Source: https://law.lis.virginia.gov/vacode/title55.1/chapter19/section55.1-1908/
Timestamp: 2020-05-28 15:00:53
Document Index: 202132320

Matched Legal Cases: ['§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55']

§ 55.1-1908. (Effective October 1, 2019) Release of liens
Table of Contents » Title 55.1. Property and Conveyances [Effective October 1, 2019] » Subtitle IV. Common Interest Communities » Chapter 19. Virginia Condominium Act » Article 2. Creation, Alteration, and Termination of Condominiums » § 55.1-1908. (Effective October 1, 2019) Release of liens
§ 55.1-1908. (Effective October 1, 2019) Release of liens.
A. At the time of the conveyance to the first purchaser of a condominium unit following the recordation of the declaration, every mortgage, deed of trust, any other perfected lien, or any mechanics' or materialmen's liens affecting all of the condominium or a greater portion of the condominium than the condominium unit conveyed shall be paid and satisfied of record, or the declarant shall forthwith have such condominium unit released of record from all such liens not so paid and satisfied. The provisions of this subsection shall not apply, however, to any withdrawable land in a contractable condominium, nor shall any provision of this subsection be construed to prohibit the unit owners' association from mortgaging or causing a deed of trust to be placed on any portion of the condominium within which no units are located, so long as the period of declarant control specified in § 55.1-1943 has expired and so long as the bylaws authorize such action. This subsection does not apply to any lien on more than one condominium unit in a condominium in which all units are restricted to nonresidential use and in which all unit owners whose condominium units will be subject to such lien expressly agree to assume or take subject to such lien.
B. If any lien, other than a deed of trust or mortgage, becomes effective against two or more condominium units subsequent to the creation of the condominium, any unit owner may remove his condominium unit from that lien by payment of the amount attributable to his condominium unit. Such amount shall be computed by reference to the liability for common expenses appertaining to that condominium unit pursuant to subsection D of § 55.1-1964. Subsequent to such payment, discharge, or other satisfaction, the unit owner of that condominium unit shall be entitled to have that lien released as to his condominium unit in accordance with the provisions of § 55.1-341, and the unit owners' association shall not assess, or have a valid lien against, that condominium unit for any portion of the common expenses incurred in connection with that lien, notwithstanding anything to the contrary in §§ 55.1-1964 and 55.1-1966.
1974, c. 416, § 55-79.46; 1985, c. 107; 1992, c. 72; 1993, c. 667; 2019, c. 712.