                                 CODE OF VIRGINIA

REQUIRED DISCLOSURES PERTAINING TO REPETITIVE LOSS (§ 55.1-708.2)

The owner of residential real property located in the Commonwealth who has
actual knowledge that the dwelling unit is a repetitive risk loss structure
shall disclose such fact to the purchaser. For purposes of this section,
&#8220;repetitive risk loss&#8221; means that two or more claims of more than
$1,000 were paid by the National Flood Insurance Program within any rolling
10-year period, since 1978. Such disclosure shall be provided to the purchaser
on a form provided by the Real Estate Board on its website.

HISTORY: 2021, Sp. Sess. I, cc. 322, 323.