Bill Text: VA HB1475 | 2017 | Regular Session | Chaptered
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-Chaptered.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.
