New CVR MLS Forms Coming July 1

VDOT, Localities Enforcing Sign Rules

Join the 2023 C2EX Broker Challenge

2023 Leadership Development Academy

Asking for a Friend

 On July 1, 2023, several new and revised forms are available in the CVR MLS forms library. The majority of the changes to the revised forms were necessitated by the new Residential Resale Disclosure Act (RRDA). 

Effective July 1, 2023, this new act replaces the Property Owners Association (POA) and the Condominium Owners Association (COA) Acts. The new RRDA consolidates the majority of the provisions of the POA and COA acts, but there are some key differences licensees need to be aware of:

I. The following terms have been removed from the act: 

• Property Owners Association
• Condominium Owners Association
• Association disclosure packet 

Property Owner’s and Condo Owner’s Associations are now collectively referred to as Common Interest Communities (CIC). The CIC disclosure information that sellers are required to provide to purchasers is now called the Resale Certificate.

II. The format and content of the Resale Certificate has been changed. 

NOTE: If you have a residential property listed for sale that IS NOT under contract by July 1, 2023, you or your seller will need to order a new Resale Certificate for the listing in order to comply with the new law.

III. All resale certificate fees are now due when the item is ordered. This means that when a seller orders the resale certificate, they will have to pay for the certificate at that time, not at settlement, unless the association adopts a different policy.

IV. Language was added to the RRD Act clarifying that any reference to “days” in the act means calendar days, not business days.

V. Under the new RRDA Act, the seller is still required to order and provide a Resale Certificate to the purchaser. However, as of July 1, 2023, the purchaser may waive their right to the 3-day right of termination. 

If you have any questions concerning the new Residential Resale

Disclosure Act or the changes to the CVR MLS forms, you may contact Peggy Lynch, Vice President of Risk Management and Broker Services by calling 804.422.5006 or emailing plynch@RARealtors.com.

Click the video above to watch RAR legal counsel, Michael Lafayette, explain the new updates.

For all future updates, click here.

Local governments and VDOT are increasing enforcement efforts to remove and issue fines for illegally placed signs. Please make sure you know where the VDOT right of way is before placing for sale and lead in signs. As a reminder, lead ins are not allowed in the City of Richmond or Henrico County.

For more information, refer to the sign ordinance chart.

The REALTORS® Commitment to Excellence (C2EX) program by NAR empowers members to evaluate, enhance and showcase their highest levels of professionalism. This year, C2EX Endorsed brokerage offices can be entered to win Premium PR Packages and other prizes by joining the C2EX Broker Challenge.

In order for a brokerage office to participate, the managing broker and at least 80% of agents within the office must have C2EX Endorsements. Additionally, the brokerage office must submit a Brokerage Endorsement Application and a Broker Challenge Entry Form to NAR by October 1, 2023.

Click here for more information about becoming C2EX Endorsed.

The RAR Leadership Development Academy is designed to develop visionary, service-oriented REALTOR® members for professional, civic and community leadership roles. The program, which runs from September to December of 2023, will focus on identifying critical leadership skills and how to tap into your strengths as a leader.

RAR will accept applications until Monday, July 31. All RAR REALTOR® members are eligible to apply for the program regardless of membership tenure. The participant fee is $495, which covers all registration fees, transportation and other expenses related to the program.

If you have questions about the Leadership Development Academy, contact us at programs@RARealtors.com.

CE: 2 hrs Legal Updates with Flood Content

PLE: 2 hrs Current Industry Trends

BCE: 2 hrs Broker Management

Instructor: Peggy Lynch, GRI®, RCE

Free and open to all RAR Members and CVR MLS Subscribers

Join Peggy Lynch for an interactive discussion of trending local, state and national issues, frequently asked questions concerning laws and regulations, standard forms and best practices when representing buyers and sellers in a tight market.

View Full Calendar in Your Member Hub

RAR Real Estate School policies are available at RARealtors.com. 

You may call 804.422.5000 to register for any class.