Virginia Residential Executory Real Estate Contracts Act; created. (SB1449)

Introduced By

Sen. Mamie Locke (D-Hampton)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Virginia Residential Executory Real Estate Contracts Act. Creates the Virginia Residential Executory Real Estate Contracts Act establishing provisions applicable to such contracts. The bill defines a residential executory real estate contract as an installment land contract, lease option contract, rent-to-own contract, or other real estate contract by which a purchaser (i) acquires any right or interest in real property other than a right of first refusal and (ii) occupies or intends to occupy the property as his primary residence. The bill also provides for the Board for Housing and Community Development to develop and make available on its website best practice provisions for residential executory real estate contracts. This bill is a recommendation of the Virginia Housing Commission. Read the Bill »

Status

01/21/2019: passed committee

History

DateAction
01/08/2019Prefiled and ordered printed; offered 01/09/19 19104069D
01/08/2019Referred to Committee on General Laws and Technology
01/21/2019Reported from General Laws and Technology (14-Y 0-N)

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