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Effective on July 1st there are a number of changes to the rules governing homeowner's associations in the Commonwealth of Virginia. The previous laws were so vague that it had become the wild west in terms of fees to sellers requesting HOA packets and inspections. So a number of changes were made.
First of all, they created the Virginia Common Interest Community Board to investigate complaints about community association managers. They also require that associations now publish their fees for certificates or packets either in paper or electronic format.
It also has mandated the maximum fees for the following services:
Inspection: $100
Disclosure Packet Copies:
Hard Copies: $150 for 2
Electronic Copies: $125 for 2
Additional Hard Copy: $25
Expedite Fee: $50
Update Fee: $50 (For packets produced in last 12 mos.)
These should, first of all, let sellers know what to expect when they're calculating how much it will cost them to get the documentation needed to sell their home. And, while these fees are higher than were allowed under the previous law, many associations were completely ignoring those fees anyway. So the practical effect may be lower fees overall.
The Virginia Association of REALTORS took a leading role in getting this pushed through and I think they've done a great job. This will benefit consumers, and, in particular, real estate sellers in Virginia.
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