Virginia passed a bill amending provisions regarding foreclosed residential rental property. Under the bill, the foreclosure of residential rental property terminates the tenant’s rental agreement. However, the bill permits the tenant to remain in possession of the property on a month-to-month basis (on the same terms as the terminated rental agreement). The bill also requires a successor owner to give a tenant 30 days’ written notice of the successor owner’s intention to terminate the tenant’s month-to-month tenancy, unless a different notice period is required by the terminated rental agreement. The bill becomes effective July 1, 2017.
See Virginia General Assembly website for the full text of the Statutes
