Pursuant to HB 1518, Virginia Housing Commission (VHC) staff and the Stakeholder Advisory Group completed an evaluation of § 55.1-703 and the Virginia Department of Professional and Occupational Regulation (DPOR) Residential Property Disclosure Statement Required Notice for a Buyer to Exercise Necessary Due Diligence document and Acknowledgement Form to fulfill the legislative directives in HB 1518.

Recommendations include updating the Residential Property Disclosure Statement by transitioning the statutory paragraphs into an itemized chart, consolidating the separate notice and acknowledgment forms into a single document signed prior to contract ratification, incorporating clear explanatory language on Virginia's buyer-beware framework, correcting outdated statutory cross-references, and adding additional disclaimers advising a buyer to exercise due diligence. Additional recommendations include formatting changes and language simplification.

Amending § 55.1-703 is necessary to align Virginia Code with the proposed changes to the DPOR Residential Property Disclosure Statement and ensure ongoing adaptability. Draft legislation reflecting these recommendations will be made publicly available and presented to the Full Commission on November 9, 2026.

A copy of the proposed DPOR Residential Property Disclosure Statement with the changes studied and recommended by both staff and stakeholders is attached to the bottom of this report.