New VA HOA laws aim to simplify contract terminations, increase buyer protection, and improve transparency during resale transactions. These changes apply to HOAs and condo associations across Virginia.
New VA HOA Laws Introduced
One new VA HOA law (HB 2750) lets HOAs and condo associations end automatic-renewal management contracts without cause. They must give at least 60 days’ written notice. Outgoing managers must also transfer funds and close accounts without charging extra fees.
Another rule (HB 2110) says associations can’t require a buyer’s name before issuing a resale certificate or disclosure packet. This helps protect privacy and speeds up the closing process.
Associations must now clearly state in resale packets whether unit owners can be charged for insurance deductibles (HB 1704 and SB 808). This change helps buyers understand potential out-of-pocket costs.
Together, these new VA HOA laws aim to streamline operations and promote fairness in property transactions.
