New Laws Effective in July
Please be aware of the following changes to Virginia law that become effective today – Monday, July 1:
- Unlicensed Real Estate Activity
- HB 2218 adds unlicensed real estate activity to the Virginia Consumer Protection Act to better protect homebuyers and real estate licensees. Unlicensed activity can be enforced by the Virginia Attorney General, a Commonwealth’s Attorney, or a locality’s attorney.
- Residential Property Disclosure Act
- SB 1292 adds mineral rights and special flood hazard zones to the Residential Property Disclosure Statement and adds more specific language about where flood information can be found.
- HB 2019 deals with stormwater detention facilities. It requires CIC Boards to update the cover sheet included with all POA and COA packets and resale certificates to include whether any regular or special assessments may be used for the construction or maintenance of stormwater management facilities. It also updated the RPDA to say that the owner is making no representation regarding existence or recordation of maintenance agreements.
- 3-Day Right of Rescission
- HB 2385 clarifying language was added to the Property Owners Association and Condominium Association Acts concerning the delivery of an incomplete packet or certificate. The purchaser has three days after the delivery date of the packet or certificate, to cancel the contract even if the packet or certificate do not contain the content required under each of the acts. The purchaser may also cancel the contract at any time prior to settlement if the purchaser has not been notified that the association disclosure packet will not be available and the association disclosure packet has not been delivered to the purchaser.