Bill Text: VA HB105 | 2024 | Regular Session | Chaptered
Bill Title: Resale Disclosure Act; resale certificate, fees.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2024-03-28 - Governor: Acts of Assembly Chapter text (CHAP0170) [HB105 Detail]
Download: Virginia-2024-HB105-Chaptered.html
Be it enacted by the General Assembly of Virginia:
1. That §55.1-2316 of the Code of Virginia is amended and reenacted as follows:
§55.1-2316. Resale certificate; fees.
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 certificate. Unless provided otherwise by the association, the appropriate fees shall be paid when the resale certificate, updated resale certificate, or financial update is requested. The seller shall be responsible for all fees associated with the preparation and delivery of the resale certificate, including any fees for inspection of the unit. The requesting party shall pay any fees for the preparation and delivery of the updated resale certificate or financial update.
B. The Common Interest Community Board shall establish the maximum fees that the association may charge for such post-closing and preparation, delivery, and inspection; such maximum fees shall be commercially reasonable and consistent with the effort required to comply with the resale certificate requirements. The maximum allowable fees, as published by the Common Interest Community Board and effective as of January 12, 2023, shall be adjusted no less than every five years, as of January 1 of that year, in an amount not less than the annual increases for that five-year period in the United States Average Consumer Price Index for all items, all urban consumers (CPI-U), as published by the Bureau of Labor Statistics of the U.S. Department of Labor or an equivalent successor index.
C. The association shall publish and make available a schedule of the applicable fees (i) for preparation and delivery of the resale certificate, updated resale certificate, and financial update; (ii) for the inspection of a unit; and (iii) related to any post-closing costs.
D. A post-closing fee to be collected at settlement may be imposed on the purchaser of the property for the purpose of establishing the purchaser as the owner of the property in the records of the association.
E. No association may collect fees authorized by this section
unless the association (i) is registered with the Common Interest Community
Board; (ii) is current in filing the most recent annual report and fee with the
Common Interest Community Board pursuant to §55.1-1835, 55.1-1980, or
55.1-2182; (iii) is current in paying any assessment made by the Common
Interest Community Board pursuant to §54.1-2354.5; and (iv) provides the
option to receive the disclosure packet resale certificate
electronically.
