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Brokers:
As you know, VAR provides a variety of standard real estate forms and contracts for use by our members.
We recently discovered a significant omission in the 2009 version of the Virginia Association of Realtors® residential lease form — Form 200.
Due to an inadvertent clerical error, the 07/09 revision of that form is missing a set of check boxes from Paragraph 1-M. Those boxes indicate who is holding the tenant’s security deposit, as required by Virginia Real Estate Board regulations.
That error has now been corrected, and Form 200 has been updated with a revision date of 11/10. This correct, revised form is available online. In addition, a corrected version of Form 200 is also available to users of the ZipForm software product.
Effective immediately, do not use any VAR Form 200 with a revision date of 07/09.The correct version of Form 200 is one with a revision date of 11/10.
VAR has notified the Real Estate Board of the omission As a result, if you have used the 7/09 version of Form 200 in any transactions, the Real Estate Board and VAR recommend that you notify each tenant in writing about who is holding their security deposit. You should retain proof that you have given the notice to each tenant.
Here is a sample notification for your use:
Dear Mr./Ms. ______(Tenant):
This letter is to inform you that [name of landlord or firm] is holding the security deposit in connection with the lease you entered into for [property]. If you have any questions please call [phone number].
Sincerely,
_____________
[firm name]
VAR standard forms are among the most widely used services we provide, and we take seriously the obligation that they be accurate in order to protect you from unnecessary legal risks. I do apologize for this Form 200 omission and for any inconvenience it may cause you and your agents.
Sincerely,
Jay DeBoer
Vice President for Law & Policy
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