Source: http://www.virginiacommunityassociationlaw.com/2013/06/articles/disclosure-packets-resale-cert/disclosure-packets-and-resale-certificates-revisited-recent-statutory-amendments/
Timestamp: 2017-10-20 10:33:45
Document Index: 349864128

Matched Legal Cases: ['§ 55', '§ 15', '§ 15', '§ 55', '§ 32', '§ 55']

Disclosure Packets and Resale Certificates Revisited: Recent Statutory Amendments : Virginia Community Association Law Blog
Home > Disclosure Packets / Resale Certificates > Disclosure Packets and Resale Certificates Revisited: Recent Statutory Amendments
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). This requirement may prove to be a source of confusion for many associations, so they should work closely with their legal counsel to ensure compliance.
The following new residential disclosure requirements do not specifically pertain to community associations, but rather apply to most properties regardless of whether they are within community associations:
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. An owner of a residential property located partially or wholly within a designated tourism activity zone established pursuant to Va. Code § 15.2-982 may disclose that the property is within such zone with a description of potential impacts associated with such location, such as the impacts caused by special events, parades, temporary street closures, and outdoor entertainment activities. Va. Code § 55-519.3.
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. Va. Code § 55-519.3. Note that this statute will not take effect until July 1, 2014.
In light of the changes that will take effect on July 1, 2013, associations should consult with their legal counsel to ensure that they are in a position to provide owners with the proper and current disclosure packets or resale certificates, and owners of residential properties should consult legal counsel regarding the disclosures they must make in certain instances.
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