Code of Virginia § 55.1-1317. Transfer of deposits upon purchase.

167 words·~1 min read·/va/title-55-1/chapter-13/55-1-1317

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The manufactured home park owner shall transfer any security deposits and any accrued interest on the deposits in his possession to the new manufactured home park owner at the time of the transfer of the rental property. If the current manufactured home park owner has entered into a written property management agreement with a managing agent in accordance with the provisions of subsection E of § 54.1-2135 , the current manufactured home park owner shall give written notice to the managing agent requesting payment of such security deposits to the current manufactured home park owner prior to settlement with the new manufactured home park owner.

Upon receipt of the written notice, the managing agent shall transfer the security deposits to the current manufactured home park owner and provide written notice to each tenant that his security deposit has been transferred to the new manufactured home park owner in accordance with this section.

1984, c. 281, § 55-507; 2017, cc. 63 , 402 ; 2019, c. 712 .