The Virginia General Assembly passed hundreds of bills during the 2020 legislative session. For those who lead, live in, or associate with community associations, many of these changes could impact the day to day operations of how individuals and these associations interact. Below is a summary of some of the General Assembly’s more significant recent bills that effect community associations.
House Bill 176 – Contract Disclosure Statement with regards to the Property Owners’ Association Act and Virginia Condominium Act
With House Bill 176, the Virginia General Assembly updated Virginia Code Section 55.1-1808. Section 55.1-1808 is a provision that requires the seller of a lot to disclose that the lot is located within a development that is subject to the Property Owners’ Association Act and provide to the purchaser of the lot an association disclosure packet. Under certain terms, the purchaser has the right to cancel the contract to purchase the lot upon receipt of this disclosure packet. The new law updates the language of the statute to include the term “ratified real estate contract.” Generally, the purchaser previously had the right to cancel the contract within three days of receiving the association disclosure packet. Now, the purchaser also has the right to cancel the contract of purchase for a period of up to seven days if specified in a ratified real estate contract.
Continue Reading Summary of New Virginia Legislation Impacting Community Associations in 2020