Chapter 1
Virginia Real Estate Law & Agency
Course: Virginia Real Estate Exam Prep
Subject: Virginia State Salesperson Exam Prep
Chapter: Contracts Virginia Forms
Does the VRLTA Apply? It generally applies to rental agreements for residential property, but there are important exemptions, including:
- Rental of a single-family residence where the owner is a natural person (not an LLC) and owns 10 or fewer such rentals.
- Rental of a condominium unit or single-family home where the tenant is charged more than one month's rent as a security deposit.
- Occupancy in a hotel, motel, or similar transient lodging.Landlords under an exemption are governed by the older, less protective Virginia Landlord Tenant Act.
Security Deposit Handling - A Strict Process:For VRLTA tenancies, the rules are precise:
- Holding: The deposit must be placed in an escrow account in a federally insured Virginia bank.
- Itemized Statement: Within 30 days of lease termination, the landlord must return the deposit plus any owed interest, or provide a written, itemized list of deductions for damages beyond normal wear and tear.
- Failure to Comply: If the landlord fails to do this within 45 days, they forfeit all rights to keep any of the deposit and may be liable for up to triple the amount wrongfully withheld, plus the tenant's attorney's fees.