Bill Text: VA HB1475 | 2017 | Regular Session | Comm Sub
Bill Title: Common Interest Community Board; information on covenants, association disclosure packets.
Spectrum: Bipartisan Bill
Status: (Passed) 2017-03-03 - Governor: Acts of Assembly Chapter text (CHAP0257) [HB1475 Detail]
Download: Virginia-2017-HB1475-Comm_Sub.html
Be it enacted by the General Assembly of Virginia:
1. That §54.1-2350 of the Code of Virginia is amended and reenacted as follows:
§54.1-2350. Annual report and disclosure packets.
In addition to the provisions of §54.1-2349, the Board shall:
1. Administer the provisions of Chapter 29 (§55-528 et seq.) of Title 55;
2. Develop and disseminate an association annual report form for use in accordance with §§55-79.93:1, 55-504.1, and 55-516.1; and
3. Develop and disseminate a one-page form to accompany
association disclosure packets required pursuant to §55-509.5, which form
shall summarize the unique characteristics of property owners' associations generally
and shall make known to prospective purchasers the unusual and material
circumstances affecting a lot owner in a property owners' association,
including but not limited to (i) the obligation of a lot owner to
pay regular annual or special assessments to the association, (ii) the
penalty for failure or refusal to pay such assessments, (iii) the
purposes for which such assessments may be used, and (iv) the
importance the declaration of restrictive covenants and other governing
documents play in association living, and (v) that the purchase contract for
a lot within an association is a legally binding document once it is signed by
the prospective purchaser where the purchaser has not elected to cancel the
purchase contract in accordance with law.
