Virginia Residential Landlord and Tenant Act; responsibilities of real estate brokers, etc.

Virginia Residential Landlord and Tenant Act; responsibilities of real estate brokers; foreclosure of single-family residential dwelling units. Provides that if a dwelling unitused as a single-family residence is foreclosed upon and there isa tenant in such dwelling unit on the date of the foreclosure sale,if the successor in interest acquires the dwelling unit for the purposeof occupying such unit as his primary residence, the rental agreementterminates and the tenant is required to vacate the dwelling uniton a date not less than 90 days after receiving written notice. Thebill also provides that if the successor in interest acquires thedwelling unit for any other purpose, the successor in interest acquiresthe dwelling unit subject to the rental agreement and is requiredto permit the tenant to occupy the dwelling unit for the remainingterm of the lease. Under current law, the foreclosure sale acts asa termination of the rental agreement by the owner, but the tenantis permitted to remain in possession of the dwelling unit as a month-to-monthtenant on the terms of the terminated rental agreement until thesuccessor owner gives a notice of termination of the month-to-monthtenancy. The bill contains technical amendments.