As we wrap up week seven of the General Assembly Session, legislators begin the Herculean task of finalizing the two-year state budget. Much of this work over the next two weeks will be done in a Committee of Conference.
A Committee of Conference is a special committee made up of select representatives, usually an equal number of delegates and senators. This smaller group of Conferees negotiate the differences between the House and Senate to craft the final version of a bill.
However, a Conference Committee is not necessary when the House and Senate pass the identical piece of legislation. This is the case with our first Virginia REALTORS® Legislative Agenda bill to pass both chambers. House Bill 176, carried by Delegate Marcus Simon, passed the House 99-0 and the Senate 40-0. It will be communicated to the Governor for his action.
House Bill 176 will allow parties to a transaction for a property located in a POA or Condo association to agree to extend the three-day right of rescission for up to an additional four days. Currently, the statute prohibits the parties from changing the three-day review period, even if all the parties agree. This can be burdensome for parties with scheduling difficulties or where additional information is needed before the transaction can move forward. Limiting the extension to four days provides extra time, if needed, but still allows for certainty of contract.
You can find out more about our Legislative Agenda on the Virginia REALTORS® website.
Member (or Association or Local Visit) Highlight:
So far this year we’ve had 15 local associations visit Richmond for “mini” Days-on-the-Hill activities, bringing nearly 250 REALTORS® to the Capitol to advocate for you and your clients. This week, we welcomed groups from The Dan River Region and New River Valley associations of REALTORS®. Thanks to all of you who have taken valuable time to make the trip to support your industry.