Code of Virginia § 55.1-3202. Prohibited terms.
165 words·~1 min read·
/va/title-55-1/chapter-32/55-1-3202·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. No real estate service agreement that is effective and binding for more than one year from the effective date shall:
1. Purport to run with the land or bind future owners of interests in the residential real property identified in the service agreement;
2. Allow the service provider to assign or transfer the right to provide services under the service agreement without notice to and written agreement of all parties to the service agreement; or
3. Purport to create a lien, encumbrance, or other real property security interest on the residential real property identified in the service agreement.
B. Offering a real estate service agreement that violates subsection A to a consumer constitutes a prohibited practice under the provisions of § 59.1-200 and shall be subject to the provisions of the Virginia Consumer Protection Act (§ 59.1-196 et seq.). Nothing in this subsection shall be construed to prevent an individual from pursuing any other remedy available by law.
2024, cc. 328 , 362 .