Virginia Associations’ Legislative Update “To Do” List
As a result of the legislation that passed in the 2013 Virginia General Assembly, we suggest that property owners’ associations and condominium associations take the following initial steps before July 1st of this year:
1. Update Resale Disclosure Forms: review your governing documents and files to determine whether there are any solar panel restrictions that must be disclosed, and to determine if there are any known secondary mortgage market agency approvals that must be disclosed (such as FHA condominium project approval). See Section 55-79.97 of the Condo Act and Section 55-509.5 of the POA Act.
2. Confirm Late Fee Authority: POAs and Condos should review their recorded declarations or condominium instruments (as well as rules adopted pursuant to those recorded documents) for late fee authority, and consult with legal counsel on whether the association is affected by this new statutory late fee provision. See Section 55-79.83 of the Condo Act and Section 55-513.2 of the POA Act.
Also, after July 1st, property owners’ associations and condominium associations should be mindful of the new notice requirements when holding a subsequent meeting to elect directors after cancelling an annual meeting. Also, associations should be on the lookout for notices (containing important new owner information) from mortgage company’s foreclosure trustees, which should be provided to associations within 60 days after a mortgage foreclosure sale takes place.