Legislation

Title: Real Property - Land Installment Contracts - Requirements and Vendor Duties and Limitations
Sponsored by: Delegates Taylor, Allen, Boyce, Grossman, Harris, Henson, Holmes, Ivey, Lehman, Roberson, Simpson, Woods, and Young
Status: In the Senate - First Reading Judicial Proceedings
Analysis: Fiscal and Policy Note

Synopsis

Requiring the vendor to provide a purchaser under a land installment contract with the results of a title search for the property at or before the time the purchaser signs the contract; requiring the inclusion of certain notice, terms, and recitals in a land installment contract formed in the State; altering, from 40% to 20%, the percentage of the original cash price of a land installment contract that the purchaser must pay before the purchaser may demand a grant of the deed to the property to the purchaser; etc.

Committees

Original:: Environment and Transportation Click to view Recorded Media

Opposite:: Judicial Proceedings

Committee Testimony

Witness List

Details

Cross-filed with: SB0664

Introduced in a prior session as: HB0425 Session: 2023 Regular Session

Bill File Type: Regular

Effective Date(s): October 1, 2024

History

Legislation History
Chamber House Calendar Date 1/22/2024 Legislative Date 1/22/2024 Action First Reading Environment and Transportation Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Real Property - Land Installment Contracts - Requirements and Vendor Duties and Limitations Proceedings
Chamber House Calendar Date 1/25/2024 Legislative Date 1/25/2024 Action Hearing 2/13 at 1:00 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - House - Committee - Environment and Transportation Proceedings Click to view Recorded Media
Chamber House Calendar Date 2/19/2024 Legislative Date 2/19/2024 Action Favorable Report by Environment and Transportation Proceedings
Chamber House Calendar Date 2/20/2024 Legislative Date 2/20/2024 Action Favorable Adopted Second Reading Passed Proceedings 30 Click to view Recorded Media
Chamber Calendar Date Legislative Date Action Text - Third - Real Property - Land Installment Contracts - Requirements and Vendor Duties and Limitations Proceedings
Chamber House Calendar Date 2/22/2024 Legislative Date 2/22/2024 Action Third Reading Passed (138-0) Proceedings 32 Click to view Recorded Media
Chamber Senate Calendar Date 2/26/2024 Legislative Date 2/16/2024 Action Referred Judicial Proceedings Proceedings 32 Click to view Recorded Media

Chamber	Calendar Date	Legislative Date	Action	Proceedings
House	1/22/2024	1/22/2024	First Reading Environment and Transportation
			Text - First - Real Property - Land Installment Contracts - Requirements and Vendor Duties and Limitations
House	1/25/2024	1/25/2024	Hearing 2/13 at 1:00 p.m.
			Vote - House - Committee - Environment and Transportation	Click to view Recorded Media
House	2/19/2024	2/19/2024	Favorable Report by Environment and Transportation
House	2/20/2024	2/20/2024	Favorable Adopted Second Reading Passed	30 Click to view Recorded Media
			Text - Third - Real Property - Land Installment Contracts - Requirements and Vendor Duties and Limitations
House	2/22/2024	2/22/2024	Third Reading Passed (138-0)	32 Click to view Recorded Media
Senate	2/26/2024	2/16/2024	Referred Judicial Proceedings	32 Click to view Recorded Media

File Code

Subjects

Statutes