Virginia REALTORS® Provides Additional COVID-19 Forms for Property Managers
April 8, 2020
In addition to the COVID-19 Rules and Regulations form released on April 1, 2020, Virginia REALTORS® has created two additional forms that can be used when landlords and tenants agree to alterations in monthly rent payments during the pandemic.
The first form, the Rent Alterations Request (Form 200 Rent Alteration Request), allows for a structured way for tenants to formally request a change in their monthly rent payments. It includes fields for the tenant to provide information on why they are requesting the alteration, what their request is, and provide supporting documentation.
The second form, the Rent Alteration Amendment (Form 200 Rent Alteration) is an amendment to the lease agreement to document any changes that the landlord and tenant agree to. This form provides some initial parameters, but includes space for the parties to agree to other terms as well. The Rent Alteration Agreement allows for a straight reduction in the monthly rent for a period of time, or allows the parties to temporarily adjust the frequency and/or amount of rent paid, with a payment plan to repay the rest of the rent over a period of time. The tenant is required to continue to document their need for the rent alteration, and if their financial situation begins to improve prior to the end of the agreement, they must resume normal rent payments.
More about these forms can be found in the Property Management FAQs on the Virginia REALTORS® COVID-19 Resources and Updates Page.
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