New Laws Effective July 1, 2024

Please be aware of the following changes to Virginia law that become effective Monday, July 1, 2024.

  • Resale Disclosure Act
    • HB876/SB526 clarifies:
      • The resale certificate can be delivered to the purchaser or purchaser’s agent
      • The right to receive the resale certificate cannot be waived by the purchaser
      • When a purchaser can cancel a contract (if the resale certificate is not complete or delivered on time)
      • When payment is due for a financial update
      • When resale certificates are required in new construction
  • Continuing Education Requirements
    • HB383/SB330 reallocates three hours of continuing education credits needed during license renewal from the elective category to the mandatory category for both real estate salespersons and brokers. An extra hour of agency, contracts, and legal updates are now mandatory for a total of two hours in each category. The total number of continuing education credits required for renewal has not changed.
  • Real Estate Activity
    • HB917/SB358 defines wholesaling, or the buying and selling of contracts for compensation, as an activity that requires a real estate license.
    • HB1237/SB437 defines place of business for real estate licensees into the Code of Virginia. This definition:
      • Clarifies what is considered a place of business
      • Clarifies when a branch license is required
      • Includes exemptions so that agents do not unintentionally create a place of business and create liability
      • Clarifies that if a neighboring state requires Virginia brokers to have a brick-and-mortar office in that neighboring state to practice, non-resident brokers from the neighboring state would need to establish a brick-and-mortar office in Virginia to practice here as well
        • Prior to July 1, 2024, non-resident brokers did not need to maintain a brick-and-mortar place of business in the Commonwealth
    • HB1243/SB576 prohibits the practice of offering homeowners cash payments for long-term contracts promising to list a property with a specific real estate brokerage firm. The bill also prohibits the practice of recording these contracts in the land records.

Click here to download the latest RPAC General Assembly Report.

For more information on other new laws effective July 1, visit VirginiaREALTORS.org.