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2011 SESSION

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SB 1220 Va. Residential Landlord Tenant Act; landlord to provide notice to tenant in event of foreclosure.

Introduced by: George L. Barker | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Landlord and Tenant Law; notice to tenant in event of foreclosure.  Provides that if a landlord fails to notify the tenant of a notice of mortgage acceleration, or notice of foreclosure sale relative to the loan on the dwelling unit, then the tenant has the right to terminate the rental agreement upon written notice to the landlord at least five business days prior to the effective date of termination. In addition, the bill requires a landlord to disclose in writing to any prospective tenant if he has received any notice of mortgage default, notice of mortgage acceleration, or notice of foreclosure sale relative to the loan on the dwelling unit.

SUMMARY AS INTRODUCED:

Virginia Residential Landlord Tenant Act; notice to tenant in event of foreclosure.  Requires a landlord to notify the tenant, by certified mail, of a mortgage default, notice of mortgage acceleration, or notice of foreclosure sale relative to the loan on the dwelling unit. Notification must occur within 10 business days after written notice from the lender is received by the landlord. If the notice is not provided, then the rental agreement is immediately terminated with the tenant being entitled to the return of the full security deposit within 10 days after the termination. The bill also requires that the landlord disclose the same information to a prospective tenant at or before the commencement of a tenancy.