Cal. Civ. Code § 55.1-3003

Board for Housing and Community Development; development of best practice provisions for residential executory real estate contracts.

In Force
Verified 10/23/2026 · Next check 11/22/2026
effective 10/22/2026VirginiaLease Requirements

Operative Text

Cal. Civ. Code § 55.1-3003
The Board for Housing and Community Development shall develop and make available on its website best practice provisions for residential executory real estate contracts. Such best practice provisions shall include (i) the full names and current mailing addresses of all parties to the contract; (ii) a legal description of the subject premises; (iii) the term of the contract or rental agreement and the amount of periodic payments or rent due; (iv) the most recent assessment of the value of the subject premises by the relevant property tax assessor, as well as the amount of property tax assigned to the property in the year preceding the transaction; (v) a statement disclosing any liens or encumbrances against the subject premises; (vi) the contract sales price for the subject premises, which shall be stated as a precise fixed amount in United States dollars; (vii) a description and the amount of any charges or fees for services that are includable in the contract separate from the contract sales price; (viii) the amount of any option payment and the deadline by which such option payment is required to be paid; (ix) the residual amount of the contract sales price that is required to be paid after the option payment has been made; (x) the total amount that the purchaser is required to pay in order to complete the purchase of the property under the terms of the contract, including the combined amount of the option, contract sales price, and rent payments coming due over the term of the contract; (xi) the amount that may be paid to extend the option, if any, and the duration of any such extension; and (xii) the notarized signature of each party and date of each signature.
Source: Legislative text reproduced verbatim
Plain English

Va. Code § 55.1-3003 directs Virginia's Board for Housing and Community Development to create and publish on its website a set of best practice provisions for residential executory real estate contracts—commonly known as rent-to-own or land installment contracts. These best practices outline a detailed list of disclosures and terms that such contracts should include, covering everything from the parties' identities and property descriptions to the full cost breakdown a purchaser would pay over the life of the contract. The provision is designed to promote transparency in a type of transaction that can otherwise leave buyers with incomplete information about what they are agreeing to pay and what encumbrances may affect the property.

Written by anthropic/claude-sonnet-4.6 · Reviewed on October 22, 2026

Plain English — not legal advice.

For Property Managers

Operators who use residential executory real estate contracts in Virginia should be aware that Va. Code § 55.1-3003 has prompted the Board for Housing and Community Development to publish best practice provisions that serve as a benchmark for well-structured agreements. Compliant operators generally ensure their contracts include precise fixed-dollar sales prices, full disclosure of any liens or encumbrances, itemized fees separate from the sales price, and notarized signatures from all parties. Reviewing the Board's published best practices before drafting or executing such contracts is a common step taken by property managers seeking to align their documents with the state's transparency standards.

General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.

For Tenants

Va. Code § 55.1-3003 establishes that the Board for Housing and Community Development must make best practice provisions publicly available on its website, giving prospective purchasers under residential executory real estate contracts a reference point for what a well-structured agreement should contain. Tenants or buyers entering into these contracts can compare their own contract against the Board's published checklist—which covers items such as total payment obligations, option amounts, and lien disclosures—to identify potential gaps. Those who believe their contract falls short of these standards may wish to consult a tenant-rights organization or housing counselor, or explore whether a complaint or legal remedy is available through Virginia's courts or relevant agencies.

General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.

Generated October 22, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.

Effective Timeline

Current
Oct 22, 2026
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Related Rules

§ 244.280
Tenant to be given copy of lease
§ 151.35
SEVERABILITY
§ 165.12
SEVERABILITY

Source Information

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