On July 1, 2020, Virginia REALTORS® will update three property management related forms and add one property management related clause to the Standard Clause Booklet.
1 Form 200 – Residential Lease
A number of changes were made to the lease after an extensive review by the Property Management Council and in light of changes to the law from the 2020 General Assembly session.
2 Form 300 – Rental Application
Language regarding other income the applicant would like the landlord to consider was updated.
3 Form 900 – Residential Property Management Agreement
Like with the lease, a number of changes were made to the property management agreement after an extensive review by the Property Management Council and in light of changes to the law from the 2020 General Assembly session.
4 Standard Clause Booklet
A new standard clause provision was added to the Property Management section that can be used in the event that a pet is allowed in the unit after the initial lease was signed. This language can be added to the additional terms paragraph of the Pet Addendum (Form 220) and will allow for adding a pet deposit or pet rent that may not have been originally included in the lease.
For a complete description of the changes to these forms and to see redline versions, please visit the Virginia REALTORS® website: https://www.virginiarealtors.org/for-members/legal/standard-forms/updated-forms/