Protection for Consumers
A recent court ruling raised the question of whether the delivery of an “incomplete” disclosure packet in a Property Owners Association (POA) or resale certificate in a Condo Owners Association (COA) begins a buyer’s ability to cancel the contract within the three-day right of rescission.
The Virginia REALTORS® is seeking legislation to clarify that the delivery of an “incomplete” packet begins the three-day right of rescission. This standard will provide more certainty to both buyers and sellers by given both parties a firm deadline.
In certain real estate transactions, mineral rights may be associated with property that do not necessarily transfer with the purchase of the land, but rather are held as separate owner interests.
The Virginia REALTORS® is seeking legislation to add “mineral rights” to the Residential Property Disclosure Statement buyer beware form that each potential buyer receives in a real estate transaction.
This notice will encourage buyers to perform due diligence regarding mineral rights associated with the property.
Consumer Protection Act
Currently only local Commonwealth Attorneys have the authority to prosecute unlicensed real estate activity. Enforcement of unlicensed activity is often secondary to more serious criminal prosecutions.
The Virginia REALTORS® is seeking legislation to add unlicensed real estate activity to Virginia Consumer Protect Act to allow for greater consumer protection against this illegal activity.
Under the Consumer Protection Act, entities such as local government attorneys or individual citizens could bring civil action against people participating in unlicensed activity.
Clarification for Real Estate Firms
Ensuring individuals can be hired as both independent contractors or employees
The Virginia REALTORS® is seeking legislation that will clarify that a real estate licensee can hire an unlicensed assistant as an employee or as an independent contractor.
This legislation also allows the Virginia Real Estate Board to define what duties an unlicensed assistant can legally undertake, regardless of whether they are an independent contractor or an employee.
Questions or comments about the legislative agenda?
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