Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 30 - CONDOMINIUM REGULATIONS › Part IV - Public Offering Statement › Section 18VAC48-30-290 - Narrative sections; unit owners' association

Current through Register Vol. 40, No. 24, July 15, 2024
A. The public offering statement shall
				  contain a section captioned "Unit Owners' Association." The section shall
				  discuss the manner in which the condominium is governed and administered and
				  shall include the information required by subsections B through K of this
				  section.
B. The section shall
				  summarize the functions of the unit owners' association.
C. The section shall describe the
				  organizational structure of the unit owners' association. Such description
				  shall indicate (i) the existence of or provision for an executive board,
				  officers, and managing agent, if any; (ii) the relationships between such
				  persons or bodies; (iii) the manner of election or appointment of such persons
				  or bodies; and (iv) the assignment or delegation of responsibility for the
				  performance of the functions of the unit owners' association.
D. The section shall describe the method of
				  allocating votes among the unit owners.
E. The section shall describe any retention
				  by the declarant of control over the unit owners' association, including the
				  time period of declarant control. The section shall state that the association
				  shall register with the Common Interest Community Board upon transition of
				  declarant control by filing the required annual report in accordance with
				  §
										55.1-1980
				  of the Code of Virginia.
F. The
				  managing agent, if any, shall be identified. If a managing agent is to be
				  employed in the future, the criteria, if any, for selection of the managing
				  agent shall be briefly stated. The section shall indicate any relationship
				  between the managing agent and the declarant or a member of the executive board
				  or an officer of the unit owners' association. The duration of any management
				  agreement shall be stated.
G.
				  Except to the extent otherwise disclosed in connection with discussion of a
				  management agreement, the significant terms of any lease of recreational areas
				  or similar contract or agreement affecting the use, maintenance, or access of
				  all or any part of the condominium shall be stated. The section shall include a
				  brief narrative statement of the effect of each such agreement upon a
				  purchaser.
H. Rules and regulations
				  of the unit owners' association and the authority to promulgate rules and
				  regulations shall be discussed. Particular provisions of the rules and
				  regulations need not be discussed except as required by other provisions of
				  this chapter. The purchaser's attention shall be directed to the copy of rules
				  and regulations, if any, attached to the public offering statement.
I. Any standing committees established or to
				  be established to perform functions of the unit owners' association shall be
				  discussed. Such committees include, without limitation, architectural control
				  committees and committees having the authority to interpret condominium
				  instruments, rules, and regulations or other operative provisions.
J. Unless required to be disclosed by
				  18VAC48-30-270
				  E, any power of the declarant or of the unit owners' association or its
				  representatives or agents to enter units shall be discussed. To the extent each
				  is applicable, the following facts shall be stated (i) a unit may be entered
				  without notice to the unit owner, (ii) the declarant or the unit owners'
				  association or its representatives or agents are empowered to take actions or
				  perform work in a unit without the consent of the unit owner, and (iii) the
				  unit owner may be required to bear the costs of actions so taken or work so
				  performed.
K. The section shall
				  state whether the condominium is part of a master or other association and
				  briefly describe such relationship and the responsibilities of and obligations
				  to the master association, including any charges for which the unit owner or
				  the unit owners' association may be responsible. The disclosures required by
				  this subsection may be contained in this narrative section or another narrative
				  section. The section shall also describe any other obligation of the
				  association or unit owners arising out of any agreements, easements, deed
				  restrictions, or proffers, including the obligation to pay fees or other
				  charges.
Statutory Authority: §
												54.1-2349
						of the Code of Virginia.