Virginia SB 195: Virginia Residential Rent-to-Own Real Estate Contracts Act; created.

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2018 SESSION

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18101656D

SENATE BILL NO. 195 

Offered January 10, 2018 

Prefiled January 1, 2018 

A BILL to amend the Code of Virginia by adding in Title 55 a 
 chapter numbered 14.1, consisting of sections numbered 55-252.1 through 
 55-252.7, relating to the Virginia Residential Rent-to-Own Real Estate 
 Contracts Act; civil penalties.. 
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Patron-- Locke 

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Referred to Committee on General Laws and Technology 

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Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Title 55 
 a chapter numbered 14.1, consisting of sections numbered 55-252.1 through 
 55-252.7, as follows:

CHAPTER 
 14.1. 

RESIDENTIAL RENT-TO-OWN 
 REAL ESTATE CONTRACTS ACT. 

� 55-252.1. 
 Definitions.

As used in this 
 chapter, unless the context requires a different meaning:

"Installment land 
 contract" means a contract for the sale of real property under which the 
 purchaser is to pay the sale price in multiple installments over a term of not 
 less than 120 days, with the vendor to convey title to the purchaser upon 
 payment of the final installment.

"Lease-option 
 contract" means a contract that provides for a purchaser to lease real 
 property and have an option to purchase the same property, with the purchaser 
 paying separate consideration for the option.

"Option 
 payment" means an amount paid by the purchaser in a lease-option contract 
 in exchange for the right to purchase the subject premises at a specific price 
 within a specified time.

"Purchaser" 
 means a person who acquires any right or interest in real property, including a 
 right to possession, legal title, equitable title, or option to purchase, 
 through the installment land contract or lease-option contract, and who 
 occupies or intends to occupy the property as his primary residence. A 
 purchaser also means any person who becomes obligated on an installment land 
 contract or lease-option contract as surety or guarantor for another purchaser. 

"Record" means 
 to properly present the writing that contains the contract terms for recording 
 pursuant to � 55-106.

"Vendor" means 
 a person who sells, or proposes to sell, real property under an installment 
 land contract or lease-option contract.

� 
 55-252.2. Requirements for installment land contracts.

A. An installment land 
 contract shall be in writing. The writing shall clearly and conspicuously include 
 the following:

1. The full names and 
 the current mailing addresses of 
 all parties to the contract;

2. A legal description 
 of the subject premises, as well as its street address with the city, state, 
 and ZIP code;

3. The most recent 
 assessment of the value of the subject premises by the relevant property tax 
 assessor, as well as the amount of