Here starts a series to help inform you of the real estate changes taking affect July 1st, 2008 as passed and approved by the Virginia General Assembly and Governor Kaine. It will be a five part series starting with the changes made to the Property Owners Association Act (POA) and Condominium Act (COA); bill number is HB 516.
The POA/COA Change
One of the two corner pieces to this legislation was the creation of the Virginia Common Interest Community Board. The Board will consist of appointees who will investigate complaints about community association manager who will now have a licensure requirement through DPOR; the only exception to licensure is if the POA/COA doesn’t contract out to management and does not pay a staff to run the association.
The second largest change to the POA/COA is to the fee structure and delivery of the disclosure packet. The new law will now permit sellers, or their agents, to request electronic delivery of the disclosure packet; they can also request two additional recipients to receive the electronic packet at no additional charge.
The NEW Fee Structure
The POA/COA is no longer allowed to charge fees beyond its declaration of covenants and restrictions or else provided by law. The limits are not to go beyond:
$100 for a property inspection
$150 for two copies of the disclosure packet in hard copy, and
$125 for two electronic copies
$50 for an expedite fee
$25 for an additional hard copy
$50 for a post-closing fee
No more than the actual cost of a commercial delivery service for hand delivery; i.e. UPS, FedEx, etc.
Also,
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 have a full-time staff.
Come back to FAAR Forum to hear about changes to AVM’s, the Wet Settlement Act, listing and leasing agents disclosure, firm ownership, vested rights, and overcrowding enforcement.
Tweet
{ 1 comment… read it below or add one }
Dear Matthew:
I am a Northern VA agent and I have enjoyed and benefited from your blogs immanently. I wish that our DPOR board members and the educational committee would have done the same by taking the time to explain the complicated sections of the contracts, the nutritious advertising rules and it’s many sections, and other rules as you have taken the time on other instances to do.
For now, can I please ask you to explain to disclosure rules of advertising in Virginia as they apply to:
newspapers
flayers (under doors) and posters
mugs and pens
Creglist and other forms of on-line advertising
Last but not list special situations such as:
advertising in newspapers, where for $10 more, our ads also goes on-line. so our original ad words must follow what disclosure rules?
How about if our ads without our knowledge somehow ends up in other places (on-line or other), what are the reactors obligations?
I know these are too many questions but you are my only hope. Thank you again.