Changes to Virginia HOA and Condo Law
As an FYI - Some new changes to Virginia real estate law could have positive impact for some landlords (or potential landlords). This change goes into effect on July 1 of this year. Good news if you're thinking about renting out a condo or HOA bound home and ran into association troubles.
- 1.House Bill 684 pertains to the Condominium and Property Owners’ Association Acts and makes the following changes regarding the rental of a privately owned unit: First, associations can no longer prohibit the owner of a unit from renting it or evict the owner’s tenant; Second, associations may not charge any fees in excess of $50 or charge any kind of deposit, security or otherwise; And third, requires the association to recognize the owner authorized agent without needing the power of attorney, as long as the agent is licensed by the Real Estate Board.