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.”
You can download the new Disclosure Notices for both HOAs and condominiums from the CIC Board website at http://www.dpor.virginia.gov/CIC-Board/Disclosure_Notices. Both notices also provide the preparer of the resale certificate with a list of all of the information and documents which must accompany the Disclosure Notice.
REPEAL OF TITLE 55 EFFECTIVE OCTOBER 1, 2019
If you view the Condominium Act, the Property Owners Act or the Cooperative Act (Title 55 of the Code of Virginia) on line you may be surprised to see that all sections of all three Acts are now preceded with “(Repealed effective October 1, 2019).” This is somewhat confusing because it makes it appear as if all of these Acts will cease to exist after October 1. What is actually happening is that these Acts are being streamlined under a new Code Title called “Property and Conveyances” (Title 55.1). The new Title 55.1 is intended to be organized in a more logical manner, remove obsolete and duplicative provisions, and improve clarity. We hope the goal is achieved! Title 55.1 will be organized into five (5) Subtitles:
Subtitle I – Property and Conveyances
Subtitle II – Real Estate Settlements and Recordation
Subtitle III – Rental Conveyances
Subtitle IV – Common Interest Communities
Subtitle V – Miscellaneous
All of the statutes that we rely on almost daily will be found under Subtitle III – Common Interest Communities. Until October 1, the current statutes will remain in effect.