Bill > SB693

This bill prohibits certain large investment entities, defined as "prohibited businesses" (partnerships, corporations, or real estate investment trusts with over $50 million in assets that manage pooled investor funds), from acquiring residential land in Virginia starting July 1, 2024. Specifically, these businesses are barred from purchasing single-family homes, with exceptions for condominiums, townhouses, multifamily communities, foreclosed homes, and single-family homes used as primary residences by the business's owners. Prohibited businesses must register any existing residential land holdings with the Secretary of the Commonwealth by September 1, 2024, and must divest any such holdings by January 1, 2025. Failure to register will result in a $5,000 daily civil penalty. The bill requires local circuit court clerks to report potential violations, and allows the Attorney General, local attorneys, or other businesses to take legal action to eject prohibited businesses from illegally held residential properties. Additionally, beginning in 2025, all real property tax bills must include a notice explaining these restrictions and registration requirements, ensuring property owners and potential buyers are aware of the new regulations.

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https://lis.virginia.gov/cgi-bin/legp604.exe?251+sum+SB693