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SB280

Lease-option real estate contracts; requirements of the owner, default.

Status:
Killed

Chief Patron:
Chap Petersen (D)

Session:
2018 Regular Session

Summary

As Introduced. Lease-option real estate contracts; requirements of the owner; default.

Establishes contract provisions for when an owner of real property enters into a contract with a purchaser to lease the real property and the contract includes an option to purchase the same property. The bill directs that whenever an owner enters into such contract, he shall (i) ensure that the contract is in writing and recorded, (ii) disclose in the contract all liens on the property at the time of the signing of the contract, and (iii) satisfy any outstanding tax obligations on the property prior to the signing of the contract. If the purchaser defaults, including by nonpayment, the owner shall give written notice of the grounds for default to the purchaser, and the purchaser shall have 30 days to cure the default in order to maintain his right to purchase. (Less)

  • Bill History

  • 01/05/2018 - Senate: Prefiled and ordered printed; offered 01/10/18 18101647D
  • 01/05/2018 - Senate: Referred to Committee for Courts of Justice
  • 01/22/2018 - Senate: Impact statement from DPB (SB280)
  • 01/24/2018 - Senate: Passed by indefinitely in Courts of Justice with letter (15-Y 0-N)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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