New Virginia Real Estate Laws in 2024

Just like other government departments, real estate laws are constantly updated due to economic, social, and technological changes. Virginia has updated its real estate laws to improve the relationships between buyers and sellers and tenants and landlords and ensure that every party adheres to their requirements. Those in the real estate business in Virginia need to understand these laws to avoid implications. Below are the most significant laws. 

 

Homeowners Act

 

HB 723 oversees the meetings of all property owners regardless of their location within the state or incorporation status. Whether you are incorporated or not, this law states that the board of directors must adhere to meeting rules. The bill disqualifies the interpretation of provisions aimed at superseding the corporate authorities enforced by law. 

 

Associations don’t have permission to reduce assessments for the maintenance of a common area. They are allowed to borrow and assign revenues to lenders(HB 1209).

 

The law prohibits common-interest communities from enforcing foreclosure liens on primary residents (HB 341). 

 

The bill offers $5000 for manufactured homeowners as relocation expenses in cases where the rental agreement is terminated when the manufactured home park is sold to another party who wants to redevelop it for another use. 

Tenant rights and protections 

 

According to HB 701, landlords should do routine maintenance of apartments to give tenants comfort. The landlords should inform the tenants of the maintenance date and complete the process within two weeks after the notice.

 

Tenants who are victims of abuse have permission to terminate their contract and get a permanent protective order (HB86)

 

Any landlord in Virginia should provide the tenant with an agreement, including any fees that will be charged in addition to the periodic rent. This information should be on the first page of the contract to make it easier and more precise for tenants to understand. The landlord doesn’t have permission to collect any additional fee not included in the agreement (HB 405/967). 

 

The Department of Housing and Community Development has the mandate to translate the major documents into five main non-English languages in Virginia so that landlords and tenants can understand them (HB 1487). 

Real Estate Transactions and Broker Provisions 

 

All real estate agents, including Real Estate Agents in Richmond, VA, are urged to sell, buy, and negotiate real estate deals at least two times within 12 months for valuable considerations or compensation (HB 358). 

 

Real estate agents or brokers should have an established place of business, a broker’s license, and licenses of all individuals active in the firm readily available to the public. The bill also requires brokers who do not reside in the area where the office is located to maintain the rules of that area (HB 437). 

 

HB 124 allows specific time-share termination and sets a statute limitation of one year on legal actions. 

 

The law prohibits sellers or buyers from signing long-term agreements that can affect future owners. The service providers also must not assign rights without notice (HB 576)

 

These laws are vital, and any person in the real estate business in Virginia or those who aspire to join the sector should understand them. From homeowners’ acts to tenants’ provisions to real estate brokers’ provisions, all are crucial for success in this sector. Follow them to the end to avoid heavy penalties and other legal implications.