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2001 SESSION

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HB 2515 Condominium and Property Owners' Association Acts; disclosure packets.

Introduced by: John S. (Jack) Reid | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Property Owners’ Association Act; association disclosure packets. Gives a purchaser of a condominium unit or lot in a property owners’ association the right, as stated in the purchase contract, to request an update of the resale certificate. The bill also sets the fees that may be charged for providing an update resale certificate. The bill also requires disclosure of the copy of the notice given to a unit or lot owner by the association of any current or pending role or architectural violations. This bill incorporates HB 2567.

SUMMARY AS PASSED HOUSE:

Property Owners’ Association Act; association disclosure packets. Gives a purchaser of a condominium unit or lot in a property owners’ association the right, as stated in the purchase contract, to request an update of the resale certificate. The bill also sets the fees that may be charged for providing an update resale certificate. The bill also requires disclosure of the copy of the notice given to a unit or lot owner by the association of any current or pending role or architectural violations.

SUMMARY AS INTRODUCED:

Property Owners’ Association Act; association disclosure packets. Distinguishes between a summary disclosure packet and a complete disclosure packet, which are provided to purchasers of homes located in property owners’ associations. The bill requires the seller to provide only a summary disclosure packet (defined in the bill as a summary of the association disclosure packet prepared by the association, which includes at least a copy of the declaration and the one-page form developed by the Real Estate Board), to a purchaser unless the purchasers requests a copy of the complete disclosure packet (also defined in the bill as a disclosure packet that contains documents with the information required by § 55-512). The bill also provides that the disclosure packet shall be current as of a specified date within six months from the date of the purchase contract. Currently, the disclosure packet must be current within 30 days from the date of the purchase contract.