- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Uncodified Acts
- RIS Users (account required)
- Bills & Resolutions
- Bill Summaries
- Reports to the General Assembly
House and Senate documents
Developed and maintained by the Division of Legislative Automated Systems.
HB 1623 Residential rental property; foreclosure shall act as a termination agreement.
SUMMARY AS PASSED HOUSE: (all summaries)
Residential rental property. Provides that if a residential dwelling unit is foreclosed upon and there is a tenant living in the dwelling unit at the time of the foreclosure, the foreclosure shall act as a termination of the rental agreement by the landlord. The bill provides that in such case, the tenant may remain in possession of the dwelling unit as a month-to-month tenant on the terms of the terminated agreement until the new owner gives notice of termination of such month-to-month tenancy. The bill also requires a current owner of rental property who has entered into a written property management agreement with a managing agent and who has subsequently entered into a purchase agreement with a new owner to give written notice to the managing agent requesting payment of security deposits to the current owner prior to settlement with the new owner. The bill requires the managing agent to transfer the security deposits to the current owner and provide written notice to each tenant that his security deposit has been transferred.