Bill > HB1243

This bill creates the Unfair Real Estate Service Agreement Act, which prohibits any real estate service agreement that is effective and binding for more than one year from: (1) purporting to run with the land or bind future owners; (2) allowing the service provider to assign or transfer the right to provide services without notice and written agreement of all parties; or (3) purporting to create a lien, encumbrance, or other real property security interest. Violations of the Act are subject to the Virginia Consumer Protection Act. The bill also prohibits the recording of any such prohibited real estate service agreement and provides remedies for persons with an interest in the residential real property subject to the agreement. The provisions of the bill generally apply to service agreements executed or renewed on or after July 1, 2024, except for the assignment prohibition which applies to agreements recorded prior to that date.

Business and Industry, Justice

https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB1243