Posted on June 30, 2013 by Lori Schweller
Bills recently passed in the Virginia General Assembly extend the list of items for inclusion in property owners’ association disclosure packets and condominium association resale certificates, and also broaden non-association disclosure requirements.? Effective July 1, 2013, disclosure packets may or must (depending on the item) include the following new items:
- Restrictions on Solar Panels (HB 2305): Disclosure statements for lots within property owners’ associations and resale certificates for condominiums must include a statement setting forth any restriction, limitation, or prohibition on the right of a unit owner or lot owner to install or use solar energy collection devices on the owner’s property or unit.
- Disclosure of Qualification for Federal Financing (HB 1807): Disclosure statements for lots within property owners’ associations and resale certificates for condominiums must include a statement indicating any known project approvals currently in effect issued by secondary mortgage market agencies (e.g. Fannie Mae, Freddie Mac). Va. Code §§ 55-79.97(C)(17), 55-509.5(A)(17).
- Tourism Activity Zones (HB 1521): Pursuant to a new statute, Va. Code § 15.2-982, a locality may designate tourism activity zones, which must be shown on its zoning map.
- Disclosure of former methamphetamine laboratory (HB 1615): Finally, a property owner who has actual knowledge that his residential property was previously used to manufacture methamphetamine but that the property has not been cleaned up in accordance with the guidelines to be established pursuant to Va. Code § 32.1-11.7, must disclose such fact to prospective purchasers.