Property and Conveyances


P HB15

Solicitation of Contributions Act; exemptions. Exempts from registration requirements organizations that have been granted tax-exempt status under § 501 (c) (3) of the Internal Revenue Code and are organized wholly as Area Health Education Centers in accordance with § 32.1-122.7. The bill also makes some technical changes.
Patron - Morgan

P HB150

New home breach of warranty. Provides that in the event of a breach of warranty on a new home for any defect discovered after July 1, 2002, such vendee shall first provide the vendor, at his last known address, a notice sent by registered or certified mail stating the nature of the warranty claim. After such notice, the vendor shall have a reasonable period of time, not to exceed one year, to cure the defect, which is the subject of the warranty claim. Under current law there is no statutory opportunity to cure; there is only a cause of action created on behalf of the purchaser.
Patron - Bryant

P HB198

Virginia Condominium Act; officers. Provides that if the condominium instruments provide that any officer or officers of the executive organ of a unit owners' association must be unit owners, an officer may be disqualified from serving unless he disposes of all of his units in fee. Under current law such officer may be disqualified if his units are disposed of in fee and/or for a term or terms of six months or more.
Patron - Callahan

P HB243

Virginia Residential Landlord Tenant Act; early termination of rental agreements by military personnel. Prohibits a landlord from requiring a tenant to pay liquidated damages if the tenant has resided in the property for more than 12 months.
Patron - Drake

P HB245

Virginia Residential Landlord Tenant Act; abandonment. Establishes a process to be followed by the landlord if he is unable to determine whether a tenant has abandoned the premises.
Patron - Drake

P HB246

Virginia Residential Landlord Tenant Act; disposal of property abandoned by tenants. Allows a landlord to dispose of abandoned personal property after the rental agreement has terminated and delivery of possession has occurred provided the landlord gives certain notice to the tenant.
Patron - Drake

P HB302

Release of deed of trust or other lien. Clarifies that a release of a deed of trust may be delivered by courier.
Patron - McDonnell

P HB478

Virginia Property Owners' Association Act; association disclosure packet. Provides that the contents of the association disclosure packet include the fully completed one-page form the Real Estate Board is required to develop containing certain information about property owners' associations.
Patron - Suit

P HB502

Virginia Residential Landlord and Tenant Act; definitions; prepaid rent. Allows a tenant to offer and a landlord to accept prepaid rent and requires such prepaid rent to be placed in an escrow account by the end of the fifth business day following receipt and remain in that account until such time as the rent becomes due. The bill also provides that a bond or commercial insurance policy purchased by a tenant to secure the performance of the terms or conditions of a rental agreement shall not be considered as a security deposit as defined by the Act. In addition, the bill adds prepaid rent and nonrefundable pet fees to the definition of rent and provides that the definition of "tenant" does not include (i) an authorized occupant, (ii) a guest or invitee, or (iii) any person who guarantees or cosigns the payment of the financial obligations of a rental agreement but has no right to occupy a dwelling unit. "Authorized occupant" is defined as a person entitled to occupy a dwelling unit with the consent of a landlord under a rental agreement with a tenant.
Patron - Drake

P HB647

Virginia Real Estate Cooperative Act; taxation. Provides that a residential cooperative association shall not be deemed to be a business for certain state and local taxation purposes. Also, the bill requires that any tangible personal property owned by such associations that would be considered household goods and personal effects if owned by an individual to be considered as such for local property tax purposes. The bill also classifies certain tangible personal property of residential cooperative associations as household goods and personal effects making such property eligible for exemption from local tangible personal property taxes.
Patron - Suit

P SB519

Condominium and Property Owners' Associations; preparation of disclosure information, rule enforcement, and resale by purchasers. Allows, with the consent of the purchaser, the electronic delivery of the resale certificate in the case of a condominium, and the disclosure package for property owners' associations. The bill also (i) allows these associations to provide the required disclosures by electronic means with the consent of the seller and purchaser and (ii) authorizes these associations to charge certain additional costs for providing the required disclosures. The bill further provides for the settlement agent, when transmitting funds to an association to provide either the HUD-1 settlement statement or the name of the seller, the name and address of the purchaser, the address of the subject property, the date of settlement, and a brief explanation of the application of any funds transmitted.
Patron - Mims

P SB523

Condominium and Property Owners' Association Acts; reserves for capital components. Provides that except to the extent otherwise provided in the governing document for condominiums or property owners' associations and unless such governing documents impose more stringent requirements, these associations are required to (i) conduct at least once every five years a study to determine the necessity and amount of reserves required to repair, replace and restore the capital components; (ii) review the results of that study at least annually to determine if reserves are sufficient; and (iii) make any adjustments the executive organ deems necessary to maintain reserves, as appropriate. The bill also requires these associations to provide a copy or summary of the reserve study report to prospective purchasers. "Capital components" are defined as items, whether or not a part of the common elements, for which the unit owners' association has the obligation for repair, replacement or restoration and for which the executive organ determines funding is necessary. The bill is a recommendation of the Housing Study Commission.
Patron - Mims

P SB527

Property; release of liens. Clarifies that the obligor may provide the lien creditor with the name and address of the person to whom a certificate of satisfaction or of partial satisfaction shall be sent, and that if no such notice is provided, the certificate shall be delivered to the appropriate clerk's office. The bill provides that courier hand delivery with written proof of receipt from the clerk's office is an additional method of delivery for certificates of satisfaction. The bill also conforms the procedures applicable to the filing of such certificates when releases are made by original lien creditors or by subsequent note holders.
Patron - Mims

P SB549

Property; subordinate mortgages. Includes in the definition of "subordinate mortgage" a mortgage that is subordinate in priority as the result of a previous refinancing.
Patron - Mims

P SB680

Property of nonprofit health care entities. Provides that the conversion of a nonprofit entity to a for-profit entity constitutes a disposition of assets that must be reported to the Attorney General. The measure also provides that a "nonprofit entity" includes any foreign or domestic nonstock corporation licensed and subject to regulation under Chapter 42 of Title 38.2, which generally refers to health services plans, i.e., "Blue Shield" plans.
Patron - Stosch


F HB74

Application of the rule against perpetuities to nondonative transfers. Permits waiver of the rule against perpetuities in all forms of property held in trust in force on or after July 1, 2002.
Patron - Howell

F HB464

Virginia Residential Landlord Tenant Act; required terms and conditions of rental agreement. Requires a landlord to provide a written notice, signed by the tenant as a separate part of the rental agreement or if no rental agreement in a separate document, that the landlord provides no insurance coverage for the loss of the tenant's personal property and other possessions or any relocation costs in the event of a natural or man-made disaster. "Natural disaster" is defined as any hurricane, tornado, storm, flood, high water, wind-driven water, tidal wave, earthquake, drought, fire or other natural catastrophe resulting in damage, hardship, suffering or possible loss of life. "Man-made disaster" is defined as any condition following an attack by any enemy or foreign nation upon the United States resulting in substantial damage of property or injury to persons in the United States.
Patron - Suit

F HB775

Virginia Residential Landlord Tenant Act; waiver of landlord's right to terminate lease. Clarifies that when a landlord accepts rent with reservation he is reserving the right to proceed with lease termination. The bill defines "knowledge of material noncompliance" to mean when the landlord has actual knowledge of a material noncompliance or, from all the facts and circumstances known to the landlord at the time in question, he has reason to know that a material noncompliance exists. This bill is identical to SB 265.
Patron - Hall

F HB846

Commercial real estate broker's lien. Provides that any broker who has provided services that result in the procuring of a tenant of commercial real estate shall have a lien, in the amount of the compensation agreed upon by and between the principal broker and the owner, upon the real property itself or upon rent paid by the tenant. Currently the lien extends only to the rent paid by the tenant.
Patron - Drake

F HB1045

Condominium Act; officers. Provides that the only condition where unit owners serving as officers of a condominium association are disqualified from holding office in the association is when they dispose of all of their units in fee simple. Currently, the law provides that if such person disposes of his interest in the unit for a period of six months or more (i.e., a lease), he shall also be disqualified from serving.
Patron - Darner

F HB1071

Virginia Condominium Act and Virginia Property Owner's Association Act; employee records. Provides for the release of the unit owners' associations and property owner associations employees' salaries to members of the association. Under current law such salary information is releasable to members only in aggregate form.
Patron - Darner

F SB528

Certificates of satisfaction. Provides that by signing a certificate of satisfaction the signor certifies that (i) he is the creditor or his duly authorized agent, attorney or attorney-in-fact or a person to whom the instrument evidencing the indebtedness has been endorsed or assigned, (ii) he possesses a full beneficial interest and (iii) the certificate of satisfaction is fully valid. If any of these provisions are not true, the signor is liable to any person who relies thereon to his detriment for a $500 penalty, and for court costs and reasonable attorney's fees that resulted from the misstatement.
Patron - Mims

F SB600

Recordation of plats. Provides that all plats submitted for recordation must be signed by the landowner.
Patron - Trumbo

Carried Over

C HB585

Virginia Property Owners Association Act; flag display. Provides that any provision in a declaration and any related interest or any bylaw, or rule enacted by a board of directors, purporting to restrict or impede the display of the American flag by a lot owner in a manner consistent with the guidelines established by the Federal Flag Code (36 U.S.C. §§ 171 et seq.) on such lot are declared to be void and unenforceable as against public policy. The bill does not apply to declarations recorded or bylaws or rules enacted prior to July 1, 2002.
Patron - Ingram

C HB1116

Recordation of documents; acknowledgments. Clarifies that a person taking an acknowledgment shall certify that the person acknowledging appeared before him and acknowledged the executed instrument. This is in accordance with the Virginia Notary Act, which states that the person whose signature is the subject of the notarial act must personally appear before the notary.
Patron - McDougle

C HB1122

Rent-to-own contracts. Requires that all rent-to-own contracts be recorded in the land records where the property is located, together with any financing statement. The bill requires the seller to have the premises inspected prior to executing any such contract and to provide the tenant with a copy of the inspection report. The bill defines "rent-to-own contracts."
Patron - Bryant

C SB265

Virginia Residential Landlord Tenant Act; waiver of landlord's right to terminate lease. Clarifies that when a landlord accepts rent with reservation he is reserving the right to proceed with lease termination. The bill defines "knowledge of material noncompliance" to mean when the landlord has actual knowledge of a material noncompliance or, from all the facts and circumstances known to the landlord at the time in question, he has reason to know that a material noncompliance exists. This bill is identical to HB 775.
Patron - Lambert

C SB590

Virginia Residential Landlord and Tenant Act; access to cable and other television facilities. Repeals the provision of the Virginia Residential Landlord Tenant Act (VRLTA) that prohibits a landlord from demanding or accepting any fee or other thing of value from any provider of cable television service or satellite television service for giving a tenant access to such service. The bill also removes corollary language from another section of the VRTLA. As a result of the bill, there will be no limitation on landlords from receiving compensation from cable and other like companies for providing access to the landlord's property.
Patron - Wagner


© 2002 by the Division of Legislative Services.