Here is a summary of recent legislative changes that may impact real estate professionals and property owners. The information has been organized by the bill's legislative body for your convenience.
Senate Bills (SB)
SB 785 - Real Estate License Transfer Fees
The Real Estate Board is now prohibited from charging a fee to a real estate licensee for transferring their license from one office to another within the same firm.
SB 808 - Common Interest Community Resale Certificates
The resale certificate form developed by the Common Interest Community Board must now include a statement indicating that an association's governing documents may make an owner responsible for paying all or part of a deductible when making a claim against the association's insurance.
SB 830 - Eviction Diversion Pilot Program
The expiration date of July 1, 2025, for the Eviction Diversion Pilot Program has been removed. The program is now available to all general district courts.
SB 1210 - Residential Property Disclosure Act & Airport Noise
The Virginia Residential Property Disclosure Act now requires owners of residential property to include a disclosure statement to potential purchasers. This statement must indicate that the owner makes no representations regarding the property's proximity to a public-use airport or potential aircraft noise. The Department of Aviation will establish a website with information on airport and aircraft noise zones, and the website address must be provided to the purchaser and signed by all parties.
House Bills (HB)
HB 1684 - Buyer/Tenant Agent Agreements
The provision requiring a written agreement between a real estate agent and a buyer or tenant to be signed before showing properties has been repealed.
HB 1690 - Eminent Domain Title Reports
In an eminent domain action, the condemning entity must now provide a landowner with a report detailing all matters that affect current ownership, liens, encumbrances, and other title issues.
HB 1707 - VA Contractor Transaction Recovery Fund
The limits per claim for the Virginia Contractor Transaction Recovery Fund have been increased from $20,000 to $30,000. These funds are recoverable upon an unpaid judgment for improper or dishonest conduct by a licensed contractor in a single transaction. Other recovery amounts have been similarly increased.
HB 1792 - Delinquent Real Property Tax Sales
A city treasurer now has the authority to sell real property only when there are three years of delinquent taxes and more than $15,000 owed. This is an increase from the previous threshold of $10,000. Certain provisions apply to vacant land, improvements, urban redevelopment, and other properties.
HB 1867 - Landlord Non-Renewal Notices
If applicable, a landlord must now provide a written notice of non-renewal no less than sixty days before the lease's termination.
HB 1871 - Transfer on Death Deeds
An inter vivos deed is now effective in revoking a recorded transfer on death deed if the transferor is no longer the owner at the time of their death. No express language is required for the revocation.
HB 1896 - Tax-Exempt Organizations
This bill clarifies that the property of a tax-exempt organization includes the property of a single-member limited liability company whose sole member is a tax-exempt organization.
HB 2029 - Real Estate Tax Exemption/Deferral
Provisions have been modified for localities offering a real estate tax exemption and deferral program for elderly and disabled individuals, specifically regarding past-due taxes and fees.
HB 2128 - Derelict Commercial Buildings
Civil penalties of up to $500 per month may now be imposed on owners of derelict commercial buildings. This expands an existing penalty for owners of derelict residential properties.
HB 2195 - Professional Mold Remediators
Offering services as a professional mold remediator for a residential property is now prohibited unless the remediator has been certified by a nationally recognized body. A new workforce has been established to determine if a Commonwealth certification for mold inspectors and remediators would benefit the public.
