The Virginia REALTORS® 2022 Legislative Agenda passed the General Assembly on final passage with 1,386 “yes” votes to only 4 “no” votes and will soon become law. New laws are effective July 1, 2022 unless otherwise noted.
REALTOR® Group Health Plan
Check out our health insurance resource page for more information.
Virginia law already allows certain business and trade groups to pool together in a fully insured large group health plan to offer their members another choice for affordable, quality health insurance. Because of the self-employed status of our members, thousands of Virginia REALTORS® are prohibited from accessing affordable coverage through these group health plans. Each year, approximately 7,000 REALTORS® in the Commonwealth go without health insurance because they cannot afford what is available in the federal marketplace. Virginia REALTORS® is seeking a narrowly tailored law that will specifically allow our association to pursue a group health plan that could offer ACA quality health insurance at a more reasonable price.
Death or Disability of a Real Estate Broker
SB 510 – Senator David Suetterlein – Effective January 1, 2023.
Currently, the Virginia Real Estate Board must petition the court to appoint someone to close out a real estate business in the event of the death or disability of a broker. To expedite the process and to protect consumers, this legislation will require a broker on the license application form to designate another broker to close out the business. If the designated broker is not able or willing to perform the duties in the event of the death or disability of the designating broker, it gives the Virginia Real Estate Board the flexibility to appoint an appropriate person to work with those clients and close out the business.
Working with the Virginia Real Estate Board, this legislation would clarify that a broker deliver an earnest money deposit to the escrow agent named in the contract by the end of the fifth business banking day following receipt, unless otherwise agreed to in writing by the principals to the transaction. This safeguards a consumer’s earnest money deposit and protects brokers from violations when a third party is delivering and/or holding escrow monies.
This legislation protects consumers by requiring a seller to disclose to a perspective buyer if the seller has actual knowledge of a pending lawsuit that could affect the ownership of the property. It further requires that a real estate licensee must disclose any current or potential ownership interests in the property to other parties in the transaction.
Common Interest Communities
These bills will amend the Property Owners and Condo Owners associations acts to:
- Require that POAs and COAs recognize a real estate licensee’s right to represent a client for certain association matters with written consent.
- Clarify that a third-party vendor delivering sale packets for an association are under the same 14-day packet delivery laws as the association itself.
If you have questions or thoughts about the 2022 Virginia REALTORS® agenda or other Government Relations efforts, please contact us at email@example.com.