This chapter shall not apply to:

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Terms Used In Virginia Code 55.1-3201

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Contract: A legal written agreement that becomes binding when signed.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

1. A home warranty or similar product that covers the cost of maintenance of a major home system, such as plumbing, HVAC, or electrical wiring, for a specific period of time;

2. An insurance contract;

3. An option or right of refusal to purchase residential real property;

4. A declaration created in the formation of a common interest community as defined in § 54.1-2345 or any amendment thereto;

5. A maintenance or repair agreement entered into by a property owners’ association in a common interest community;

6. A mortgage loan or commitment to make or receive a mortgage loan;

7. An agreement relating to the sale or rental of personal property;

8. Water, sewer, electrical, telephone, cable, or other regulated utility service providers;

9. A property management agreement by which the owner of the real property contracts with a party to provide management services for the maintenance, ownership, operation, or lease of a residential premises; or

10. A mechanic’s lien, as established by § 43-1.

2024, cc. 328, 362.