reglab/housing_qa huggingface dataset:
VA Code § 55.1-2152 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2152. Association as trustee

With respect to a third person dealing with the association in the association's capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee or is properly exercising trust powers. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, is fully protected in dealing with the association as if it possessed and properly exercised the powers it purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee.1982, c. 277, § 55-475; 2019, c. 712.
VA Code § 55.1-2153 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2153. Applicability; waiver

A. This article applies to all cooperative interests subject to this chapter, except as provided in subsection B or as modified or waived by agreement of purchasers of cooperative interests in a cooperative in which all units are restricted to nonresidential use.B. Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:1. A gratuitous disposition of a cooperative interest;2. A disposition pursuant to court order;3. A disposition by a government or governmental agency;4. A disposition by foreclosure or transfer in lieu of foreclosure;5. A disposition to a person in the business of selling cooperative interests who intends to offer those cooperative interests to purchasers; or6. A disposition that may be canceled at any time and for any reason by the purchaser without penalty.1982, c. 277, § 55-476; 2019, c. 712.
VA Code § 55.1-2154 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2154. Liability for public offering statement; requirements

A. Except as provided in subsection B, a declarant, prior to the offering of any cooperative interest to the public, shall prepare a public offering statement conforming to the requirements of §§ 55.1-2155, 55.1-2156, 55.1-2157, and 55.1-2158.B. A declarant may transfer responsibility for preparation of all or a part of the public offering statement to a successor declarant or to a person in the business of selling cooperative interests who intends to offer cooperative interests in the cooperative for his own account. In the event of any such transfer, the transferor shall provide the transferee with any information necessary to enable the transferee to fulfill the requirements of subsection A.C. Any declarant or other person in the business of selling cooperative interests who offers a cooperative interest for his own account to a purchaser shall deliver a public offering statement in the manner prescribed in subsection A of § 55.1-2160. The person who prepared all or a part of the public offering statement is liable under §§ 55.1-2160, 55.1-2169, 55.1-2178, and 55.1-2179 for any false or misleading statement set forth in such public offering statement or for any omission of material fact from such public offering statement with respect to that portion of the public offering statement that he prepared. If a declarant did not prepare any part of a public offering statement that he delivers, he is not liable for any false or misleading statement set forth in such public offering statement or for any omission of material fact from such public offering statement unless he had actual knowledge of the statement or omission or, in the exercise of reasonable care, should have known of the statement or omission.D. If a unit is part of a cooperative and is part of any other real estate regime in connection with the sale of which the delivery of a public offering statement is required under the laws of the Commonwealth, a single public offering statement, conforming to the requirements of §§ 55.1-2155, 55.1-2156, 55.1-2157, and 55.1-2158 as those requirements relate to each regime in which the unit is located and to any other requirements imposed under the laws of the Commonwealth, may be prepared and delivered in lieu of providing two or more public offering statements.1982, c. 277, § 55-477; 2019, c. 712.
VA Code § 55.1-2157 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2157. Public offering statement; time-shares

If the declaration provides that ownership of cooperative interests or occupancy of any units is or may be in time-shares, the public offering statement shall disclose, in addition to the information required by § 55.1-2155:1. The number and identity of units in which time-shares may be created;2. The total number of time-shares that may be created;3. The minimum duration of any time-shares that may be created; and4. The extent to which the creation of time-shares will or may affect the enforceability of the association's lien for assessments provided in § 55.1-2149.1982, c. 277, § 55-480; 2019, c. 712.
VA Code § 55.1-2158 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2158. Public offering statement; cooperatives containing conversion building

A. In addition to the information required by § 55.1-2155, the public offering statement of a cooperative containing any conversion building shall contain:1. A statement by the declarant, based on a report prepared by an independent, registered architect or engineer, describing the present condition of all structural components and mechanical and electrical installations material to the use and enjoyment of the building;2. A statement by the declarant of the expected useful life of each item reported on in subdivision 1, or a statement that no representations are made in that regard; and3. A list of any outstanding notices of uncured violations of building code or other municipal regulations, together with the estimated cost of curing those violations.B. This section applies only to buildings containing units that may be occupied for residential use.1982, c. 277, § 55-481; 2019, c. 712.
VA Code § 55.1-2159 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2159. Public offering statement; cooperative securities

If an interest in a cooperative is currently registered with the Securities and Exchange Commission of the United States, a declarant satisfies all requirements relating to the preparation of a public offering statement of this chapter if he delivers to the purchaser and files with the agency a copy of the public offering statement filed with the Securities and Exchange Commission. A cooperative interest is not a security under the provisions of the Securities Act, §§ 13.1-501 through 13.1-527.3.1982, c. 277, § 55-482; 2019, c. 712.
VA Code § 55.1-2160 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2160. Purchaser's right to cancel

A. A person required to deliver a public offering statement pursuant to subsection C of § 55.1-2154 shall provide a purchaser with a copy of the public offering statement and all amendments to the public offering statement before conveyance of that cooperative interest and not later than the date of any contract of sale. The purchaser may cancel the contract within 10 days after signing the contract.B. If a purchaser elects to cancel a contract pursuant to subsection A, he may do so by hand delivering notice of such cancellation to the offeror or by mailing notice of such cancellation by prepaid United States mail to the offeror or to his agent for service of process. Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded promptly.C. If a person required to deliver a public offering statement pursuant to subsection C of § 55.1-2154 fails to provide to a purchaser to whom a cooperative interest is conveyed that public offering statement and all amendments as required by subsection A, the purchaser, in addition to any rights to damages or other relief, is entitled to receive from that person an amount equal to 10 percent of the sales price of the cooperative interest, plus 10 percent of the share, proportionate to his common expense liability, of the indebtedness of the association secured by mortgages or deeds of trust encumbering the cooperative. Execution of a purchase agreement for a cooperative interest that makes reference to the public offering statement and in which the purchaser acknowledges receipt of the public offering statement shall be sufficient proof that the declarant has fully satisfied this requirement.1982, c. 277, § 55-483; 2019, c. 712.
VA Code § 55.1-2162 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2162. Escrow of deposits

A. Any deposit made in connection with the purchase or reservation of a cooperative interest from a person required to deliver a public offering statement pursuant to subsection C of § 55.1-2154 shall be placed in escrow and held either in the Commonwealth or in the state in which the unit that is a part of that cooperative interest is located in an account designated solely for that purpose by a title insurance company, attorney, or real estate broker licensed under the laws of the Commonwealth, an independent bonded escrow company, or an institution whose accounts are insured by a governmental agency or instrumentality until (i) delivered to the declarant at closing, (ii) delivered to the declarant because of the purchaser's default under a contract to purchase the cooperative interest, or (iii) refunded to the purchaser.B. Any deposit made in connection with the purchase of a cooperative interest from a person not required to deliver a public offering statement shall be placed in escrow in the same manner as prescribed in subsection A. Upon receipt of the certificate called for in § 55.1-2161, should the purchaser elect to void the contract, the seller may deduct the actual charges by the association for preparation of the certificate. Otherwise, the deposit shall be promptly returned to the purchaser.1982, c. 277, § 55-485; 2019, c. 712.
VA Code § 55.1-2163 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2163. Release of liens

A. In the case of a sale of a cooperative interest where delivery of a public offering statement is required pursuant to subsection C of § 55.1-2154, a seller shall, before conveying a cooperative interest, record or furnish to the purchaser releases of all liens affecting the unit that is a part of that cooperative interest and any limited common element assigned to such unit, except liens solely against the unit and any limited common element assigned to such unit, that the purchaser expressly agrees to take subject to or assume. Releases of liens shall be made pursuant to §§ 55.1-339 through 55.1-345. This subsection does not apply to any real estate that a declarant has the right to withdraw.B. Before conveying real estate to the association, the declarant shall have that real estate released from (i) all liens the foreclosure of which would deprive proprietary lessees of any right of access to or easement of support of their units and (ii) all other liens on such real estate unless the public offering statement describes certain real estate that may be conveyed subject to liens in specified amounts.1982, c. 277, § 55-486; 2004, c. 242; 2019, c. 712.
VA Code § 55.1-2165 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2165. Express warranties of quality

A. Express warranties made by any seller to a purchaser of a cooperative interest, if relied upon by the purchaser, are created as follows:1. Any affirmation of fact or promise that relates to the unit, its use, or rights appurtenant to such unit, area improvements to the cooperative that would directly benefit the unit, or the right to use or have the benefit of facilities not located in the cooperative creates an express warranty that the unit and related rights and uses will conform to the affirmation or promise;2. Any model or description of the physical characteristics of the cooperative, including plans and specifications of or for improvements, creates an express warranty that the cooperative will conform to the model or description;3. Any description of the quantity or extent of the real estate comprising the cooperative, including plats or surveys, creates an express warranty that the cooperative will conform to the description, subject to customary tolerances; and4. A provision that a buyer of a cooperative interest may put a unit that is part of that cooperative interest only to a specified use is an express warranty that the specified use is lawful.B. Neither formal words, such as "warranty" or "guarantee," nor a specific intention to make a warranty is necessary to create an express warranty of quality, but a statement purporting to be merely an opinion or commendation of the real estate or its value does not create a warranty.C. Any conveyance of a cooperative interest transfers to the purchaser all express warranties of quality made by previous sellers.1982, c. 277, § 55-488; 2019, c. 712.
VA Code § 55.1-2166 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2166. Implied warranties of quality

A. A declarant and any person in the business of selling cooperative interests for his own account warrant that a unit will be in at least as good condition at the earlier of the time of the conveyance of a cooperative interest or delivery of possession as it was at the time of contracting, reasonable wear and tear excepted.B. A declarant and any person in the business of selling cooperative interests for his own account impliedly warrant that a unit and the common elements in the cooperative are suitable for the ordinary uses of real estate of its type and that any improvements made or contracted for by him or made by any person before the creation of the cooperative will be:1. Free from defective materials; and2. Constructed in accordance with applicable law, according to sound engineering and construction standards, and in a workmanlike manner.C. In addition, a declarant and any person in the business of selling cooperative interests for his own account warrant to a purchaser of a cooperative interest for a unit that may be used for residential use that an existing use, continuation of which is contemplated by the parties, does not violate applicable law at the earlier of the time of conveyance or delivery of possession.D. Warranties imposed by this section may be excluded or modified as specified in § 55.1-2167.E. For purposes of this section, improvements made or contracted for by an affiliate of a declarant are made or contracted for by the declarant.F. Any conveyance of a cooperative interest transfers to the purchaser all of the declarant's implied warranties of quality.1982, c. 277, § 55-489; 2019, c. 712.
VA Code § 55.1-2167 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2167. Exclusion or modification of implied warranties of quality

A. Except as limited by subsection B with respect to a purchaser of a cooperative interest for a unit that may be used for residential use, implied warranties of quality (i) may be excluded or modified by agreement of the parties and (ii) are excluded by expression of disclaimer, such as "as is," "with all faults," or other language that in common understanding calls the buyer's attention to the exclusion of warranties.B. With respect to a purchaser of a cooperative interest for a unit that may be occupied for residential use, no general disclaimer of implied warranties of quality is effective, nor shall any disclaimer of implied warranties of quality be effective as to defects in materials or construction as to any unit, brought to the attention of the declarant within two years from the date of the first conveyance of the cooperative interest associated with such unit, or as to any such defect in the common elements brought to the attention within two years (i) after that common element has been completed or, if later, (ii) after the first cooperative interest has been conveyed in the cooperative. The first conveyance of a cooperative interest associated with a unit situated in real estate subject to development rights shall be treated as the first conveyance of a cooperative interest in the cooperative for the purposes of the preceding sentence as to any such defects in the common elements within that real estate. A declarant, and any person in the business of selling cooperative interests for his own account, may disclaim liability in an instrument signed by the purchaser for a specified defect or specified failure to comply with applicable law, if the defect or failure entered into became a part of the basis of the bargain.1982, c. 277, § 55-490; 2019, c. 712.
VA Code § 55.1-2168 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2168. Statute of limitations for warranties

A. A judicial proceeding for breach of any obligation arising under § 55.1-2165 or 55.1-2166 must be commenced within six years after the cause of action accrues, but the parties may agree to reduce the period of limitation to not less than two years. With respect to a unit that may be occupied for residential use, an agreement to reduce the period of limitation must be evidenced by a separate instrument executed by the purchaser of the cooperative interest for that unit.B. Subject to subsection C, a cause of action for breach of warranty of quality, regardless of the purchaser's lack of knowledge of the breach, accrues:1. As to a unit, at the time the purchaser to whom the warranty is first made enters into possession if a possessory interest was conveyed, or at the time of acceptance of the instrument of conveyance if a nonpossessory interest was conveyed; and2. As to each common element, at the time the common element is completed or, if later, (i) as to a common element that may be added to the cooperative or portion of the cooperative, at the time the first cooperative interest for a unit in such cooperative interest is conveyed to a bona fide purchaser, or (ii) as to a common element within any other portion of the cooperative, at the first time a cooperative interest in the cooperative is conveyed to a bona fide purchaser.C. If a warranty of quality explicitly extends to future performance or duration of any improvement or component of the cooperative, the cause of action accrues at the time the breach is discovered or at the end of the period for which the warranty explicitly extends, whichever is earlier.1982, c. 277, § 55-491; 2019, c. 712.
VA Code § 55.1-2169 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2169. Effect of violation on rights of action; attorney fees; arbitration of disputes

A. If a declarant or any other person subject to this chapter fails to comply with any provision of this chapter or any provision of the declaration or bylaws, any person or class of persons adversely affected by the failure to comply has a claim for appropriate relief. Punitive damages may be awarded for a willful failure to comply with this chapter. The court, in an appropriate case, may award reasonable attorney fees.B. A declaration may provide for the arbitration of disputes or other means of alternative dispute resolution. Any such arbitration held in accordance with this subsection shall be consistent with the provisions of this chapter and Chapter 21 (§ 8.01-577 et seq.) of Title 8.01. The place of any such arbitration or alternative dispute resolution shall be held in the county or city in which the development is located or as mutually agreed by the parties.1982, c. 277, § 55-492; 1993, c. 849; 2019, c. 712.
VA Code § 55.1-2170 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2170. Labeling of promotional material

No promotional material may be displayed or delivered to prospective purchasers that describes or portrays improvements that are not in existence, unless the description or portrayal of the improvement in the promotional material is conspicuously labeled or identified either as "MUST BE BUILT" or "NEED NOT BE BUILT."1982, c. 277, § 55-493; 2019, c. 712.
VA Code § 55.1-2171 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2171. Declarant's obligation to complete and restore

A. The declarant shall complete all improvements depicted on any site plan or other graphic representation included in the public offering statement or in any promotional material distributed by or for the declarant unless that improvement is labeled "NEED NOT BE BUILT."B. The declarant is subject to liability for the prompt repair and restoration, to a condition compatible with the remainder of the cooperative, of any portion of the cooperative affected by the exercise of rights reserved pursuant to or created by §§ 55.1-2120, 55.1-2121, 55.1-2122, 55.1-2123, 55.1-2125, and 55.1-2126.1982, c. 277, § 55-494; 2019, c. 712.
VA Code § 55.1-2172 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2172. Substantial completion of units

In the case of a sale of a cooperative interest where delivery of a public offering statement is required, a contract of sale may be executed, but no interest in that cooperative interest may be conveyed, except pursuant to subsection B of § 55.1-2176, until the declaration is recorded and the unit that is a part of that cooperative interest is substantially completed, as evidenced by a recorded certificate of substantial completion executed by an independent, registered architect, surveyor, or engineer or by issuance of a certificate of occupancy authorized by law.1982, c. 277, § 55-495; 2019, c. 712.
VA Code § 55.1-2173 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 21 - Virginia Real Estate Cooperative Act|§ 55.1-2173. Common Interest Community Board

This chapter shall be administered by the Common Interest Community Board.1982, c. 277, § 55-496; 2008, cc. 851, 871; 2019, c. 712.