                                 CODE OF VIRGINIA

RESALE CERTIFICATE; FEES (§ 55.1-2316)

A. An association may charge a post-closing fee and fees for preparation,
delivery, and expedited delivery of a resale certificate, an updated resale
certificate, or financial update and for the inspection of a unit performed to
prepare the resale certificate or updated resale certificate. The seller shall
be responsible for all fees associated with the preparation and delivery of the
resale certificate, including any fees for inspection of the unit. The
requesting party shall pay any fees for the preparation and delivery of the
updated resale certificate. The seller shall be responsible for all fees
associated with the preparation and delivery of the financial update. However, a
settlement agent or other requesting party may pay such fees up front,
regardless of whether such settlement agent or other requesting party requests
to be reimbursed for such fees from the seller.

B. Unless provided otherwise by the association or this section, fees charged by
an association for the preparation and delivery of a resale certificate, an
updated resale certificate, or a financial update shall be paid when the resale
certificate, updated resale certificate, or financial update is requested.
However, if the seller agrees to pay the fees for preparation and delivery of
the financial update, the association or the association&#8217;s management
agent shall either (i) upon receipt of the request for the financial update,
send instructions by electronic means to the seller for electronic payment or
(ii) accept payment of such fees at the time of closing.

C. The Common Interest Community Board shall establish the maximum fees that the
association may charge for such post-closing and preparation, delivery, and
inspection; such maximum fees shall be commercially reasonable and consistent
with the effort required to comply with the resale certificate requirements. The
maximum allowable fees, as published by the Common Interest Community Board and
effective as of January 12, 2023, shall be adjusted no less than every five
years, as of January 1 of that year, in an amount not less than the annual
increases for that five-year period in the United States Average Consumer Price
Index for all items, all urban consumers (CPI-U), as published by the Bureau of
Labor Statistics of the U.S. Department of Labor or an equivalent successor
index.

D. The association shall publish and make available a schedule of the applicable
fees (i) for preparation and delivery of the resale certificate, updated resale
certificate, and financial update; (ii) for the inspection of a unit; and (iii)
related to any post-closing costs.

E. A post-closing fee to be collected at settlement may be imposed on the
purchaser of the property for the purpose of establishing the purchaser as the
owner of the property in the records of the association.

F. No association may collect fees authorized by this section unless the
association (i) is registered with the Common Interest Community Board; (ii) is
current in filing the most recent annual report and fee with the Common Interest
Community Board pursuant to &#xA7; 55.1-1835, 55.1-1980, or 55.1-2182; (iii) is
current in paying any assessment made by the Common Interest Community Board
pursuant to &#xA7; 54.1-2354.5; and (iv) provides the option to receive the
resale certificate electronically.

HISTORY: 2023, cc. 387, 388; 2024, cc. 54, 170, 511.