Owner Financed Lots

The office has received some rent-to-own contracts and certain criteria must be met for these agreements to be valid. If the following items are not included, the agreement will be an assumed rental:

• There must be an equitable interest in the property, which means there must be a significant down payment of at least 20% of the sales price. For example, $500 down and $300 per month for the next 15 years is not an equitable interest in the property.
• An interest rate must be included.
• Terms of the contract i.e., monthly payment, due date, and maturity date.
• The contract must be recorded at the county.
• The seller must relinquish their owner cards before new owner cards can be issued to the buyer.
  
  Ownership can be conveyed with the presence of a deed of trust or a valid lease/purchase contract showing an equitable interest in the property. If you need additional information or have any questions, please contact the office.

Collection Procedures

The office has received some questions concerning the collections policy. Please note we have proceeded with collection efforts as per the Board of Director’s resolution dated October 26, 2008. A copy of the resolution is available at http://www.trailsendassoc.com/documents/Collections_Resolution.pdf and copies can also be obtained at the office.

Selling & Purchasing Lots in Trails End

Please be aware of the Virginia Property Owner’s Act that requires anyone selling a lot within Trails End to provide the purchaser certain information. The law states any person selling a lot shall disclose to the buyer that the lot is located within a development which is subject to the Virginia Property Owners’ Association Act along with other governing documents directly enacted by the association. The Act further requires the seller obtain an association disclosure packet from the property owner’s association and provide it to the purchaser at the seller’s expense. Failure to provide the packet as mandated may result in the cancellation of the contract by the purchaser at any given time prior to the settlement.

The general purpose of the disclosure packet is to inform the purchaser of applicable governing documents of the association, and those are available at the office for a fee of $25 per packet. Please contact the office in advance to make arrangement to obtain a package. Disclosure packets are prepared as needed, so please contact the office in advance to pick up a packet.

Guest Pass Privileges

There has been some recent confusion concerning Members in Bad Standing and the privilege of having guests in Trails End.

A property owner may become a Member in "Bad Standing" as a result of failure to pay any debt owed to the Association within thirty-one (31) days from the due date on any lot he/she may have full or partial title to and is also deemed to be in compliance with all Association governing documents and board approved rules and regulations.

A member in bad standing is not permitted to have guests visit their property, therefore they cannot give or purchase a Guest Pass for any guest(s) as long as they are a member in bad standing.