The following is directly from the Virginia Realtors' Advocacy page and is linked below. The information about payment due at order was gained from a group conversation with legislators and is not able to be documented at this time. It is suggested that the ordering and payment be performed directly by the seller. Agents may wish to start taking a facilitators role in assisting owners to perform this, rather than taking the burden upon themselves to order and pay for the documents.
https://virginiarealtors.org/advocacy/legislativeagenda/
https://virginiarealtors.org/advocacy/legislativeagenda/Resale Disclosure Act
This bill seeks to create one place within Common Interest Community law to find all information on resale disclosures that are required when a property located within a common interest community is sold. The bill takes current disclosure language out of the POA, Condo, and Cooperative Acts and consolidates it within a new chapter entitled the Resale Disclosure Act. The Act uses one term, “the resale certificate” for the packet of information that are required to go from the Association to a buyer when a property located within a CIC is sold. The Act also sets forth the requirements for contract disclosures, formatting and contents of the resale certificate, applicable fees, termination rights, and liability. The purpose of this change is to consolidate information that was spread over three different chapters in the code and often included different requirements, terms, and definitions. This change also seeks to clarify code language and update obligations to current day. Some substantive changes include the contents and format of the resale certificate, the process of calculating fees, and when the fees are paid.
If you have questions or thoughts about the 2023 Virginia REALTORS® agenda or other Government Relations efforts, please contact us at
advocacy@virginiarealtors.org.