July 2017 - Law and Forms UpdateColdwell Banker Elite | Matthew Rathbun

Regulatory Changes

This is a summary of select bills that effect the routine practice

of real estate. This is not a review of all bills impacting the

industry.

Home Inspector Licensure

• Home Inspectors conducting residential inspections require a license

• Agents carry liability for recommending unlicensed home inspectors

• E and O will most likely not cover violations

• Requires 35-70 hours of pre-licensing training, 25-100 home inspections under supervision and a written exam. CE will apply

POA, Condos and Signs

POAs and Condos cannot require the use of a sign:

• …that does not comply with the Virginia Administrative Code

• …an association sign

• They may require signs to be limited to the regulatory requirements

Residential Property Disclosure

• Renames “Red Flag” to “Buyer Beware”

• No representation to conservation or other easements

• No representation to community development authority

• Seller must disclose

• Written pending enforcement action to Building Code

• Pending violation of local zoning ordinance that is not remedied

Fair Housing and Pets

• Companion pets require supporting documents from a person who has a therapeutic relationship who has verified the need and accommodation.

• No pet fee can be charged. Tenant responsible for damanges

• Sets out terms where pet may be denied

VRLTA

• All properties subject to VRLTA

• Landlord with two or fewer homes can opt out, but must be in writing in the lease

• Criminal or willful act that poses a threat to health and safety is an immediate termination of lease as directed by Landlord.

Short-Term Rentals

Localities can establish a short-term rental registration and allows for reasonable registration fees to be charged.

NVAR Form Changes

USDA Finance Addendum

USDA Finance Addendum

Residential Sales Contract

Home Inspection Addendum

Contingency and Clauses

Contingency and Clauses

Well and Septic

Well and Septic

(Mirrors Home Inspection process)

Well and Septic

• Septic Inspection Contingency mirrors Home Inspection Process

• Every inspection now includes visual and walk over inspections

• Limits options to two from four

• If buyer terminate they must return the property to substantially the same condition as prior to the inspections.