Revised Virginia CICB Disclosure Forms Now Available
As we reported in our Seminar Series, the 2018 Virginia General Assembly passed legislation effective July 1, 2018, directing the Virginia Common Interest Community Board (CICB) to revise the CICB Disclosure Form that accompanies POA disclosure packets. The legislation also required the CICB to create a new similar Disclosure Form to accompany Condominium resale certificates.
These Forms have been revised/created primarily to provide potential purchasers with additional information regarding use restrictions to which the purchaser may be subject as a member of an association and that might affect the purchaser’s decision to purchase in a common interest community. Examples of such restrictions include limits on leasing rights, parking of certain vehicles, keeping of pets and similar restrictions. The Disclosure Forms expressly provide that they are meant to be summaries of select matters to consider when purchasing a unit or lot and should not be relied upon to understand the full nature of the restrictions. The purchaser remains responsible for carefully reviewing and examining all contents of the disclosure packets and resale certificates.
These forms are posted on the CICB website (links below) and are required effective July 1, 2018: