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 18VAC48-30-270 - Narrative sections; encumbrances

Current through Register Vol. 40, No. 24, July 15, 2024
A. The public offering statement shall
				  contain a section captioned "Encumbrances" that shall include the significant
				  terms of any encumbrances, easements, liens, and matters of title affecting the
				  condominium other than those contained in the condominium instruments and
				  disclosed elsewhere in the public offering statement, as provided in
				  subsections B through J of this section.
B. Except to the extent that such
				  encumbrances are required to be satisfied or released by subsection A of §
										55.1-1908 of the
				  Code of Virginia, or a similar law, the section shall describe every mortgage,
				  deed of trust, other perfected lien, or choate mechanics' or materialmen's lien
				  affecting all or any portion of the condominium other than those placed on
				  condominium units by their purchasers or owners. Such description shall (i)
				  identify the lender secured or the lienholder, (ii) state the nature and
				  original amount of the obligation secured, (iii) identify the party having
				  primary responsibility for performance of the obligation secured, and (iv)
				  indicate the practical effect upon unit owners of failure of the party to
				  perform the obligation.
C. Normal
				  easements for utilities, municipal rights-of-way, and emergency access shall be
				  described only as such, without reference to ownership, location, or other
				  details.
D. Easements reserved to
				  the declarant to facilitate conversion, expansion, or sales shall be briefly
				  described.
E. Easements reserved to
				  the declarant or to the unit owners' association or to either entity's
				  representatives or agents for access to units shall be briefly described. In
				  the event that access to a unit may be had without notice to the unit owner,
				  such fact shall be stated.
F.
				  Easements across the condominium reserved to the owners or occupants of land
				  located in the vicinity of the condominium, or across adjacent land benefitting
				  the condominium including, without limitation, easements for the use of
				  recreational areas shall be briefly described.
G. Covenants, servitudes, or other devices
				  that create an actual restriction on the right of any unit owner to use and
				  enjoy the unit or any portion of the common elements other than limited common
				  elements shall be briefly described.
H. Any matter of title that is not otherwise
				  required to be disclosed by the provisions of this section and that has or may
				  have a substantial adverse impact upon unit owners' interests in the
				  condominium shall be described. Under normal circumstances, normal and
				  customary utility easements, easements for encroachments, and easements running
				  in favor of unit owners for ingress and egress across the common elements shall
				  be deemed not to have a substantial adverse impact upon unit owners' interest
				  in the condominium.
I. The section
				  need not include any information required to be disclosed by 18VAC48-30-210 C,
				  18VAC48-30-220, or 18VAC48-30-280.
J. In addition to the description of
				  easements required in this section, pertinent easements that can be located
				  shall be shown on the condominium plats and plans.
Statutory Authority: §
												54.1-2349
						of the Code of Virginia.