The Virginia Association of REALTORS® has made the following changes to its forms:
Form 600 (Residential Contract of Purchase) has been updated. Section 18 has been revised to include statutorily required Consumer Real Estate Settlement Protection Act (CRESPA) disclosure language. Section 22 dealing with lead paint issues has been amended slightly to bring it into compliance with EPA requirements.
The Virginia Real Estate Board has updated the Residential Property Disclosure Statement to reflect a statutory notice requirement concerning stormwater detention facilities. VAR has amended the SUM1 Form (Summary of Rights and Obligations of Sellers and Purchasers Under the Virginia Residential Property Disclosure Act) to conform to changes in the Residential Property Disclosure Statement.
Form 200 (Lease) has been amended to modify Section 30 as to a tenant’s holding over. The new section incorporates a recent amendment to the VRLTA that permits landlords to elect, as liquidated damages from a tenant’s holding over, a rent in the amount of 150% of the current rent.
These changes will be effective July 1.