Title 55.1, Property and Conveyances

For the purposes of this chapter: "Real estate service agreement" or "service agreement" means an agreement between a service provider and the owner of residential real property or a potential buyer of residential real property to provide services, current or future, in connectio…

This chapter shall not apply to: 1. A home warranty or similar product that covers the cost of maintenance of a major home system, such as plumbing, HVAC, or electrical wiring, for a specific period of time; 2. An insurance contract; 3. An option or right of refusal to purchase r…

A. No real estate service agreement that is effective and binding for more than one year from the effective date shall: 1. Purport to run with the land or bind future owners of interests in the residential real property identified in the service agreement; 2. Allow the service pr…

A service agreement that violates subsection A of § 55.1-3202 shall be void and unenforceable. No service provider has a right to a refund of the consideration paid to the owner, buyer, or tenant in connection with a prohibited service agreement.

A. No service provider shall submit a real estate service agreement that violates subsection A of § 55.1-3202 to the circuit court or a state or local agency for recording. Any such submission constitutes a prohibited practice under the provisions of § 59.1-200 and shall be subje…

Assignment or transfer of the right to provide services under a real estate service agreement recorded prior to July 1, 2024, that would otherwise be in violation of subsection A of § 55.1-3202, is prohibited without notice to and written agreement of all parties to the service a…

A. If a real estate service agreement in violation of subsection A of § 55.1-3202 is recorded, any person with an interest in the residential real property that is subject to a lien arising from the service agreement may bring an action against the service provider in the circuit…

As used in this chapter, unless the context requires a different meaning: "Agricultural land" means real estate in the Commonwealth used or zoned in a manner that would permit the use of the real estate for an agricultural operation. "Agricultural operation" means any operation d…

A. Notwithstanding any other provision of law, in order to protect the health, safety, and welfare of all citizens of the Commonwealth, on and after July 1, 2023, no foreign adversary shall acquire any interest in agricultural land in the Commonwealth. B. Any acquisition of any i…

A. Based on the reports submitted to it pursuant to the federal Agricultural Foreign Investment Disclosure Act, 7 U.S.C. § 3501 et seq., and other information the Department, at its discretion, deems appropriate, the Department shall compile an annual report in consultation with …

As used in this chapter, unless the context requires a different meaning: "Agent" means the authorized agent designated by the purchaser or seller in a ratified real estate contract, listing agreement, or other writing designating such agent. "Association" means an association cr…

Unless exempt pursuant to § 55.1-2317, any contract for the resale of a unit in a common interest community shall disclose (i) that the unit is located in a common interest community; (ii) that the seller or the seller's agent is required to obtain from the association a resale c…

A. The seller or the seller's agent shall obtain the resale certificate from the association and provide such resale certificate to the purchaser or the purchaser's agent. This requirement shall not be waived or changed by agreement. B. Unless exempt pursuant to § 55.1-2317, the …

A. The association shall include the completed resale certificate form, developed by the Common Interest Community Board pursuant to subdivision 3 of § 54.1-2350, with supporting documentation set out in the following order: 1. The name, address, and phone numbers of the preparer…

A. If a resale certificate was issued more than 30 days but less than 12 months before settlement, the seller or the purchaser, upon proof of being the contract purchaser of the unit, may request an updated resale certificate. The updated resale certificate shall be delivered to …

A. If delivery of the resale certificate to the purchaser or purchaser's agent, whether or not complete pursuant to § 55.1-2310, or a notice that the resale certificate is unavailable, occurs before the contract is ratified, the purchaser may cancel the contract within a time per…

A. A seller providing a resale certificate pursuant to § 55.1-2310 or 55.1-2311 shall not be liable to the purchaser for any erroneous information provided by the association and included in the certificate or for the failure or delay of the association to provide the resale cert…

A. If an association, the association's managing agent, or any third party preparing a resale certificate fails to comply with § 55.1-2310 or 55.1-2311, the purchaser shall not be required to pay any delinquent assessments or remedy any violation of the governing documents or rul…

If the unit is subject to more than one common interest community, each association, the association's managing agent, or any third party preparing a resale certificate on behalf of an association shall provide a resale certificate for that association and may charge the appropri…

A. An association may charge a post-closing fee and fees for preparation, delivery, and expedited delivery of a resale certificate, an updated resale certificate, or financial update and for the inspection of a unit performed to prepare the resale certificate or updated resale ce…

A. The resale certificate required by this chapter need not be provided in the case of: 1. An initial disposition of a unit to a person or entity that is not acquiring the unit for his own residence or for the construction of a dwelling unit to be occupied as his own residence, u…