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2003 SESSION

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HB 2608 Rent-to-own contracts.

Introduced by: L. Preston Bryant, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Rent-to-own contracts. Provides that every rent-to-own contract for the purchase of a dwelling unit located in Virginia shall contain a legal description of the property offered for sale or disposition, together with the name and address of the seller. Such contract shall also have an escrow agreement companion document. The bill also provides that prior to executing any rent-to-own contract, the owner of the subject dwelling unit shall (i) cause the local building official of the jurisdiction in which such unit is located to inspect the premises for compliance with the Uniform Statewide Building Code and (ii) provide a copy of the inspection report to the prospective tenant. If, following the inspection, repairs or improvements are required to bring the subject premises into compliance with the Building Code, such repairs or improvements shall be completed prior to execution of the rent-to-own contract. The bill defines rent-to-own contracts.


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