Standard Forms Update, Effective July 1, 2021

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Standard Forms Update, 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. This completely updated form replaces the Request Due to Economic Hardship – Lease (former K1387), which was removed by the Board of Directors in January 2021. This form complies with recent revisions to the Virginia Residential Landlord and Tenant Act which require landlords to send certain notices to tenants prior to moving to obtain possession of the property for nonpayment of rent. This form may be used for all Landlords, regardless of the number of properties they own. This form contains all required notice provisions from Virginia Code § 55.1-1245.

K1388 – Payment Plan Addendum – Lease. This completely updated form replaces the Notice Regarding Request Due to Economic Hardship (former K1388) which was removed by the Board of Directors in January 2021. This form complies with recent revisions to the Virginia Residential Landlord and Tenant Act which require landlords owning more than 4 properties to offer tenants a repayment plan before moving to obtain possession of the property for nonpayment of rent. This form contains all required provisions from Virginia Code § 55.1-1245.

K1392 – Referral Agreement. This new form is designed to better serve members by providing a basic referral agreement for use between brokerages or when broker-provided forms are not otherwise available.

K1354 – Lease VRLTA. This form has been updated consistent with recent revisions to the Virginia Residential Landlord and Tenant Act, extending from 5 days to 14 days the amount of time that landlords must wait after serving written notice on a tenant notifying the tenant of nonpayment of rent and the landlord’s intention to terminate the lease. Paragraph 25 has also been updated to comply with recent changes to Virginia law regarding Landlord reservation of rights. The Access paragraph has been updated to comply with changes to Virginia law regarding reasonable access during a state of emergency declared by the Governor.

If you have any questions about these changes, please contact the Legal Hotline.

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By | 2021-05-27T09:21:44-04:00 May 27th, 2021|Recent News, Standard Forms|0 Comments

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