Source: https://law.lis.virginia.gov/vacode/title55.1/chapter18/section55.1-1814/
Timestamp: 2020-08-15 14:26:06
Document Index: 381656557

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

§ 55.1-1814. Exceptions to disclosure requirements
Table of Contents » Title 55.1. Property and Conveyances » Subtitle IV. Common Interest Communities » Chapter 18. Property Owners' Association Act » Article 2. Disclosure Requirements; Authorized Fees » § 55.1-1814. Exceptions to disclosure requirements
§ 55.1-1814. Exceptions to disclosure requirements.
A. The contract disclosures required by § 55.1-1808 and the association disclosure packet required by § 55.1-1809 shall not be provided in the case of:
1. A disposition of a lot by gift;
2. A disposition of a lot pursuant to court order if the court so directs;
3. A disposition of a lot by foreclosure or deed in lieu of foreclosure;
4. A disposition of a lot by a sale at an auction, where the association disclosure packet was made available as part of an auction package for prospective purchasers prior to the auction sale; or
5. A disposition of a lot to a person or entity who is not acquiring the lot for his own residence or for the construction thereon of a dwelling unit to be occupied as his own residence, unless requested by such person or entity. If such disclosures are not requested, a statement in the contract of sale that the purchaser is not acquiring the lot for such purpose shall be conclusive and may be relied upon by the seller of the lot. The person or entity acquiring the lot shall nevertheless be obligated to abide by the declaration, bylaws, rules and regulations, and architectural guidelines of the association as to all matters.
B. In any transaction in which an association disclosure packet is required and a trustee acts as the seller in the sale or resale of a lot, the trustee shall obtain the association disclosure packet from the association and provide the packet to the purchaser.
C. In the case of an initial disposition of a lot by the declarant, the association disclosure packet required by § 55.1-1809 need not include the information referenced in subdivisions A 2, 3, 5, or 9 of § 55.1-1809, and it shall include the information referenced in subdivision A 18 of § 55.1-1809 only if the association has filed an annual report prior to the date of such disclosure packet.
2008, cc. 851, 871, § 55-509.10; 2009, c. 69; 2013, c. 357; 2019, c. 712; 2020, c. 441.