On March 23, 2023, Virginia Governor, Glenn Youngkin, signed SB1222.
The bill repeals existing legislation in the Virginia Property Owners’ Association Act, Virginia Condominium Act and Virginia Real Estate Cooperative Act and establishes the Resale Disclosure Act, EFFECTIVE July 1, 2023.
Starting July 1, 2023, all documents prepared by community associations in connection with the sale of a lot or unit will be referred to as resale certificates. While the preparation and form of resale certificates will be substantially similar to past resale documents communities have been accustomed to preparing, there are several procedural and substantive changes that will be implemented.
While most of the changes impact the management company, the most significant change for the homeowners is that the fees for the product, bundle/package, rush and/or update are to be paid when requested. Other fees, such as capital contributions, assessments, homeowner set up, will continue to be collected at closing.
If you have any questions about this, give Coventry Group a call.