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Housing Commission endorses disclosure for developer control and requires mortgage-assumption notice
Summary
At its final interim meeting the Virginia Housing Commission unanimously endorsed two bills: one requiring sellers to disclose if a developer retains unexpired control of an association, and another requiring loan servicers to notify homeowners on annual escrow analyses that their mortgage may be assumable.
The Virginia Housing Commission at its final interim meeting endorsed two pieces of legislation intended to increase consumer notice in housing transactions.
The commission voted to endorse a work-group bill that would require disclosure to prospective buyers when a developer retains unexpired ‘‘declarant control’’ over an association’s governance. The work-group presenter said the measure is deliberately forward‑looking because the Constitution prevents retroactive changes to private declaration language; the proposal would not alter existing contracts but would add a…
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