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HB1518 • 2026

Buyer to beware; Va. Housing Commission to review existing required disclosures, etc.

An Act to direct the Virginia Housing Commission to conduct a comprehensive review of statutory language regarding required disclosures for a buyer to beware or exercise necessary due diligence; report.

Housing Technology
Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Convirs-Fowler
Last action
2026-04-13
Official status
Acts of Assembly Chapter
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Buyer to beware; Va. Housing Commission to review existing required disclosures, etc.

Virginia Housing Commission; Virginia Residential Property Disclosure Act; comprehensive review of required disclosures; report.

What This Bill Does

  • Virginia Housing Commission; Virginia Residential Property Disclosure Act; comprehensive review of required disclosures; report.
  • Directs the Virginia Housing Commission to convene a stakeholder advisory group to assist the Commission in conducting a comprehensive review of (i) required disclosures for a buyer to beware, (ii) current methods for a buyer to receive a residential property disclosure statement, and (iii) the statutory language related to residential property disclosure statements and the language used in such disclosure statements.
  • The bill further directs the Commission to develop recommendations based on such review and stakeholder input to improve efficiency, transparency, and the consumer experience while maintaining legal protections for all parties.
  • The bill requires the Commission to submit a written report of its findings and recommendations to the Chairs of the House Committee on General Laws and the Senate Committee on General Laws and Technology no later than October 1, 2026.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-04-13 Governor

    Approved by Governor-Chapter 871 (effective 7/1/2026)

  2. 2026-04-13 Governor

    Acts of Assembly Chapter text (CHAP0871)

  3. 2026-04-13 Governor

    Acts of Assembly Chapter text (CHAP0871)

  4. 2026-04-01 House

    Fiscal Impact Statement from Department of Planning and Budget (HB1518)

  5. 2026-03-31 House

    Enrolled Bill communicated to Governor on March 31, 2026

  6. 2026-03-31 Governor

    Governor's Action Deadline 11:59 p.m., April 13, 2026

  7. 2026-03-31 House

    Signed by Speaker

  8. 2026-03-31 House

    Enrolled Bill communicated to Governor on March 31, 2026

  9. 2026-03-31 Governor

    Governor's Action Deadline 11:59 p.m., April 13, 2026

  10. 2026-03-30 Senate

    Signed by President

  11. 2026-03-30 House

    Enrolled

  12. 2026-03-30 House

    Bill text as passed House and Senate (HB1518ER)

  13. 2026-03-11 General Laws and Technology

    Fiscal Impact Statement from Department of Planning and Budget (HB1518)

  14. 2026-03-10 House

    Senate substitute agreed to by House (95-Y 3-N 0-A)

  15. 2026-03-09 Senate

    Read third time

  16. 2026-03-09 Senate

    Engrossed by Senate - committee substitute

  17. 2026-03-09 General Laws and Technology

    Committee substitute agreed to (Voice Vote)

  18. 2026-03-09 Senate

    Passed Senate with substitute Block Vote (40-Y 0-N 0-A)

  19. 2026-03-06 Senate

    Rules suspended

  20. 2026-03-06 Senate

    Passed by for the day

  21. 2026-03-06 Senate

    Constitutional reading dispensed Block Vote (on 2nd reading) (39-Y 0-N 0-A)

  22. 2026-03-06 Senate

    Passed by for the day Block Vote (Voice Vote)

  23. 2026-03-05 General Laws and Technology

    Committee substitute printed 26108565D-S1

  24. 2026-03-04 General Laws and Technology

    Reported from General Laws and Technology with substitute (15-Y 0-N)

  25. 2026-02-25 Housing

    Senate subcommittee offered

  26. 2026-02-25 Housing

    Assigned GL&T sub: Housing

  27. 2026-02-18 Senate

    Constitutional reading dispensed (on 1st reading)

  28. 2026-02-18 General Laws and Technology

    Referred to Committee on General Laws and Technology

  29. 2026-02-17 House

    Read third time and passed House Block Vote (97-Y 0-N 0-A)

  30. 2026-02-16 House

    Read second time

  31. 2026-02-16 House

    committee substitute agreed to

  32. 2026-02-16 House

    Engrossed by House - committee substitute

  33. 2026-02-15 House

    Read first time

  34. 2026-02-12 House

    Incorporates HB477 (Watts)

  35. 2026-02-12 General Laws

    Reported from General Laws with substitute (21-Y 0-N)

  36. 2026-02-12 Housing/Consumer Protection

    Subcommittee recommends reporting with substitute (10-Y 0-N)

  37. 2026-02-12 Housing/Consumer Protection

    House subcommittee offered

  38. 2026-02-12 General Laws

    Committee substitute printed 26107885D-H1

  39. 2026-02-02 Housing/Consumer Protection

    Assigned HGL sub: Housing/Consumer Protection

  40. 2026-01-30 House

    Fiscal Impact Statement from Department of Planning and Budget (HB1518)

  41. 2026-01-23 House

    Presented and ordered printed 26106159D

  42. 2026-01-23 General Laws

    Referred to Committee on General Laws

Official Summary Text

Virginia Housing Commission; Virginia Residential Property Disclosure Act; comprehensive review of required disclosures; report.
Directs the Virginia Housing Commission to convene a stakeholder advisory group to assist the Commission in conducting a comprehensive review of (i) required disclosures for a buyer to beware, (ii) current methods for a buyer to receive a residential property disclosure statement, and (iii) the statutory language related to residential property disclosure statements and the language used in such disclosure statements. The bill further directs the Commission to develop recommendations based on such review and stakeholder input to improve efficiency, transparency, and the consumer experience while maintaining legal protections for all parties. The bill requires the Commission to submit a written report of its findings and recommendations to the Chairs of the House Committee on General Laws and the Senate Committee on General Laws and Technology no later than October 1, 2026. This bill incorporates HB 477.

Current Bill Text

Read the full stored bill text 
An Act to direct the Virginia Housing Commission to conduct a comprehensive review of statutory language regarding required disclosures for a buyer to beware or exercise necessary due diligence; report.
Be it enacted by the General Assembly of Virginia:
1.
§ 1. That the Virginia Housing Commission (the Commission) shall conduct a comprehensive review of §
55.1-703
of the Code of Virginia. As part of such review, the Commission shall:
1. Establish and convene a stakeholder advisory group to assist the Commission in such review, to include the Real Estate Board, the Virginia Realtor's Association, the Real Property Section of the Virginia State Bar, and the Real Estate Section of the Virginia Bar Association;
2. Examine the existing required disclosures for a buyer to beware, including the relevance of such disclosures and any recommended disclosures not currently included;
3. Review the current methods for a buyer to receive a residential property disclosure statement, including: (i) the format of the statement, (ii) its location on the Real Estate Board website, (iii) the use of a one-page form with a website link, and (iv) any required signatures on the form;
4. Evaluate and review the language used in §
55.1-703
and on the residential property disclosure statement for inefficiencies in drafting and ease of use and understanding by the consumer; and
5. Develop recommendations based on the review and stakeholder input for any statutory or regulatory changes to improve efficiency, transparency, and the consumer experience while maintaining legal protections for all parties.
§ 2. That the Virginia Housing Commission shall submit a written report of its findings and recommendations to the Chairs of the House Committee on General Laws and the Senate Committee on General Laws and Technology no later than October 1, 2026.