 23 (Default)

6. Electronic Signature, housekeeping update

In January 2011 the Standard Purchase Agreement and other forms were updated to say "...may be executed by facsimile or other forms of electronic signature counterparts and each facsimile or other forms of electronic signature counterparts shall be binding as if signed originals."

This has now been updated on the Standard Listing Agreement (SLA), Par. 9 (Miscellaneous) as well. 

7. Property Data Input Table (PTABLE), photo codes changed

REIN's new photo policies go into effect on July 1st. As a result, the photo codes in MLXchange listing input have been revised, and the PTABLE form updated to reflect these new codes.

1. Exterior Plus Extra Photos (Photographer Fees Apply)
2. Take Exterior Photo Only (REIN Fee Applies)
3. Land, Rental, Commercial Listing - No Photo Required
4. Listing Agent/Office Uploads Own Photo(s)