reglab/statecodes huggingface dataset:
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2225. Warning required

A. The developer, association, or other project professional shall post and maintain signs that contain the warning notice specified in subsection B. One sign shall be placed in a clearly visible location at the entrance to the project and another at the site of the project activity. The warning notice shall consist of a sign in black letters, with each letter to be a minimum of one inch in height. Every written contract entered into by a project professional for the providing of professional services, instruction, or the rental of equipment to a participant, whether or not the contract involves project activities on or off the time-share project or at the site of the project activity, shall contain in clearly readable print the warning notice specified in subsection B.
B. The signs and contracts described in subsection A shall contain the following notice of warning:
"WARNING: Under Virginia law, there is no liability for an injury to or death of a participant in a project activity conducted at this location if such injury or death results from the inherent risks of project activity. Inherent risks of project activity include, among others, risks of injury inherent to land, equipment, and animals, as well as the potential for you to act in a negligent manner that may contribute to your injury or death. You are assuming the inherent risks of participating in this project activity."
C. Failure to comply with the requirements concerning warning signs and notices provided in this section shall prevent a project professional from invoking the privileges of immunity provided by this chapter.
2007, c. 267, § 55-376.4; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2226. Buyer's Acknowledgment

A. Prior to the execution of a purchase contract, a purchaser shall be given a separate written document, titled "Buyer's Acknowledgment," to be signed by the purchaser and a representative of the developer other than the salesperson for the transaction.
B. The Buyer's Acknowledgment shall contain the following:
1. The name and address of the developer;
2. The name and address of the time-share project;
3. Whether the developer currently offers a resale or rental program or a buy-back program; and
4. The following statement in at least 10-point boldface type:
"There is no assurance that a purchaser may resell a time-share for a certain price or on particular terms. By signing below, purchaser acknowledges that this purchase is (i) for personal use and enjoyment and not for commercial or investment purposes and (ii) not being made based upon any representation that the time-share has any future market value or resale potential."
2012, c. 751, § 55-376.5; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2229. Liens

A. In the case of time-share estate transfers, unless the purchaser expressly agrees to take subject to or assume a lien prior to transferring a time-share estate other than by deed in lieu of foreclosure, the developer shall either (i) record or furnish to the purchaser as part of settlement releases of all liens affecting that time-share estate, or (ii) provide a surety bond or title insurance against the lien, as provided for liens on real estate in the Commonwealth.
B. Unless a time-share owner or his predecessor in title agrees otherwise with the lienor, if a lien other than an underlying mortgage or deed of trust becomes effective against more than one time-share in a time-share project, any time-share owner is entitled to a release of a time-share from the lien upon payment of the amount of the lien attributable to the time-share. The amount of the payment shall be proportionate to the ratio that the time-share owner's liability bears to the liabilities of all time-share owners whose interests are subject to the lien. Upon receipt of payment, the lien-holder shall promptly deliver to the time-share owner a release of the lien covering that time-share. After payment, the managing entity may not assess or have a lien against that time-share for any portion of the expenses incurred in connection with that lien.
1981, c. 462, § 55-381; 1991, c. 704; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2230. Effect of violations on rights of action; attorney fees; prior determination of Common Interest Community Board required for certain violations

A. If a developer or any other person subject to this chapter violates any provision of this chapter or any provision of the time-share instrument, any person or class of persons adversely affected by the violation has a claim for appropriate relief. The court may also award reasonable attorney fees to the prevailing party.
B. Prior to the commencement of any action alleging a failure to comply with the provisions of § 55.1-2220 or 55.1-2234, however, an aggrieved owner shall first seek a determination from the Board as to whether compliance with § 55.1-2220 or 55.1-2234 has occurred. The Board shall make such determination within 120 days of the request for a determination.
1981, c. 462, § 55-382; 1985, c. 517; 1998, c. 460; 2008, c. 376; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2231. Statute of limitations; actions; limitation on rescission rights

A. Except as otherwise provided in § 55.1-2237, a judicial proceeding where the sufficiency of the time-share instrument, the accuracy of the public offering statement, or validity of any contract of purchase is in issue and a rescission of the contract or damages is sought shall be commenced within two years after the date of the contract of purchase, notwithstanding that the purchaser's terms of payments may extend beyond this period of limitation; however, with respect to the enforcement of provisions in the contract of purchase that require the continued furnishing of services and the reciprocal payments to be made by the purchaser, the period of bringing a judicial proceeding shall continue for a period of two years for each breach.
Rescission of the contract shall not be granted by the court unless (i) the inaccuracy of the public offering statement or the insufficiency of the time-share instrument directly and adversely affected the purchaser's right to participate in the time-share program or to own his time-share or (ii) at the time of the contract, the developer has sold more time-shares than there are time-share units that have been completed or bonded to accommodate such sales. Further, if damages are awarded, the amount of the damages shall be limited to actual damages sustained.
B. If a developer has substantially complied in good faith with the provisions of this chapter, a nonmaterial error or omission shall not be actionable. A nonmaterial error or omission shall not be sufficient to permit a purchaser to cancel a contract after the cancellation period provided by § 55.1-2221 has expired.
1981, c. 462, § 55-383; 2006, c. 653; 2008, c. 376; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2232. Class actions

A. No time-share owner can bring an action on behalf of other time-share owners unless he has received the written authorization to represent all other time-share owners within the project.
B. Notwithstanding the provisions of subsection A, the association may bring an action on behalf of the time-share owners with the authorization of the time-share owners within the project upon the two-thirds majority vote of the board of directors, if such action is found to be in the best interest of the association.
C. For purposes of this section, the developer shall not be deemed a time-share owner and his written permission shall not be required.
1981, c. 462, § 55-384; 1989, c. 637; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2233. Financial records

The person or entity responsible for either making or collecting common expense assessments or maintenance assessments shall keep detailed financial records. All financial and other records shall be made reasonably available at such person's or entity's office for examination by any time-share owner and his authorized agents.
1981, c. 462, § 55-385; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2234. Developer's obligation to complete

A. The developer shall complete all promised and incomplete units and common elements being offered and described in the time-share instrument and the public offering statement. The developer shall be excused for any period of delay in the completion of such promised units and common elements when delayed, hindered, or prevented from doing so by causes beyond the developer's control, which shall include (i) labor disputes not caused by the developer; (ii) riots; (iii) civil commotion or insurrection; (iv) war or warlike operations; (v) governmental restrictions, regulations, or control; (vi) inability to obtain any materials or services; (vii) fire or other casualties; (viii) acts of God; or (ix) forces not under the control or supervision of the developer.
B. The developer shall file with the Board a payment and performance bond in the sum equal to 100 percent of the estimated cost of completing all promised and incomplete units and common elements comprising the time-share project described in the time-share instrument and the public offering statement. Such bond shall be conditioned upon the completion of such units and common elements in conformity with the plans and specifications for such improvements. The bond shall be with a surety company authorized to do business in the Commonwealth. The Board may accept cash or an irrevocable letter of credit in lieu of the bond required by this section. The Board shall be the sole determiner of the form, amount, content, obligee, and conditions of the letter of credit. Should it become necessary for the Board to call upon the letter of credit in order to assure completion of the improvements, the Board shall have the authority to petition a court of competent jurisdiction to appoint a receiver to administer such completion.
1981, c. 462, § 55-386; 1983, c. 59; 1985, c. 517; 1994, c. 580; 1998, c. 460; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2235. Financing of time-share programs

In the developer's financing of a time-share program, the developer shall retain financial records of the schedule of payments required to be made and the payments made by it to any person or entity that is the holder of an underlying blanket mortgage, deed of trust, contract of sale, or other lien or encumbrance.
1981, c. 462, § 55-387; 1985, c. 517; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2236. Purchaser's rights under developer's foreclosure

The developer whose project is subject to an underlying blanket lien or encumbrance shall protect a nondefaulting purchaser from foreclosure or cancellation by the lien holder by securing from such lien holder or recording of a nondisturbance clause, subordination agreement, or partial release of the lien as to that time-share sold to such purchaser.
1981, c. 462, § 55-388; 1985, c. 517; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2237. Protection of lien holder

Any lien holder of a time-share interest in any time-share program shall have the following rights:
1. The lien holder shall have its lien rights preserved as against any purchaser of a time-share who claims that the time-share instrument is invalid, void, or voidable, 30 days after written notice by certified mail or personal delivery has been given by the developer or lien holder to the purchaser. The notice shall state that the developer has assigned the receivables to the lien holder and that the purchaser has 30 days within which to object and specify the invalidity or defect contained within such time-share instrument. The notice required by this section may be included in the blanket encumbrance, in the contract, or in any note, deed of trust, or mortgage executed by the purchaser in connection with the purchaser's deferred purchase of a time-share.
2. Any purchaser who fails to indicate that the time-share instrument is invalid, void, or voidable as provided in subdivision 1 waives, or is estopped to raise, the same in any subsequent enforcement of the collection of the receivable by the lien holder.
1981, c. 462, § 55-389; 1985, c. 517; 1998, c. 460; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2238. Registration of time-share program required

A. A developer may not offer or dispose of any interest in a time-share program unless the time-share program has been properly registered with the Board. A developer may accept a nonbinding reservation together with a deposit if the deposit is placed in an escrow account with an institution having trust powers within the Commonwealth and is refundable at any time at the purchaser's option. In all cases, the reservation shall require a subsequent affirmative act by the purchaser via a separate instrument to create a binding obligation. A developer may not dispose of or transfer a time-share while an order revoking or suspending the registration of the time-share program is in effect.
B. The developer shall maintain records of names and addresses of current independent contractors employed by it for time-share sales purposes.
1981, c. 462, § 55-390; 1983, c. 59; 1985, c. 517; 1994, c. 580; 2019, c. 712; 2020, c. 1011.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2240. Filing fee

The Board may by regulation establish reasonable fees for registration. All fees shall be remitted by the Board to the State Treasurer and shall be placed to the credit of the Common Interest Community Management Information Fund established pursuant to § 54.1-2354.2.
Code 1950, § 55-392; 1981, c. 462; 1985, c. 517, § 55-392.1; 2008, cc. 851, 871; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2241. Receipt of application; effectiveness of registration

A. Upon receipt of the application for registration in proper form, the Board, within five business days, shall issue a notice of filing to the applicant. Within 20 days after receipt of the application, the Board shall review the application to determine whether the application and supporting documents satisfy the requirements of this chapter and the Board's regulations. Within 60 days from the date of the notice of filing, the Board shall enter an order registering or rejecting the application. If no order of rejection is entered within 60 days from the date of the notice of filing, the time-share program shall be deemed registered unless the applicant has consented in writing to a delay.
B. If the Board determines after review of the application and documents provided by the applicant that the requirements of § 55.1-2239 have been met, it shall issue an order registering the time-share program and shall designate the form of the public offering statement.
C. If the Board determines that any of the requirements of § 55.1-2239 have not been met, the Board shall notify the applicant that the application for registration shall be corrected in the particulars specified within 20 days. If the requirements are not met within the time allowed, the Board shall enter an order rejecting the registration, which shall include the findings of fact upon which the order is based. The order rejecting the registration shall become effective 20 days after issuance. During this 20-day period, the applicant may petition for reconsideration and shall be entitled to a hearing or to correct the particulars specified in the Board's notice. Such order of rejection shall not take effect, in any event, until such time as the hearing, if requested, is given to the applicant.
Code 1950, § 55-393; 1981, c. 462; 1985, c. 517, § 55-393.1; 2019, c. 712; 2020, c. 1011.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2242. Annual report; amendments

A. The developer shall file a report in the form prescribed by the Board's regulations by June 30 of each year the registration is effective. The developer of any time-share program initially registered with the Board between January and June shall not be required to file an annual report for the year in which it was initially registered. The report shall reflect any material changes in information contained in the original application for registration or in the immediately preceding annual report, whichever is later, and shall be accompanied by the appropriate fee established by the Board's regulations or pursuant to § 55.1-2240.
B. During the developer control period in a time-share estate program, the developer shall file a copy of the unit owners' association annual report required by § 55.1-2213 along with the annual report required by this section.
C. The developer shall amend or supplement its registration with the Board to report any material change in the information required by §§ 55.1-2217 and 55.1-2239. Such amendments or supplemental information shall be filed with the Board within 20 business days after the occurrence of the material change.
Code 1950, § 55-394; 1981, c. 462; 1985, c. 517, § 55-394.1; 1998, c. 460; 2006, c. 653; 2012, cc. 481, 797; 2019, c. 712; 2020, c. 1011.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2243. Termination of registration

A. In a time-share estate program, if the annual report indicates that the developer has transferred title to the time-share owners' association and that no further development rights exist, the Board shall issue an order terminating the registration of the time-share program.
B. The Board shall issue an order terminating the registration of a time-share program upon application by the developer in which the developer states that no further development right is anticipated and that the developer has ceased sales of time-shares in the time-share program.
C. Notwithstanding any other provisions of this chapter, the Board may administratively terminate the registration of a time-share program if:
1. The developer has not filed an annual report in accordance with § 55.1-2242 for three or more consecutive years; or
2. The developer's registration with the State Corporation Commission, if applicable, has not been active for five or more consecutive years.
2012, cc. 481, 797, § 55-394.2; 2019, c. 712; 2020, c. 1011.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2245. Recordkeeping by resellers

A. If contact information has been obtained by a reseller from any source, including a lead dealer, the reseller and lead dealer shall maintain the following records for a period of five years from the last date of contact between the reseller and the owner:
1. The name; home address; work address, if different; telephone number; email address, if any; and a copy of a current government-issued photographic identification (e.g., driver's license, passport, or military identification card) of the lead dealer who provided the contact information;
2. The date, time, and place of the transaction at which the contact information was obtained, along with the amount of consideration paid and a signed receipt from the lead dealer or copy of a canceled check; and
3. A copy of the contact information obtained in the exact form and media in which received.
B. A reseller shall maintain records for at least five years after each transaction involving resale service including resale transfer agreements and resale purchase agreements.
C. In any civil or criminal action based on a violation of this section, there shall be a presumption that contact information was wrongfully obtained if a reseller or lead dealer fails to produce the records required by this section.
D. Any person who establishes that a reseller or lead dealer wrongfully obtained or wrongfully used contact information with respect to time-share owners or members of an exchange program shall, in addition to any other remedies that may be available in law or equity, be entitled to recover from such reseller or lead dealer an amount equal to $1,000 for each time-share owner or member about whom contact information was wrongfully obtained or used. The prevailing person in any such action shall also be entitled to recover reasonable attorney fees and costs.
2012, c. 751, § 55-394.4; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2246. Alternative purchase; registration

A. The application for registration of an alternative purchase shall be filed in a form prescribed by the Board and shall include the following:
1. A general description of the types of alternative purchases offered;
2. A copy of the terms and conditions applicable to the alternative purchases; and
3. The name, address, and contact information of the developer offering the alternative purchases.
B. Any material change to the standard terms and conditions applicable to an alternative purchase shall be filed with the Board within 30 days of such change being effective. Changes to the length of stay, location, or price shall not require an amendment of the registration, provided that the terms and conditions applicable to such alternative purchases are on file with the Board.
C. The provisions of §§ 55.1-2217 and 55.1-2220 shall not apply to alternative purchases registered under this section.
2014, c. 623, § 55-394.5; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2248. Cancellation of cease and desist order; reinstatement of registration of developer

A. The Board shall stipulate to the developer or reseller the reason for any cease and desist order, or revocation of registration as outlined in § 55.1-2247, by no later than the time such order or revocation is to become effective.
B. Should the developer or reseller satisfy the Board that it has corrected the reasons for the cease and desist order or revocation of registration, then the Board shall promptly cancel such order or reinstate the registration, and thereafter the developer or reseller may continue its offering or disposition of time-shares.
1981, c. 462, § 55-397; 2012, c. 751; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2249. Board regulation of public offering statement

The Board may at any time require a developer to alter or supplement the form or substance of a public offering statement to assure adequate and accurate disclosure to prospective purchasers.
1981, c. 462, § 55-398; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2250. Proceedings and investigations

A. All proceedings of the Board under this chapter shall be conducted in accordance with the Administrative Process Act (§ 2.2-4000 et seq.).
B. The Board may make necessary public or private investigations within or outside the Commonwealth to determine whether any person has violated or is about to violate any provision of this chapter or any rule, regulation, or order issued pursuant to this chapter.
1981, c. 462, § 55-399; 2009, c. 557; 2011, c. 605; 2019, cc. 499, 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 22 - Virginia Real Estate Time-Share Act › § 55.1-2252. Penalties

A. Any person who willfully violates any of the provisions of § 55.1-2217, 55.1-2218, 55.1-2219, 55.1-2220, 55.1-2221, 55.1-2229, 55.1-2233, or 55.1-2238, or any order issued pursuant to §§ 55.1-2247 through 55.1-2250 is guilty of a Class 5 felony.
Any person who willfully violates any of the provisions of § 55.1-2226, 55.1-2228, or 55.1-2244 or any order issued pursuant to §§ 55.1-2247 through 55.1-2250 regarding a violation of § 55.1-2226, 55.1-2228, or 55.1-2244 is guilty of a Class 1 misdemeanor.
Each violation shall be deemed a separate offense.
B. Any developer, member, agent or affiliate of any developer of time-shares registered pursuant to § 55.1-2241, or any reseller, who violates any provision of this chapter or regulations promulgated pursuant to this chapter, and who is not criminally prosecuted, may be subject to a civil penalty. If it has been determined by the Board upon or after a hearing that a respondent has violated this chapter or the Board's rules and regulations, the Board shall proceed to determine the amount of the civil penalty for such violation, which shall not exceed $2,000 for each violation. Such penalty may be sued for and recovered in the name of the Commonwealth.
1981, c. 462, § 55-400; 1983, c. 59; 1985, c. 517; 1991, c. 704; 2012, c. 751; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23 - Subdivided Land Sales Act › § 55.1-2301. Exemptions

Unless the method of disposition is adopted for the purposes of evasion of this chapter, the provisions of this chapter shall not apply to:
1. The sale of a subdivision to a single purchaser for his own account in a single or isolated transaction;
2. The disposition of lots in a subdivision if each lot in the subdivision is at least five acres in size;
3. The disposition of a lot on which there is a residential, commercial, or industrial building, or as to a lot upon which there is a legal obligation on the part of the seller to construct such a building within a period of two years from the date of disposition;
4. The disposition of land pursuant to court order, provided that the court reviews and approves the disposition on an individual basis;
5. The disposition of cemetery lots;
6. Offers or dispositions of evidence of indebtedness secured by a mortgage or deed of trust on real estate;
7. Offers or dispositions of securities or units of interest issued by a real estate investment trust regulated under any state or federal statute;
8. Offers or dispositions of any interest in real estate, oil, gas, or other minerals or any royalty interest in such real estate, oil, gas, or other minerals if the offers or dispositions of such interests are regulated as securities by the United States or by the Commonwealth;
9. The disposition of a lot to any person whose purpose in acquiring the land is to engage in the business of constructing residential, commercial, or industrial buildings on such land;
10. The lease of a lot where the right to possession or the rental term does not exceed one year in the aggregate and where the conditions of the lease do not obligate the lessee to renew;
11. The sale or lease of condominium units registered pursuant to the Virginia Condominium Act (§55.1-1900 et seq.); or
12. The disposition of real estate that is zoned or otherwise designated by the appropriate governmental authority for, or restricted by a valid recorded declaration of covenants to, commercial or industrial use.
1978, c. 510, § 55-338; 1980, c. 546; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23 - Subdivided Land Sales Act › § 55.1-2302. Transfer of ownership

It is unlawful for the developer to transfer fee simple ownership of a lot or parcel within a subdivision to a purchaser by any other means than by a general or special warranty deed or other deed complying with Chapter 3 (§ 55.1-300 et seq.).
1978, c. 510, § 55-341; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23 - Subdivided Land Sales Act › § 55.1-2303. Blanket encumbrances

A. It is unlawful for any developer or agent to sell or lease a lot in a subdivision that is subject to a blanket encumbrance unless the blanket encumbrance or effective supplemental agreement contains a release provision permitting legal title to individual lots or other interest contracted for to be obtained free and clear of the blanket encumbrance. Nothing in this section shall be construed to limit either the conditions upon which such release may be premise or the modification or amendment of such release provision as to (i) any purchaser other than a purchaser under an installment sales contract or (ii) any purchaser under an installment sales contract that is executed subsequent to the recordation of the amendment or modification.
B. Unless blanket encumbrance release provisions provide that the lien of the blanket encumbrance is subordinate to the rights of persons purchasing from the developer or agent and that those purchasers have the unconditional right to obtain legal title or other interest contracted for free and clear of the blanket encumbrance upon compliance with the terms and conditions of the purchase or lease, it is unlawful for a developer or agent to sell or lease lots except in compliance with one of the following conditions:
1. Any earnest money deposit or advance or other payment made by the purchaser on account of the purchase of a lot is placed in an escrow account that is a trust account maintained in a federally insured depository located in the Commonwealth and that fully protects the interest of the purchaser until:
a. Fee title or other interest contracted for is conveyed to the purchaser free and clear of the blanket encumbrance;
b. Either the developer or purchaser defaults under the contract and a final determination as to the disbursal of sums paid is made by a court of competent jurisdiction; or
c. The developer voluntarily orders the return of the money to the purchaser; or
2. Title to the subdivision is held in trust under a trust agreement until a proper release is obtained and legal title or other interest contracted for is conveyed to the purchaser.
1978, c. 510, § 55-342; 1980, c. 546; 1996, c. 372; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23 - Subdivided Land Sales Act › § 55.1-2304. Restraints on alienation

Provided that selling or leasing a lot is not specifically prohibited by recorded covenant, it is unlawful to restrain the owner of a lot in a subdivision from offering such lot for sale or lease or from selling or leasing such lot. Any deed restriction or recorded covenant that creates a right of first refusal in excess of 30 days or creates a sales restraint that denies lot owners the right to post for-sale signs of reasonable size is null and void.
1978, c. 510, § 55-343; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23 - Subdivided Land Sales Act › § 55.1-2306. Penalties

Any person violating any of the provisions of §§ 55.1-2302 through 55.1-2305 is guilty of a Class 2 misdemeanor. At the discretion of the court, any imprisonment may run concurrently with imprisonment imposed by any court for violation of any law similar to the provisions of this chapter.
1978, c. 510, § 55-347; 1979, c. 243; 1996, c. 372; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23.1 - Resale Disclosure Act › § 55.1-2307. Definitions

As used in this chapter, unless the context requires a different meaning:
"Agent" means the authorized agent designated by the purchaser or seller in a ratified real estate contract, listing agreement, or other writing designating such agent.
"Association" means an association created pursuant to the Property Owners' Association Act (§ 55.1-1800 et seq.), the Virginia Condominium Act (§ 55.1-1900 et seq.), or the Virginia Real Estate Cooperative Act (§ 55.1-2100 et seq.), or a council of co-owners created pursuant to the Horizontal Property Act (§ 55.1-2000 et seq.).
"Board" means the board of directors or executive board, of an association, except that in the case of a horizontal property regime created pursuant to the Horizontal Property Act (§ 55.1-2000 et seq.), "board" means the council of co-owners.
"Common interest community" means a condominium created pursuant to the Virginia Condominium Act (§ 55.1-1900 et seq.) or the Horizontal Property Act (§ 55.1-2000 et seq.), a cooperative created pursuant to the Virginia Real Estate Cooperative Act (§ 55.1-2100 et seq.), or a property owners' association subject to the Property Owners' Association Act (§ 55.1-1800 et seq.).
"Days" means calendar days.
"Declarant" means the same as that term is defined in §§ 55.1-1800 and 55.1-1900.
"Financial update" means updated financial information for the unit, including information required by subdivisions A 4 and 5 of § 55.1-2310.
"Governing documents" means, to the extent applicable, the declaration, bylaws, organizing articles, and any other foundational documents of the association and all amendments to such documents.
"Limited elements" means the limited common elements appurtenant to a condominium unit or cooperative unit or the limited common area appurtenant to a lot.
"Managing agent" means a licensee who performs management services as defined in § 54.1-2345.
"Purchaser" means the person or entity acquiring the unit.
"Ratified real estate contract" or "contract" means the contract to purchase the unit and any addenda to such contract.
"Resale certificate" means the information listed in § 55.1-2310.
"Rules and regulations" means restrictions or limitations adopted by the board or authorized committee addressing the use, operation, appearance, or design of a portion of the common interest community.
"Seller" means the person or entity selling the unit.
"Settlement agent" means the same as that term is defined in § 55.1-1000.
"Unit" means a condominium unit in a condominium, a cooperative unit in a real estate cooperative, or a lot in a community governed by an association.
"Updated resale certificate" means an update of the resale certificate referenced in § 55.1-2311.
2023, cc. 387, 388.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23.1 - Resale Disclosure Act › § 55.1-2308. Contract for resale; disclosures

Unless exempt pursuant to § 55.1-2317, any contract for the resale of a unit in a common interest community shall disclose (i) that the unit is located in a common interest community; (ii) that the seller is required to obtain from the association a resale certificate and provide it to the purchaser; (iii) the purchaser's right to cancel the contract pursuant to § 55.1-2312; (iv) that the purchaser may request an updated resale certificate pursuant to § 55.1-2311; and (v) that the purchaser's right to receive the resale certificate and the right to cancel the contract are waived conclusively if not exercised before settlement. If the contract does not contain the disclosures required by this section, the purchaser's sole remedy is to cancel the contract prior to settlement.
2023, cc. 387, 388.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23.1 - Resale Disclosure Act › § 55.1-2309. Resale certificate; delivery

A. The seller shall be required to obtain the resale certificate from the association and provide such resale certificate to the purchaser.
B. Unless exempt pursuant to § 55.1-2317, the association, the association's managing agent, or any third party preparing the resale certificate on behalf of the association shall deliver such resale certificate within 14 days after a written request by a seller or seller's agent.
C. The association, association's managing agent, or any third party preparing the resale certificate on behalf of the association shall deliver the resale certificate to the seller, or to such person as the seller may direct, either printed or in a generally accepted electronic format as the seller may request.
D. The information contained in the resale certificate shall be current as of a date specified on the resale certificate. The seller or purchaser may request an updated resale certificate as provided in § 55.1-2311.
2023, cc. 387, 388.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23.1 - Resale Disclosure Act › § 55.1-2311. Updated resale certificate

A. If a resale certificate was issued more than 30 days but less than 12 months before settlement, the seller or the purchaser, upon proof of being the contract purchaser of the unit, may request an updated resale certificate. The updated resale certificate shall be delivered to the person requesting it, or as such person may direct, in the format requested. The updated resale certificate shall be delivered within 10 days after the written request.
B. The updated resale certificate shall contain current information for all items that may have changed from the original resale certificate or a statement that there are no changes.
C. A settlement agent authorized by the seller or purchaser may request a financial update and the association shall provide such information within three business days after the written request.
2023, cc. 387, 388.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23.1 - Resale Disclosure Act › § 55.1-2312. Cancellation of contract by purchaser

A. The purchaser may cancel the contract:
1. Within three days, or up to seven days if extended by the ratified real estate contract, after the ratification date of the contract if the purchaser receives the resale certificate, whether or not complete pursuant to § 55.1-2310, or a notice that the resale certificate is unavailable on or before the date that the contract is ratified;
2. Within three days, or up to seven days if extended by the ratified real estate contract, from the date the purchaser receives the resale certificate, whether or not complete pursuant to § 55.1-2310, or a notice that the resale certificate is unavailable if delivery occurs after the contract is ratified; or
3. At any time prior to settlement if the resale certificate is not delivered to the purchaser.
B. Written notice of cancellation shall be provided to the seller in accordance with the terms of the contract. The purchaser shall have the burden to demonstrate delivery of the notice of cancellation.
C. If the unit is governed by more than one association, the timeframe for the purchaser's right of cancellation shall run from the date of delivery of the last resale certificate.
D. Cancellation shall be without penalty, and the seller shall cause any deposit or escrowed funds to be returned promptly to the purchaser.
2023, cc. 387, 388.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23.1 - Resale Disclosure Act › § 55.1-2313. Liability for resale certificate

A. A seller providing a resale certificate pursuant to § 55.1-2310 or 55.1-2311 shall not be liable to the purchaser for any erroneous information provided by the association and included in the certificate or for the failure or delay of the association to provide the resale certificate in a timely manner.
B. A purchaser shall not be liable for any unpaid assessment or fee greater than the amount set forth in the resale certificate, updated resale certificate, or financial update. The association shall, as to the purchaser, be bound by the information provided in the resale certificate or updated resale certificate as to the amounts of current assessments, including any approved special or additional assessments, and any violation of the governing documents or rules and regulations as of the date of the resale certificate, updated resale certificate, or financial update unless the purchaser had actual knowledge that the contents of the resale certificate were in error.
2023, cc. 387, 388.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23.1 - Resale Disclosure Act › § 55.1-2314. Failure to provide resale certificate; no waiver

A. If an association, the association's managing agent, or any third party preparing a resale certificate fails to comply with § 55.1-2310 or 55.1-2311, the purchaser shall not be required to pay any delinquent assessments or remedy any violation of the governing documents or rules and regulations existing as of the date of the resale certificate or updated resale certificate. The association may only enforce a violation incurred by a previous owner against a purchaser if (i) such violation has been properly noted in the resale certificate or updated resale certificate or (ii) the seller failed to provide the resale certificate to the purchaser as required by § 55.1-2309.
B. The purchaser shall abide by the governing documents and rules and regulations as to all matters arising after acquiring the unit regardless of whether such purchaser received a resale certificate.
C. The preparer of the resale certificate or updated resale certificate shall be liable to the seller in an amount equal to the actual damages sustained by the seller in an amount not to exceed $1,000.
D. The Common Interest Community Board may assess a monetary penalty for failure to deliver the resale certificate or updated resale certificate as required against any (i) association pursuant to § 54.1-2351 or (ii) common interest community manager pursuant to § 54.1-2349 and regulations promulgated thereto, and may issue a cease and desist order pursuant to § 54.1-2349 or 54.1-2352.
2023, cc. 387, 388.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23.1 - Resale Disclosure Act › § 55.1-2315. Properties subject to more than one declaration

If the unit is subject to more than one common interest community, each association, the association's managing agent, or any third party preparing a resale certificate on behalf of an association shall provide a resale certificate for that association and may charge the appropriate fees.
2023, cc. 387, 388.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23.1 - Resale Disclosure Act › § 55.1-2316. Resale certificate; fees

A. An association may charge a post-closing fee and fees for preparation, delivery, and expedited delivery of a resale certificate, an updated resale certificate, or financial update and for the inspection of a unit performed to prepare the resale certificate or updated resale certificate. Unless provided otherwise by the association, the appropriate fees shall be paid when the resale certificate, updated resale certificate, or financial update is requested. The seller shall be responsible for all fees associated with the preparation and delivery of the resale certificate, including any fees for inspection of the unit. The requesting party shall pay any fees for the preparation and delivery of the updated resale certificate or financial update.
B. The Common Interest Community Board shall establish the maximum fees that the association may charge for such post-closing and preparation, delivery, and inspection; such maximum fees shall be commercially reasonable and consistent with the effort required to comply with the resale certificate requirements. The maximum allowable fees, as published by the Common Interest Community Board and effective as of January 12, 2023, shall be adjusted no less than every five years, as of January 1 of that year, in an amount not less than the annual increases for that five-year period in the United States Average Consumer Price Index for all items, all urban consumers (CPI-U), as published by the Bureau of Labor Statistics of the U.S. Department of Labor or an equivalent successor index.
C. The association shall publish and make available a schedule of the applicable fees (i) for preparation and delivery of the resale certificate, updated resale certificate, and financial update; (ii) for the inspection of a unit; and (iii) related to any post-closing costs.
D. A post-closing fee to be collected at settlement may be imposed on the purchaser of the property for the purpose of establishing the purchaser as the owner of the property in the records of the association.
E. No association may collect fees authorized by this section unless the association (i) is registered with the Common Interest Community Board; (ii) is current in filing the most recent annual report and fee with the Common Interest Community Board pursuant to § 55.1-1835; (iii) is current in paying any assessment made by the Common Interest Community Board pursuant to § 54.1-2354.5; and (iv) provides the option to receive the disclosure packet electronically.
2023, cc. 387, 388.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 23.1 - Resale Disclosure Act › § 55.1-2317. Exemptions

A. The resale certificate required by this chapter need not be provided in the case of:
1. An initial disposition by a declarant;
2. A disposition of a unit by gift;
3. A disposition of a unit pursuant to court order if the court so directs;
4. A disposition of a unit by foreclosure or deed in lieu of foreclosure;
5. A disposition of a unit by a sale at auction, when the resale certificate was made available as part of the auction package for prospective purchasers prior to the auction; or
6. A disposition of a unit in a common interest community containing no residential units.
B. In any transaction in which a resale certificate is required and a trustee acts as the seller in the sale or resale of a unit, the trustee shall obtain the resale certificate from the association and provide the resale certificate to the purchaser.
2023, cc. 387, 388.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 24 - Escheats › § 55.1-2400. Definition

As used in this chapter, "known" in terms of determining whether an owner is "known" includes inspection of tax records and any other inquiry deemed to be reasonable. It need not include inspection of the premises or inspection of title records in the clerk's office in the county or city in which the land is located.
1984, c. 315, § 55-170.1; 1988, c. 312; 1996, c. 551; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 24 - Escheats › § 55.1-2401. Appointment of escheators

The Governor shall appoint one escheator for every judicial circuit as set forth in § 17.1-506, to serve at the pleasure of the Governor. Such escheator shall reside within the circuit to which he is appointed.
Code 1919, § 489; Code 1950, § 55-168; 1982, c. 437; 1996, c. 551; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 24 - Escheats › § 55.1-2402. Bond of escheator

Each escheator shall give bond for the judicial circuit for which he is appointed in the circuit court for the locality in which he resides, in the penalty of $3,000, without surety, and may continue in office until removed or until a successor is duly appointed and qualified. If property in another locality within the appointed judicial circuit escheats to the Commonwealth at the inquest hearing, the escheator shall give bond within that locality as determined by the clerk of the circuit court in the locality and in a penalty of a percentage of the assessed value of the property according to the records of the commissioner of the revenue. The bond shall be obtained within 10 days following the inquest hearing.
Code 1919, § 490; Code 1950, § 55-169; 1977, c. 583; 1982, c. 437; 1998, c. 215; 2019, c. 712.
2023 Code of Virginia › Title 55.1 - Property and Conveyances › Chapter 24 - Escheats › § 55.1-2403. Increase or reduction of penalty of escheator's bond; effect

The court may, at any time, with reasonable notice to the escheator, increase or reduce the penalty of the bond, provided that in no case shall such penalty be reduced to less than $1,000. Upon bond being given under an order increasing or reducing the penalty of a former bond, the sureties in such former bond and their estates shall be discharged from all liability for any breach of official duty committed by such escheator after that time.
Code 1919, § 491; Code 1950, § 55-170; 2019, c. 712.