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 18VAC48-30-180 - Contents of public offering statement

Current through Register Vol. 40, No. 24, July 15, 2024
A. A cover, if used, must be blank or bear
				  identification information only.
B.
				  The first page of the public offering statement shall be substantially as
				  follows:
PURCHASER SHOULD READ THIS DOCUMENT FOR THE
					 PURCHASER'S PROTECTION
PUBLIC OFFERING STATEMENT
NAME OF CONDOMINIUM:
__________________
LOCATION OF CONDOMINIUM:
__________________
NAME OF DECLARANT:
__________________
ADDRESS OF DECLARANT:
__________________
EFFECTIVE DATE OF PUBLIC OFFERING STATEMENT:
__________________
REVISED:
__________________
THE PURCHASER SHOULD READ THIS DOCUMENT FOR THE
					 PURCHASER'S OWN PROTECTION. Living in a common interest community carries with
					 it certain rights, responsibilities, and benefits, including certain financial
					 obligations, rights, and restrictions concerning the use and maintenance of
					 units and common elements, and decision-making authority vested in the unit
					 owners' association. The purchaser will be bound by the provisions of the
					 condominium instruments and should review the Public Offering Statement, the
					 condominium instruments, and other exhibits carefully prior to
					 purchase.
This Public Offering Statement presents information
					 regarding condominium units being offered for sale by the declarant. Virginia
					 law requires that a Public Offering Statement be given to every Purchaser in
					 order to provide full and fair disclosure of the significant features of the
					 condominium units being offered. The Public Offering Statement is not intended,
					 however, to be all-inclusive. The Purchaser should consult other sources for
					 details not covered by the Public Offering Statement.
The Public Offering Statement summarizes information and
					 documents furnished by the declarant to the Virginia Common Interest Community
					 Board. The Board has carefully reviewed the Public Offering Statement to ensure
					 that it contains required disclosures, but the Board does not guarantee the
					 accuracy or completeness of the Public Offering Statement. In the event of any
					 inconsistency between the Public Offering Statement and the material it is
					 intended to summarize, the latter will control.
Under Virginia law a purchaser of a condominium unit is
					 afforded a 5-day period during which the purchaser may cancel the purchase
					 contract of sale and obtain a full refund of any sums deposited in connection
					 with the purchase contract. The 5-day period begins on the purchase contract
					 date or the date of delivery of a Public Offering Statement, whichever is
					 later. The purchaser may, if practicable, inspect the condominium unit and the
					 common elements and obtain professional advice. If the purchaser elects to
					 cancel, the purchaser must deliver notice of cancellation to the declarant
					 pursuant to §
											55.1-1974
					 of the Code of Virginia.
Allegations of violation of any law or regulation contained
					 in the Virginia Condominium Act or the Condominium Regulations should be
					 reported to the Virginia Common Interest Community Board, Perimeter Center,
					 Suite 400, 9960 Mayland Drive, Richmond, Virginia 23233.
C. A summary of important considerations
				  shall immediately follow the first page for the purpose of reinforcing the
				  disclosure of significant information. The summary shall be titled as such and
				  shall be introduced by the following statement:
"Following are important matters to be considered in
					 acquiring a condominium unit. They are highlights only. The Public Offering
					 Statement should be examined in its entirety to obtain detailed
					 information."
Appropriate modifications shall be made to reflect facts
					 and circumstances that may vary. The summary shall consist of, but not be
					 limited to, the following, as applicable:
1. A statement on the governance of the
				  condominium wherein unit owners are allocated votes for certain decisions of
				  the association. In addition, the statement shall include that all unit owners
				  will be bound by the decisions made by the association, even if the individual
				  unit owner disagrees.
2. A
				  statement concerning the decision-making authority of the executive board of
				  the unit owners' association.
3. A
				  statement regarding the payment of expenses of the association on the basis of
				  a periodic budget, to include a disclosure of any provision for reserves,
				  including a statement if there are no reserves.
4. A statement detailing the requirement for
				  each unit owner to pay a periodic assessment and the inability to reduce the
				  amount of an assessment by refraining from the use of the common
				  elements.
5. A statement of the
				  unit owner's responsibility to pay additional assessments, if any.
6. A statement regarding the consequences for
				  failure to pay an assessment when due. The statement shall include reference to
				  the enforcement mechanisms available to the association, including obtaining a
				  lien against the condominium unit, pursuing civil action against the unit
				  owner, and certain other penalties.
7. A statement that the declarant must pay
				  assessments on unsold condominium units.
8. A statement indicating whether the
				  declarant, its predecessors, or principal officer have undergone a debtor's
				  relief proceeding.
9. A statement
				  that the declarant will retain control of the unit owners' association for an
				  initial period.
10. A statement
				  indicating whether a managing agent will perform the routine operations of the
				  unit owners' association. The statement shall include whether the managing
				  agent is related to the declarant, director, or officer of the unit owners'
				  association.
11. A statement
				  indicating whether the declarant may lease unsold condominium units and a
				  statement indicating whether the right of a unit owner to lease that owner's
				  unit to another is subject to restrictions.
12. A statement indicating whether the
				  declarant may expand or contract the condominium or convert convertible land or
				  space without the consent of any unit owner.
13. A statement indicating whether the right
				  of the unit owner to resell the owner's condominium unit is subject to
				  restrictions.
14. A statement
				  indicating whether the units are restricted to residential use and whether the
				  units may be utilized for commercial, retail, or professional use. The
				  statement shall provide detail if units have different voting rights. Further,
				  the statement shall also detail whether the allocation of rights and
				  responsibilities among commercial, retail, professional, or residential use
				  units are the same.
15. A statement
				  indicating whether approval of the declarant or unit owners' association is
				  necessary in order for a unit owner to alter the structure of the unit or
				  modify the exterior of the unit.
16. A statement regarding the obligation of
				  the unit owners' association to obtain certain insurance benefiting the unit
				  owner, along with the necessity for a unit owner to obtain other
				  insurance.
17. A statement
				  regarding the unit owner's obligation to pay real estate taxes.
18. A statement regarding any limits the
				  declarant asserts on the association or the unit owner's right to bring legal
				  action against the declarant. Nothing in this statement shall be deemed to
				  authorize such limits where those limits are otherwise prohibited by
				  law.
19. A statement that the
				  association or unit owners are members of another association or obligated to
				  perform duties or pay fees or charges to that association or entity.
20. A statement indicating whether the
				  condominium is subject to development as a time-share.
21. A statement affirming that marketing and
				  sale of condominium units will be conducted in accordance with the Virginia
				  Fair Housing Law (§
											36-96.1 et
				  seq. of the Code of Virginia) and the Virginia Condominium Act (Chapter 19
				  (§
											55.1-1900 et seq.) of
				  Title 55.1 of the Code of Virginia).