Updated 5/22/20

Association Health Plans

The Virginia REALTORS® is seeking legislation to allow associations to work with insurance providers in Virginia and establish health insurance plans that they can offer to members of their association.

Rent Money Into Escrow

The Virginia REALTORS® seek legislation to clarify a perceived discrepancy between escrow law and regulations. This legislation will require all rent monies, including current rent, to be deposited into an escrow account. This clarification ensures that all rent monies are deposited into escrow instead of operating accounts and will therefore provide additional protection for consumer funds.

Security Deposit Disbursement

The Virginia REALTORS® seek legislation to clarify that the 45-day time period for returning a security deposit to a tenant starts running from the date of the termination of the tenancy or the date the tenant vacates the unit, whichever occurs last. This clarification will ensure that landlords and tenants are working with the same expectations.

Death or Disability of Broker

The Virginia REALTORS® seek legislation to clarify that upon the death or disability of a real estate broker who was a sole proprietor or the only licensed broker in any business entity, the real estate board can approve someone to close out the business. Previously, the law did not include LLCs in the list of business entities which implied that if a broker was the only licensed broker in an LLC, the VREB could not appoint someone to conclude the business.

POA/Condo Act Extension for Right of Recission

The Virginia REALTORS® seek legislation that would allow parties to a transaction for a property located in a POA or Condo association to agree to extend the three-day right of recission for up to an additional

4 days. Currently, the statute prohibits the parties from changing the three-day 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 4 days provides extra time, if needed, but still allows for certainty of contract.

Removal of Restrictive Covenants

The Virginia REALTORS® seek legislation to remove discriminatory restrictive covenant language that would violate fair housing law from real property title and deeds. Current law already declares such

language void and contrary to the public policy of the Commonwealth. This legislation would require all deeds executed in any residential real estate transaction to remove this offensive language that can affect property values and delay or prevent the sale of real property.


Download the 2020 Legislative Talking points

2020 Legislative Talking Points