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2015 SESSION

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SB 1087 Residential property; option contracts for purchase, required provisions.

Introduced by: Jill Holtzman Vogel | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Option contracts for the purchase of residential property; required provisions. Establishes required contract provisions whenever an owner of residential property enters into an option contract with another party to purchase the residential property. The bill also provides that any residential rental agreement that is entered into will be subject to the Virginia Residential Landlord and Tenant Act. Under the bill, if the required provisions are not included in the contract, the other party to the contract shall have the right to cancel the contract at any time and shall be entitled to (i) a full refund of any amount paid to the seller under the contract; (ii) actual damages or $500, whichever is greater; and (iii) reasonable attorney fees.

FULL TEXT

• 01/13/15  Senate: Prefiled and ordered printed; offered 01/14/15 15103175D  pdf

HISTORY

• 01/13/15  Senate: Prefiled and ordered printed; offered 01/14/15 15103175D
• 01/13/15  Senate: Referred to Committee for Courts of Justice
• 01/19/15  Senate: Stricken at the request of Patron in Courts of Justice (12-Y 0-N)