This past weekend Governor McAuliffe signed a couple of bills into law concerning real estate. Though the specific provisions of the bills he signed will not come into effect until July 1, 2014, here is a recap of three that may make a difference for you:
- HB 331 – Establishing First Time Homeowners Savings Plans
First Time Homeowners will now be allowed to contribute up to $50,000 into a banking or investment account to be used for the purchase of a home. All the earnings on that account would be forever free of state taxes. A qualified beneficiary would be someone living in Virginia, who has never owned property- individually or jointly- anywhere in the U.S.
- HB 273 – Making important changes to the Landlord-Tenant Act
The Landlord-Tenant Act was amended to allow many more rental properties to fall under the Virginia Residential Landlord Tenant Act. In addition, the requirement that landlords and property managers pay interest on security deposits was removed.
- HB 900 – POA/Condo Act changes
The Property Owners Association / Condo Act was changed to continue clarifying fees that are allowed versus those not allowed under Virginia law. In addition, Realtors and their clients can receive homeowner association packets electronically, if requested. If you’ve ever received a printed copy of your HOA documents, you know how beneficial this is.
Pretty exciting to see the Commonwealth making it easier for home ownership to flourish. If you have any questions or would like more specific information please feel free to contact us.