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Residential Property Disclosure Form to Change July 1st |
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A new, shortened version of the Residential Property Disclosure Form becomes effective July 1st. On this new form, the Seller, will make only one representation - that there are no pending enforcement or zoning violations related to the property. Otherwise, the form directs the Purchaser to DPOR's website for the list of residential property disclosures. In the future, when the General Assembly adds to the list of required disclosures (which they tend to do every year), DPOR will update its website - with no change required to the form.
Note from VAR's Legal Team: The new form must be given to all prospective buyers as of July 1st unless the seller is exempt from the statute requirements (the exemptions did not change). This means that listing agents will have to get their sellers to sign new Disclosure forms in order to give the new form to prospective buyers beginning July 1st. However, you do not have to give the new form to buyers who received the 'old' form before July 1st. |
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Lower Cost of Living in the Roanoke Region |
The cost of living in the Roanoke Region is 8.5% lower than the national average and the second lowest of any metropolitan area in Virginia, according to the Council for Community and Economic Research. The first quarter 2011 cost of living index ranks Roanoke 83rd out of 312 metro areas, meaning that the cost of living here is less than 70% of the nation's metros.
"Our comparative costs are the lowest they have been in three years," says John Hull, research director of the Roanoke Regional Partnership. "When coupled with the region's numerous amenities, such as outdoor recreation, strong education and healthcare systems, and a business-friendly environment, our region really does offer the complete package as a great place to live and work." |
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New Laws Taking Effect July 1st |
The 2011 Session of the General Assembly produced many changes in Virginia Law. Most of these changes will take effect on July 1st. VAR’s Legislative Team was able to secure many changes during this year’s General Assembly session, such as:
- Virginia Residential Property Disclosure Act Changes
- Electronic Real Estate Records
- Civil Immunity from Inaccurate Information
- POA and Condo Amendments
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