Common interest communities; termination of condominium, respective interests of unit owners. (HB1548)

Introduced By

Del. Marcus Simon (D-Falls Church)

Progress

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

Description

Common interest communities; Virginia Condominium Act; termination of condominium; respective interests of unit owners. Provides that the respective interests of condominium unit owners upon the termination of a condominium shall be as set forth in the termination agreement, unless the method of determining such respective interests is other than the relative fair market values, in which case the association shall provide each unit owner with a notice stating the result of that method for the unit owner's unit and, no later than 30 days after transmission of that notice, any unit owner disputing the interest to be distributed to his unit may require that the association obtain an independent appraisal of the condominium units. The bill provides a method of adjusting the respective interests of the unit owners if the amount of such independent appraisal of an objecting unit owner's unit is at least 10 percent more than the amount stated in the association's notice. Read the Bill »

Status

02/10/2020: In Committee

History

DateAction
01/10/2020Committee
01/10/2020Presented and ordered printed 20104355D
01/10/2020Referred to Committee on General Laws
01/15/2020Assigned GL sub: Housing/Consumer Protection
01/17/2020Impact statement from DPB (HB1548)
01/30/2020House subcommittee amendments and substitutes offered
01/30/2020Subcommittee recommends reporting with substitute (6-Y 1-N)
02/04/2020Committee substitute printed 20107125D-H1
02/04/2020Reported from General Laws with substitute (18-Y 3-N) (see vote tally)
02/05/2020Read first time
02/06/2020Read second time
02/06/2020Committee substitute agreed to 20107125D-H1
02/06/2020Engrossed by House - committee substitute HB1548H1
02/07/2020Read third time and passed House (81-Y 18-N)
02/07/2020VOTE: Passage (81-Y 18-N) (see vote tally)
02/10/2020Impact statement from DPB (HB1548H1)
02/10/2020Constitutional reading dispensed
02/10/2020Referred to Committee on General Laws and Technology

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