On Friday, June 20 at 10 a.m., VAR’s special counsel Lem Marshall will host an interactive webcast describing the implications of HB 516, which becomes effective on July 1. The webcast is being offered to VAR members in cooperation with local REALTOR® associations, and is available live at selected view sites around the state, as well as archived for later viewing the week of June 23. Contact your local association to learn how you can participate in the live webcast.
Those participating in the live event should come armed with questions, because webcast participants may e-mail questions to Lem and have them answered live. The webcast will be archived for viewing at your convenience on the webcast page at VARealtor.com.
Following is a brief summary of HB 516.
PROPERTY OWNERS’ ASSOCIATION (POA) ACT AND CONDOMINIUM ACT (HB 516)
- Creates the Virginia Common Interest Community Board to investigate complaints about community association managers
- Requires associations to publish certificate or packet fees in electronic or paper format
- Enables sellers or agents to request electronic delivery, and they may designate two additional recipients to receive the materials in electronic form at no additional charge
By the numbers:
- Prohibits an association from charging anything beyond the fees set out in its declaration of covenants and restrictions or otherwise provided by law, with limits not to exceed:
- $100 for a property inspection
- $150 for two copies of the disclosure packet in hard copy and $125 for two
- copies of the disclosure packet in electronic form; only one fee may be
- $50 for an expedite fee
- $25 for an additional hard copy
- $50 for a post-closing fee
- actual cost of a commercial delivery service for hand delivery
- For no more than $50, an update, delivered within 10 days of a written
- request, may be requested if a packet or resale certificate was issued within
- the previous 12 months
- Fees are not paid up front but are deferred to the time of closing
- These changes only apply to associations who have hired a management company or who have a full-time staff