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2004 SESSION

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047328548
HOUSE BILL NO. 1391 Offered January 23, 2004 A BILL to amend the Code of Virginia by adding a section numbered 55-59.5, relating to foreclosure; real property purchased at auction. ---------- Patron-- Weatherholtz ---------- Referred to Committee for Courts of Justice ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 55-59.5 as follows:

§ 55-59.5. Real property purchased at auction; right of purchaser.

The successful bidder shall have 10 business days from the date of his purchase of real property at auction to satisfy himself that such property will be conveyed with clear title. If there is a reasonable problem with the title, the date of settlement shall be extended for a reasonable time, not to exceed 60 days, to allow the seller to correct any reported title defects. If such defects cannot be corrected, the successful bidder shall have the right to close the transaction with such defects without any abatement of a portion of the purchase price or to terminate the agreement. Upon termination, all moneys paid by the successful bidder to the seller or the seller's agent shall be refunded. Neither the successful bidder nor the seller or his agent shall have any further rights or obligations under the agreement.