NVAR Form Changes-Effective July 1, 2021
The NVAR Board of Directors has approved the following new forms and forms changes, as proposed by the NVAR Standard Forms Committee, effective July 1, 2021.
K1387 – LANDLORD NOTICE REGARDING NONPAYMENT OF RENT – LEASE:
In response to recent revisions to the Virginia Residential Landlord and Tenant Act (“VRLTA”), this form was completely updated. The revised VRLTA requires certain notices be sent to tenants prior to moving to take possession of the property for nonpayment of rent. Regardless of the number of properties owned, this form may be used for all landlords.
K1388 – PAYMENT PLAN ADDENDUM – LEASE
In response to recent revisions to the VRLTA, this form was completely updated to provide a compliant form that is used in connection with the Notice Regarding Nonpayment of Rent. Highlights include: A certification by T of receipt of LL’s Notice of default for failure to make timely payments of rent and check boxes to certify whether T has experienced additional expenses or loss of income due to declared state of emergency as required in the Budget Bill from November of 2020.
This new form provides a basic agreement structure for referral arrangements between brokerages or if broker provided forms are not available.
Form has been modified consistent with revisions to the VRLTA as follows:
- 6. Failure to Pay Rent – increased to 14 days from 5 the amount of time LL’s must wait after serving written notice on T’s regarding nonpayment of rent before terminating lease and moving to obtain possession of the property.
- 25. D. Redemption Right – added language that limits tenant’s invocation of redemption rights to no more than one time during any 12-month period if L owns four or fewer rental units or up to a 10% interest in four or fewer rental units.
- 26. Access to Premises – revised to comply with Virginia law regarding reasonable access during a state of emergency declared by Governor. Specifically, added language at beginning of provision that “excepts” the requirement that T provide reasonable access to LL pursuant to VA Code 55.1-1229 giving T justification to decline to permit LL/Agent to exhibit unit for sale/lease if T has concern for health during state of emergency declared by Governor in response to communicable disease and T has provided written notice to the LL of that concern.
- Request Due to Economic Hardship – Lease
- Notice Regarding Request Due to Economic Hardship