News

Effective July 1, 2025

In light of recent changes to the Virginia Resale Disclosure Act (§55.1-2307, et seq.), requiring a disclosure related to the possible imposition of Association held insurance policy deductibles against individual owners, the Common Interest Community Board updated the standardized resale disclosure certificate which can be found here:

 https://www.dpor.virginia.gov/sites/default/files/boards/CIC/A492-05RESALE.pdf

Specifically, revised Appendix 14 now states, “The association may make an owner responsible for payment of all or part of the deductible when making a claim against such insurance.” 

We encourage our clients to take a look at their resale disclosure certificates to ensure compliance.