Virginia SB 672: Property Owners' Association Act and Virginia Condominium Act; contract disclosure statement.

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2020 SESSION

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CHAPTER 605 

An Act to amend and reenact �� 55.1-1808 and 55.1-1990 of the 
Code of Virginia, relating to Property Owners' Association Act and Virginia Condominium 
Act; contract disclosure statement; extension of right of cancellation. 

[S 672] 

Approved April 2, 2020 

Be it enacted by the General Assembly of Virginia:

1. That �� 55.1-1808 and 55.1-1990 of the Code of Virginia 
are amended and reenacted as follows:

� 55.1-1808. Contract disclosure statement; right of 
cancellation.

A. For purposes of this article, unless the context requires a 
different meaning:

"Delivery" means that the disclosure packet is 
delivered to the purchaser or purchaser's authorized agent by one of the 
methods specified in this section.

"Purchaser's authorized agent" means any person 
designated by such purchaser in a ratified real estate contract for purchase 
and sale of residential real property or other writing designating such agent.

"Ratified real estate contract" includes any 
addendum to such contract.

"Receives," "received," or 
"receiving" the disclosure packet means that the purchaser or 
purchaser's authorized agent has received the disclosure packet by one of the 
methods specified in this section.

"Seller's authorized agent" means a person 
designated by such seller in a ratified real estate contract for purchase and 
sale of residential real property or other writing designating such agent.

B. Subject to the provisions of subsection A of � 55.1-1814, 
an owner selling a lot shall disclose in the contract that (i) the lot is 
located within a development that is subject to the Property Owners' 
Association Act (� 55.1-1800 et seq.); (ii) the Property Owners' Association 
Act (� 55.1-1800 et seq.) requires the seller to obtain from the property 
owners' association an association disclosure packet and provide it to the 
purchaser; (iii) the purchaser may cancel the contract within three days, or 
up to seven days if extended by the ratified real estate contract, after 
receiving the association disclosure packet or being notified that the 
association disclosure packet will not be available; (iv) if the purchaser has 
received the association disclosure packet, the purchaser has a right to 
request an update of such disclosure packet in accordance with subsection H of 
� 55.1-1810 or subsection D of � 55.1-1811, as appropriate; and (v) the right 
to receive the association disclosure packet and the right to cancel the 
contract are waived conclusively if not exercised before settlement.

For purposes of clause (iii), the association disclosure 
packet shall be deemed not to be available if (a) a current annual report has 
not been filed by the association with either the State Corporation Commission 
pursuant to � 13.1-936 or the Common Interest Community Board pursuant to � 
55.1-1835, (b) the seller has made a written request to the as