Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 30 - CONDOMINIUM REGULATIONS › Part V - Conversion Condominiums › Section 18VAC48-30-430 - Present condition of conversion condominium

Current through Register Vol. 40, No. 24, July 15, 2024
A. The section captioned "Present Condition
				  of the Condominium" shall contain a statement of the approximate dates of
				  original construction or installation of all physical assets in the
				  condominium. A single construction or installation date may be stated for all
				  of the physical assets (i) in the condominium, (ii) within a distinctly
				  identifiable portion of the condominium, or (iii) within a distinctly
				  identifiable category of physical assets. A statement made pursuant to the
				  preceding sentence shall include a separate reference to the construction or
				  installation date of any physical asset within a stated group of physical
				  assets that was constructed or installed significantly earlier than the
				  construction or installation date indicated for the group generally. No
				  statement shall be made that a physical asset or portion thereof has been
				  repaired, altered, improved, or replaced subsequent to its construction or
				  installation unless the approximate date, nature, and extent of such repair,
				  alteration, improvement, or replacement is also stated.
B. Subject to the exceptions provided in
				  subsections D, E, and F of this section, the section captioned "Present
				  Condition of the Condominium" shall contain a description of the present
				  condition of all physical assets within the condominium. The description of
				  present condition shall disclose all structural defects and incapacities of
				  major utility installations to perform their intended functions as would be
				  observable, detectable, or deducible by means of standard inspection and
				  investigative techniques employed by architects or professional engineers, as
				  the case may be.
C. The section
				  shall indicate the dates of inspection by means of which the described present
				  condition was determined; provided, however, that such inspections shall have
				  been conducted not more than one year prior to the date of filing the
				  application for registration. The section shall identify the party by whom
				  present condition was ascertained and shall indicate the relationship of such
				  party to the declarant.
D. A single
				  statement of the present condition of a class of physical assets shall suffice
				  to disclose the present condition of each physical asset within the class;
				  provided, however, that, unless subsection F of this section applies, such
				  statement shall include a separate reference to the present condition of any
				  physical asset within the class that is significantly different from the
				  present condition indicated for the class generally.
E. The description of present condition may
				  include a statement that all structural components in the condominium or in a
				  distinctly identifiable portion thereof are in sound condition except those for
				  which structural defects are noted.
F. In a case in which there are numerous
				  physical assets within a class of physical assets and inspection of each such
				  physical asset is impracticable, the description of present condition of all
				  the physical assets within the class may be based upon an inspection of a
				  number of them selected at random, provided that the number selected is large
				  enough to yield a reasonably reliable sample and that the total number of
				  physical assets within the class and the number selected are
				  disclosed.
G. The section shall
				  include statements disclosing any environmental issues pertaining to the
				  building and the surrounding area, to include:
1. The presence of any asbestos-containing
				  material following an inspection of each building completed prior to July 1,
				  1978, as well as whether any response actions have been or will need to be
				  taken as required by §
											55.1-1982B
				  5 of the Code of Virginia;
2. Any
				  known information on lead-based paint and lead-based paint hazards in each
				  building constructed prior to 1978 pursuant to the Residential Lead-Based Paint
				  Hazard Reduction Act of 1992 - Title X (
				  42 USC
				  §
												4851 et seq.); and
3. Any obligations related to the declarant's
				  participation in voluntary or nonvoluntary remediation activities.