Bill > HB1704

This bill modifies the Virginia Code's requirements for resale certificates in common interest communities (such as condominiums or homeowners associations) by updating the mandatory disclosure form developed by the Common Interest Community Board. The key change is an addition to the insurance coverage section, which now requires the resale certificate to explicitly state that the association's governing documents may require an owner to pay all or part of an insurance deductible when filing a claim under the association's insurance policy. The bill maintains the existing comprehensive list of 30 required disclosures for resale certificates, which include detailed information about assessments, fees, budgets, insurance, governing documents, potential violations, meeting minutes, and various restrictions on unit ownership (such as flag display, solar energy installation, home-based businesses, and rental limitations). This modification aims to provide potential buyers with clear, upfront information about potential financial responsibilities related to insurance claims, ensuring transparency in the property transfer process and helping buyers understand their potential financial obligations before purchasing a unit in a common interest community.

Business and Industry, Justice

https://lis.virginia.gov/bill-details/20251/HB1704