Landlords’ Guide to Virginia Lease Agreements

Are you a Virginia landlord? Want to be well-informed about lease agreement laws? Look no further! This guide provides all the essential info you need.

From disclosures, rent and fees, to security deposits and tenant screening, we’ve got you covered. Learn about required disclosures, rent due dates, application fees, rent increase restrictions, and more.

Discover protected classes and tenant credit report responsibilities. Get equipped with the knowledge to navigate Virginia lease agreements.

Let’s dive in!

Required Disclosures

As a landlord, the lease agreement Virginia would like you to craft are required to provide tenants with certain disclosures in order to comply with state laws and regulations. These disclosures are essential in ensuring that both parties are aware of their rights and responsibilities.

When drafting a Virginia lease agreement, it’s important to include the necessary information to meet these disclosure requirements. Some of the key disclosures that must be included in the lease agreement are related to:

– Lead-based paint

– Landlord/agent identity

– Statement of tenant rights and responsibilities

– Mold

– Military air installation

– Defective drywall

– Methamphetamine contamination

– Smoke alarms

– Demolition

– Move-in/move-out checklist

Be sure to include all of these disclosures in your lease agreement to remain compliant with Virginia rental law. 

Rent and Fees

When it comes to rent and fees in a Virginia residential lease agreement, it’s important for landlords to be aware of the following information.

Rent is typically due on the first day of each month, unless specified otherwise in the rental agreement.

Landlords may charge a nonrefundable application fee of $50 or less, excluding out-of-pocket expenses for background or credit checks.

Virginia doesn’t have statewide rent control, but landlords can’t raise rent in retaliation against a tenant for certain actions.

Late fees are limited to 10% of the monthly rent or 10% of the remaining balance due, whichever is less.

While there’s no mandatory grace period, a 5-day grace period applies if there’s no written rental agreement.

For security deposits, the limit is two months’ rent, and landlords have 45 days to return the deposit.

Landlords may withhold funds for unpaid fees or damages, but they must provide an itemized list of deductions.

Security Deposits

To continue addressing the important aspects of Virginia lease agreements, let’s delve into the topic of security deposits.

In Virginia, the deposit limit is two months’ rent, and there’s no requirement for landlords to pay interest on security deposits.

Landlords must return the deposit within 45 days and aren’t bound by any specific location for deposit storage.

They can withhold funds for unpaid late fees, damages, or breaches of the rental agreement. When withholding, landlords must provide an itemized list of deductions in a written notice along with the remaining deposit.

It’s important for landlords to understand these guidelines to ensure compliance and maintain a fair and transparent rental process.

Tenant Screening and Fair Housing Protections

To ensure compliance with fair housing laws and protect tenants’ rights, landlords in Virginia must adhere to tenant screening requirements and anti-discriminatory practices.

Virginia law prohibits discrimination in housing based on protected classes such as race, color, religion, gender, national origin, familial status, disability, source of income, sexual orientation, gender identity, military status, and age (elderliness).

When screening tenants, landlords can request credit reports but must comply with the federal Fair Credit Reporting Act (FCRA), which protects tenants’ credit information. Landlords aren’t allowed to share tenant credit information without a legal reason and must investigate any disputed information.

It’s important for landlords to understand and follow these laws to ensure equal and fair treatment of all prospective tenants.

Other Laws and Facts About Virginia

Now let’s delve into other important laws and facts about Virginia that landlords should be aware of.

– In Virginia, the median rent rate is $1,997 per month, with Arlington having a median rent rate of $2,061 per month.

– Tenants in Virginia have the option to purchase renters insurance coverage instead of providing a security deposit. However, the insurance provider must be licensed and approved by the Virginia State Corporation Commission. The coverage must remain effective for the entire lease term and provide sufficient coverage per claim.

– Additionally, Virginia landlords are subject to the federal Fair Credit Reporting Act (FCRA), which outlines their responsibilities to protect tenant credit information. Landlords mustn’t share tenant credit information without a legal reason and must investigate disputed information.

Conclusion

In conclusion, as a landlord in Virginia, it’s crucial to be well-informed about the laws and regulations regarding lease agreements.

This ultimate guide has provided you with all the essential information, from required disclosures to tenant screening and fair housing protections.

By understanding your responsibilities and staying compliant with the law, you can ensure a smooth and successful experience as a landlord in Virginia.