Virginia Code 55.1-1317: Transfer of deposits upon purchase
The manufactured home park owner shall transfer any security deposits and any accrued interest on the deposits in his possession to the new manufactured home park owner at the time of the transfer of the rental property. If the current manufactured home park owner has entered into a written property management agreement with a managing agent in accordance with the provisions of subsection E of § 54.1-2135, the current manufactured home park owner shall give written notice to the managing agent requesting payment of such security deposits to the current manufactured home park owner prior to settlement with the new manufactured home park owner. Upon receipt of the written notice, the managing agent shall transfer the security deposits to the current manufactured home park owner and provide written notice to each tenant that his security deposit has been transferred to the new manufactured home park owner in accordance with this section.
Terms Used In Virginia Code 55.1-1317
- Manufactured home: means a structure, transportable in one or more sections, that in the traveling mode is eight body feet or more in width or 40 body feet or more in length, or, when erected on site, is 320 or more square feet, and that is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities, and includes the plumbing, heating, air-conditioning, and electrical systems contained in the structure. See Virginia Code 55.1-1300
- Manufactured home park: means a parcel of land under single or common ownership upon which five or more manufactured homes are located on a continual, nonrecreational basis together with any structure, equipment, road, or facility intended for use incidental to the occupancy of the manufactured homes. See Virginia Code 55.1-1300
- Manufactured home park owner: means a person who owns land that accommodates a manufactured home park. See Virginia Code 55.1-1300
- Owner: includes a mortgagee in possession. See Virginia Code 55.1-1300
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Tenant: means a person entitled as under a rental agreement to occupy a manufactured home lot to the exclusion of others. See Virginia Code 55.1-1300