ASSOCIATION DISCLOSURE NOTICES EFFECTIVE JULY 1, 2019
A couple of months ago we told you about changes to the Property Owners Association (POA) Act and the Condominium Act regarding the Disclosure Notices. We want to remind Association managers and board members that every association should now be using these revised Disclosure Notices.
Effective July 1, 2019 the Property Owners Disclosure Packet Notice prepared by the Virginia Common Interest Community (CIC) Board that is required to be included in every HOA Association Disclosure Packet for the initial sale by the developer and all subsequent resales pursuant to §55-509.5 of the Virginia Residential Disclosure Act was amended. The Condominium Unit Owners’ Association Resale Certificate Notice that is required to be included in every condominium resale certificate pursuant to §55-79.97 was also amended. Both Disclosure Notices now inform purchasers, under the section entitled “Assessments,” that mandatory fees collected by condominium associations may include the cost of “construction or maintenance of stormwater management facilities.”
Continue Reading Updated Association Disclosure Notices and Repeal of Title 55, Code of Virginia