2017 Legislative Agenda
Allows a property manager to transfer a security deposit to the owner and puts the common law in statute that a lease after foreclosure continues on a month-to-month basis.
Allows for a smoother transition for an existing tenant and a new owner following a foreclosure.
Allows the tenant to continue to pay rent to the: (i) new landlord, (ii) the property manager at the time of the foreclosure, or (iii) the courts, through an escrow account.
Allows for the written property management agreement to continue in place following a foreclosure on a month-to-month basis until terminated by either the property manager or the new owner, unless a shorter period is provided for in the property management agreement.
This legislation does not change Virginia Code Section 55-248.15:1 that places the responsibility on the landlord at the lease termination to make disposition of the tenant’s security deposit, regardless of whether that landlord received the tenant’s security deposit from a prior landlord.
Associations cannot condition, limit or prohibit for sale signs other than limiting signs to those that are in compliance with the VREB regulations.
Associations cannot require a formal power of attorney from a real estate licensee to represent their clients before the association and are required to accept a document from the real estate licensee signed by the owner that confirms representation.
Adds that failure to deliver the association disclosure packet within the 14-day requirement subjects the association to up to $1,000 fine imposed by the Common Interest Community Board.
Amendments to the Residential Disclosure Act (HB 2034 – J. Miller)
Renames the “red-flag” disclosure statement the “buyer to beware” statement.
Adds the following buyer to beware statements:
- Owner makes no representations with respect to underlying conservation or other easements.
- Owner makes no representations with respect to an underlying community development authority.
Allows for electronic delivery of the form to the potential purchaser. Otherwise, cleans up the Residential Disclosure Act.
Click the link to read the bill and see the latest status: HB 2034 – J. Miller