Residential property; option contracts for purchase, required provisions. (SB1087)
Introduced By
Sen. Jill Holtzman Vogel (R-Winchester)
Progress
✓ |
Introduced |
☐ |
Passed Committee |
☐ |
Passed House |
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Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Option contracts for the purchase of residential property; required provisions. Establishes required contract provisions whenever an owner of residential property enters into an option contract with another party to purchase the residential property. The bill also provides that any residential rental agreement that is entered into will be subject to the Virginia Residential Landlord and Tenant Act. Under the bill, if the required provisions are not included in the contract, the other party to the contract shall have the right to cancel the contract at any time and shall be entitled to (i) a full refund of any amount paid to the seller under the contract; (ii) actual damages or $500, whichever is greater; and (iii) reasonable attorney fees. Read the Bill »
Status
01/13/2015: Awaiting a Vote in the Courts of Justice Committee
History
| Date | Action |
|---|---|
| 01/13/2015 | Prefiled and ordered printed; offered 01/14/15 15103175D |
| 01/13/2015 | Referred to Committee for Courts of Justice |
| 01/19/2015 | Stricken at the request of Patron in Courts of Justice (12-Y 0-N) (see vote tally) |