Tips from our Community Associations Team
During its 2018 session, the Virginia General Assembly passed new legislation amending the disclosure requirements under both the Virginia Condominium Act and the Virginia Property Owners’ Association Act. The new legislation has been signed by the Governor and will take effect July 1, 2018. Among other changes, the new legislation requires the Common Interest Community Board (CIC Board) to adopt a disclosure notice to accompany condominium resale certificates and to revise the existing notice which must accompany disclosure packages for Property Owners’ Associations for common interest communities. For Virginia Condominium Associations, this notice is the first of its kind and Condominium Associations will need to change their procedures to include the approved notice with all resale certificates.
The draft POA Disclosure Packet Notice and the draft Condo Resale Certificate Notice are posted on the CIC Board’s website and will be reviewed during the CIC Board’s upcoming meeting on June 7th. It is expected that the CIC Board will adopt the new notices prior to the July 1st effective date of the new notice requirements. The draft notices can be viewed using this link: http://www.dpor.virginia.gov/CIC_Public_Comment_Notice/
Elizabeth L. White is Sands Anderson’s Community Associations Team Leader and a recognized national leader in community association law. Her practice is centered on acting as general counsel to large-scale master planned communities, as well as representing developers, financial institutions, local governments and insurers in connection with planned community developments, condominiums and operations.