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Property and Conveyances

P Passed

P HB607

Condominium Act; access to records. Gives unit owners in a condominium access to documentation, correspondence, or management or executive organ reports compiled for or on behalf of the unit owners' association or the executive organ by its agents or committees for consideration by the executive organ unless such documents are prepared for an executive session. The bill also requires the Housing Study Commission to study the operation of property owners' association and determine whether the Real Estate Board should investigate violations. Currently, these records may be withheld from inspection and copying.

Patron - Callahan

P HB763

Uniform Disposition of Unclaimed Property Act. Exempts promotional incentives, property valued at less than $100, gift certificates, and credit balances payable to a business association from the reporting requirement of the Uniform Disposition of Unclaimed Property Act. An action or proceeding may not be maintained by the administrator more than five years after the holder identified the property on a filed report, filed a report in which the holder should have identified the property, or filed a report giving the administrator reasonable notice of a dispute regarding the property, except that the period of limitation is extended to 10 years in the case of a materially false report or failure to file a report. The period that a holder is required to retain records is five years if a report is filed; if no report is filed, the period is 10 years. The State Treasurer is prohibited from entering into contingency fee contracts, or permitting statistical estimation without the consent of the holder, if the holder is located in Virginia. The civil penalties for willful failure to comply with the act are increased. This bill is identical to SB 676.

Patron - Cantor

P HB786

Release of deed of trust or other lien. Makes a technical correction to a Code section that was amended in 1996 to provide that lien creditors must file affidavits with certificates of satisfaction rather than produce the actual note. The language stricken in this bill deletes the reference to delivering the cancelled note at the time of the recordation of the deed of trust, which has caused confusion since the 1996 amendment.

Patron - Deeds

P HB789

Uniform Statutory Rule Against Perpetuities. Creates a statutory rule against perpetuities that is uniform with what many other states have adopted. Under current law, a property interest is valid only if it vests within a life in being plus 21 years, which is the codification of the common law rule against perpetuities. Under the new uniform law, any interest that must vest within the period of the rule would remain valid, but any interest that might fail under the present rule would have 90 years to actually vest. After 90 years, if the interest has not vested, a court would reform it to create an interest that conforms to the donor's original intent. Additionally, the uniform rule clarifies when the time period for the rule begins to run, which is a point of confusion and the subject of litigation under the common law rule.

Patron - Deeds

P HB1207

Mortgages; priority of certain refinance mortgages over subordinate mortgages. Gives a refinance mortgage priority over a subordinate mortgage if (i) the refinance mortgage is identified as such in bold or capitalized letters; (ii) the amount secured by such refinance mortgage does not exceed the outstanding principal balance secured by the prior mortgage plus $5,000; and (iii) the interest rate of the debt secured does not exceed the interest rate set forth in the prior mortgage.

Patron - Cantor

P HB1231

Property Owners' Association Act; access to records. Provides that documentation, correspondence, or management or board reports compiled for or on behalf of the association or the board by its agents or committees for consideration by the board shall be made available for inspection by lot owners unless such documents are prepared for an executive session.

Patron - Grayson

P HB1296

Condominium and Property Owners' Association Acts; rule violations. Provides that after the date a lawsuit is filed challenging the assessment of charges for association rules violations, no additional charges shall accrue. If the court rules in favor of the association, the association shall be entitled to collect such charges from the date the action was filed as well as all other charges assessed against the unit or lot owner prior to the action.

Patron - Hall

P HB1297

Real Estate Board; duties. Requires the Real Estate Board to develop and disseminate a one-page form to accompany association disclosure packets, 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, and the penalty for failure/refusal to pay such assessments; (ii) the purposes for which such assessments may be used; (iii) and the importance the declaration of restrictive covenants and other governing documents play in association living.

Patron - Hall

P HB1315

Virginia Residential Landlord and Tenant Act. Amends the Virginia Residential Landlord and Tenant Act by (i) clarifying the applicability of the Act; (ii) distinguishing between an application fee and a security deposit; (iii) adding a definition of "managing agent" as a person authorized by the landlord to act on behalf of the landlord under a management agreement; (iv) clarifying what constitutes notice under the Act; (v) deleting the archaic term "notice to quit; (vi) changing the term "lease" to "rental agreement," a defined term under the Act; (vii) providing that no unilateral change in the terms of a rental agreement by a landlord or tenant shall be valid unless (a) notice of the change is given in accordance with the terms of the rental agreement or as otherwise required by law and (b) both parties consent in writing to the change; (viii) clarifying the confidentiality of tenant records; (ix) replacing the term "check-in" with "move-in"; (x) providing that a landlord may be compensated by a television service provider for the use and occupancy of the landlord's property in an amount reasonably related to the value of the property and the services rendered by the landlord; (xi providing that a rule or regulation adopted or changed, or provided to the tenant after the tenant enters into the rental agreement shall be enforceable against the tenant if reasonable notice of its adoption or changes has been given to the tenant and it does not work a substantial modification of his bargain; (xii) replacing the term "apartment" with "dwelling unit"; (xiii) consolidating the various sections dealing with tenants' assertions into one section; and (xiv) clarifying that a landlord's acceptance without reservation of a rent payment with knowledge in fact of a material noncompliance by the tenant constitutes a waiver of the landlord's right to terminate the rental agreement. The bill contains numerous housekeeping amendments and moves existing sections within the Act for more appropriate placement. The bill provides that clause (xv) above shall not become effective until July 1, 2001. The bill is a recommendation of the Virginia Housing Study Commission pursuant to HJR 739.

Patron - Almand

P HB1316

Manufactured Lot Rental Act; security deposits. Clarifies that the security deposit provisions of the Virginia Residential Landlord and Tenant Act apply to the tenants in a manufactured home park, except that a security deposit cannot be increased or an additional security deposit be required where there is an automatic renewal of the rental agreement.

Patron - Almand

P HB1342

Virginia Residential Landlord and Tenant Act; security deposits. Provides that in the event that damages to the premises exceed the amount of the security deposit and require the services of a third party contractor, the landlord must give written notice to the tenant advising him of that fact within the 30-day period. If notice is given as prescribed, the landlord shall have an additional 15-day period to provide an itemization of the damages and the cost of repair. The bill contains a technical amendment.

Patron - Drake

P HB1343

Virginia Residential Landlord and Tenant Act; definitions. Includes pet deposits in the definition of security deposit.

Patron - Drake

P HB1392

Attorney General; review disposition of assets of nonprofit entities. Expands the categories of nonprofit health care entities that are required to notify the Attorney General of a proposed disposition of assets, in order that the Attorney General may exercise his authority over their activities. The categories of nonprofit health care entities that are included by this legislation include (i) licensed nursing homes, (ii) certified nursing facilities, and (iii) registered continuing care facilities.

Patron - McDonnell

P HB1503

Tenants by the Entireties; Trusts. Provides that the principal family residence of a husband and a wife that is held by them as tenants by the entirety and conveyed to their joint trust or equally to their separate trusts has the same immunity from the claims of their separate creditors as if it had remained a tenancy by the entirety.

Patron - McClure

P SB264

Property owners' associations; flag display. Requires that any provisions relating to flag displays, including, but not limited to, reasonable restrictions as to size, place, and manner of placement or display, be included in the association's disclosure packet. The bill also provides that, unless specifically prohibited in the association's rules or regulations or architectural guidelines provided in the disclosure packet, an association may not restrict lot owners from displaying the flag of (i) the United States, (ii) the Commonwealth, (iii) any active branch of the armed forces of the United States, or (iv) any military valor or service award of the United States.

Patron - Bolling

P SB366

Self-service storage facilities; liens. Requires the self-service storage facility owner to notify the lienholder of record on personal property having a fair market value in excess of $1,000 (current law is $600) of a proposed public auction of the property due to default. The owner is not obligated to hold any balance for a properly notified lienholder or other lien creditor if not claimed within 30 days. The bill also provides that the owner's legal remedies are not limited to those spelled out in the Virginia Self-Service Storage Act.

Patron - Hawkins

P SB502

Rule against perpetuities. Establishes an exception to the rule against perpetuities that provides that the rule shall not apply to any trust or any interest created in personal property held in such trust, or to any power of appointment over personal property held in such trust, or to any power of appointment over personal property granted under such trust, when the trust instrument, by its terms, provides that the rule against perpetuities shall not apply to such trust.

Patron - Reynolds

P SB676

Uniform Disposition of Unclaimed Property Act. Exempts promotional incentives, property valued at less than $100, gift certificates, and credit balances payable to a business association from the reporting requirement of the Uniform Disposition of Unclaimed Property Act. An action or proceeding may not be maintained by the administrator more than five years after the holder identified the property on a filed report, filed a report in which the holder should have identified the property, or filed a report giving the administrator reasonable notice of a dispute regarding the property, except that the period of limitation is extended to 10 years in the case of a materially false report or failure to file a report. The period that a holder is required to retain records is five years if a report is filed or 10 years if no report is filed. The State Treasurer is prohibited from entering into contingency fee contracts, or permitting statistical estimation without the consent of the holder, if the holder is located in Virginia. The civil penalties for willful failure to comply with the act are increased.

Patron - Colgan

P SB721

Property Owners' Association Act. Provides that meetings of the board of directors must provide a designated period of time during the meeting to allow members of the association to comment on matters relating to the association. The measure provides requirements for meetings of the board of directors that are conducted by telephone or video conference or similar electronic means. The bill further (i) limits the total amount of charges for any offense of a continuing nature to $900 and (ii) makes suits to enforce any perfected lien under the Act subject to jurisdictional provisions of the Code of Virginia relating to general district and circuit court. The measure also requires the Virginia Housing Study Commission to review (i) the operation of property owners associations covered by the Act and (ii) whether the Real Estate Board should be charged with the investigation and resolution of alleged violations of state law involving such associations. The Commission is required to complete it work in time to submit its findings to the 2001 session of the General Assembly.

Patron - Mims

P SB722

Condominium Act. Provides additional notice requirements for meetings of the executive organ of a unit owners' association. The bill (i) provides that unit owners may request to be notified of executive organ meetings on a continual basis and receive reasonable notice of special or emergency meetings, (ii) requires that at least one copy of all agenda packets that are furnished to members be made available at the same time such documents are furnished to the board of directors, and (iii) prohibits the executive organ from voting by secret ballot in an open meeting except for the election of officers. Requirements are also provided for meetings of the executive organ conducted by telephone or video conference or similar electronic means. In addition, meetings of the executive organ must provide a designated period of time during the meeting to allow unit owner comment. The bill further (i) limits the total amount of charges for any offense of a continuing nature to $900 and (ii) makes suits to enforce any perfected lien under the Act subject to jurisdictional provisions of the Code of Virginia relating to general district and circuit court. The bill contains technical amendments.

Patron - Mims

F Failed

F HB1161

Implied warranties on new homes; synthetic stucco. Extends the implied warranty for new dwellings to cover the exterior wall envelope of new dwellings constructed in whole or in part with synthetic stucco, commonly known as exterior insulation and finish systems. The bill defines "exterior wall envelope" to mean a system or assembly of exterior wall components, including exterior wall finish materials, that provide protection of the building's structural members, including framing and sheathing materials, and conditioned, interior space from detrimental effects of the exterior environment.

Patron - Albo

F HB1191

Standard of care; portfolio strategy; risk and return objectives. Provides that a trustee shall have a fiduciary obligation to ensure that any portfolio created with the assets of the trust is a diversified portfolio that balances risk, returns and suitability; takes into account taxes and inflation; and is tailored to the beneficiary's needs.

Patron - Purkey

C Carried Over

C HB606

Condominium Act; enforcement by the Real Estate Board. Requires the Real Estate Board to investigate complaints made against persons other than the declarant, its agents, employees or other representatives, and provides the imposition of monetary penalties for violations. Currently, it is within the discretion of the Board to investigate these types of complaints.

Patron - Callahan

C HB715

Condominium and property owners' associations; lien for assessments. Removes the authorization for condominium property owners' associations to employ nonjudicial foreclosures for nonpayment of assessments.

Patron - McQuigg

C HB933

Virginia Residential Landlord and Tenant Act. Provides that the Virginia Residential Landlord and Tenant Act (VRLTA) applies to all condominium units located in Fairfax and Arlington counties and any city located completely within such counties. The bill also (i) expands notice to quit protections to tenants of properties receiving federal funds from HUD, (ii) increases the number of days after termination of the tenancy from 30 to 45 that a landlord has to notify a tenant of any deductions in the security deposit as well as tendering any amount due the tenant, (iii) clarifies the amount of prior notice that a tenant must receive before a landlord enters a unit for routine maintenance by changing the term "reasonable notice" to "at least twenty-four hours' notice," (iv) provides that if the landlord willfully violates the provisions relating to security deposits, the tenant is entitled to return of the full amount of the security deposit plus interest, and (v) clarifies the responsibility of the tenant to repair or replace any damaged areas resulting from the installation of allowable devices installed by him (e.g., chain latches, burglary and fire prevention devices).

Patron - Almand

C HB1083

Landlord and tenant laws. Gives a tenant additional opportunities to redeem in an unlawful detainer action. The bill also (i) makes all single-family residences and condominium units subject to the Virginia Residential Landlord and Tenant Act, (ii) allows tenants to use rent escrow in cases where the tenant has had more than three notices or civil warrants in a prior year or in the last six months, (iii) authorizes the judge to vacate an order for possession in nonpayment of rent cases where the tenant has successfully disputed charges other than contract rent and pays all amounts found to be owned to the landlord within three business days after entry of the order of possession, and (iv) gives a tenant the opportunity to limit his liability for post-possession rent under certain circumstances. The bill contains technical amendments.

Patron - Jones, J.C.