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2017 SESSION
HB 1475 Common Interest Community Board; information on covenants, association disclosure packets.
Introduced by: Robert D. Orrock, Sr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Common Interest Community Board; information on covenants; association disclosure packets. Requires the Common Interest Community Board to include in its current one-page form that accompanies association disclosure packets that are required to be provided to all prospective purchasers of lots located within a development that is subject to the Virginia Property Owners' Association Act that the purchase contract for a lot within an association is a legally binding document once it is signed by the prospective purchaser where the purchaser has not elected to cancel the purchase contract in accordance with law.
SUMMARY AS INTRODUCED:
Common Interest Community Board; information on covenants; association disclosure packets. Provides for the Common Interest Community Board to develop information regarding covenants and the obligations that covenants may impose on a property owners' association and upon the land use of individual lot owners. The bill requires that the information be included in the current one-page form that accompanies association disclosure packets that are required to be provided to all prospective purchasers of lots located within a development that is subject to the Virginia Property Owners' Association Act (§ 55-508 et seq.).