AN ACT RELATING TO PROPERTY -- CONDOMINIUM LAW

This bill amends Virginia's condominium law to improve transparency and accountability for condominium associations. It requires associations to hold annual meetings, allows meetings to be conducted electronically with proper notice, and mandates that meeting minutes be made available to owners within 30 days. The bill also establishes a new requirement for independent financial audits every five years for associations governing more than 20 units, with copies available to all unit owners upon request. Additionally, it creates a condominium ombudsman position to assist owners with disputes and clarifies rules for accessing association records like financial statements and contracts.