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Q: “I’m a member of an LLC that is selling a property. What do I have to disclose?”
A: Virginia Code section 54.1-2138.2 clearly states that if you—as a licensee—sell property that you own, you must disclose that you are a licensee when you begin having “substantive discussions” about that property. The law also states that you must give this disclosure if you have an “ownership interest” in any entity that owns a property. That means if you are a member of an LLC (or any other business entity) that owns a property, you must disclose you are a licensee to the other side.
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