HB 5383
To require real estate agents to disclose water and sewer utility rates, if applicable, at the point of sale
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires real estate agents in West Virginia to disclose water and sewer utility rates to potential buyers when a property is being sold. Currently, this information is not consistently provided, and this legislation aims to ensure buyers have access to this important cost factor during the home-buying process. The bill updates existing regulations to include this specific disclosure requirement.
Key provisions
- Real estate agents must disclose water and sewer utility rates.
- Disclosure must occur at the point of sale.
- Disclosure should also occur upon final acceptance or ratification of a contract.
- The requirement applies to brokers, associate brokers, and salespeople.
- The disclosure must be in writing.
- This requirement is added to existing duties of licensees.
- The disclosure is part of the notice of agency relationship form.
- The bill updates §30-40-26 of the West Virginia Code.
Who is affected
- Real estate agents
- Home buyers
- Real estate licensees
- Potential homebuyers in West Virginia
- Real estate brokers
Notable changes
- Adds a specific requirement for disclosing water and sewer utility rates.
- Expands the existing disclosure requirements for agency relationships.
- Clarifies the timing of disclosure – at the point of sale and upon contract acceptance.
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