summary
Introduced
01/10/2023
01/10/2023
In Committee
02/14/2023
02/14/2023
Crossed Over
02/23/2023
02/23/2023
Passed
03/07/2023
03/07/2023
Dead
Signed/Enacted/Adopted
03/23/2023
03/23/2023
Introduced Session
2023 Regular Session
Bill Summary
Common interest communities; Resale Disclosure Act. Establishes the Resale Disclosure Act, which sets out disclosure requirements and authorized fees relating to contracts for the resale of property located within common interest communities and provides for the issuance of resale certificates or financial updates. The bill repeals the existing disclosure requirements and authorized fees relating to association disclosure packets under the Property Owners' Association Act and resale certificates under the Virginia Condominium Act. The bill requires a seller to obtain a resale certificate and provide the certificate to the purchaser. The bill does not apply to contracts ratified prior to July 1, 2023.
AI Summary
This bill establishes the Resale Disclosure Act, which sets out disclosure requirements and authorized fees relating to contracts for the resale of property located within common interest communities and provides for the issuance of resale certificates or financial updates. The bill repeals the existing disclosure requirements and authorized fees relating to association disclosure packets under the Property Owners' Association Act and resale certificates under the Virginia Condominium Act. The bill requires a seller to obtain a resale certificate and provide the certificate to the purchaser. The bill does not apply to contracts ratified prior to July 1, 2023.
Committee Categories
Justice
Sponsors (1)
Last Action
Governor: Acts of Assembly Chapter text (CHAP0388) (on 03/23/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
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