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2019 SESSION

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SB 1449 Residential Executory Real Estate Contracts Act; created.

Introduced by: Mamie E. Locke | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Residential Executory Real Estate Contracts Act. Creates the Virginia Residential Executory Real Estate Contracts Act establishing provisions applicable to such contracts. The bill defines a residential executory real estate contract as an installment land contract, lease option contract, or rent-to-own contract by which a purchaser acquires any right or interest in real property other than a right of first refusal and occupies or intends to occupy the property as his primary residence. The bill also provides for the Board for Housing and Community Development to develop and make available on its website best practice provisions for residential executory real estate contracts. As introduced, this bill was a recommendation of the Virginia Housing Commission.


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