A. An owner of residential real estate that is improved by the construction thereon of housing consisting of four or fewer dwelling units and encumbered by a mortgage or deed of trust shall have the right, upon written request to any holder of the obligation secured by the mortgage or deed of trust, to receive a written disclosure of whether the holder will permit a qualified purchaser to assume the mortgage or deed of trust. If the answer is in the affirmative, the holder shall disclose the following information regarding the terms of such assumption:
1. The rate of interest to be assumed, which may vary with an exterior standard;
3. Any fees and charges to be assessed by the holder against the seller and buyer in connection with the assumption;
4. Usual limitations or requirements placed on the assumption; and
5. Other terms and conditions of the assumption deemed pertinent by the holder.
B. The holder shall state the time period during which the terms disclosed pursuant to subsection A shall be valid, together with any limitations thereon.
C. Any holder receiving such a written request from an owner shall respond in writing within 10 business days of the receipt of the request.
D. Any holder receiving a second or subsequent written request with respect to the same mortgage or deed of trust within any 12-month period may charge a fee, not to exceed $ 15, for each additional request. The fee shall be paid in advance.
History
1982, c. 233, § 6.1-2.9:3; 1990, c. 7; 2010, c. 794.
