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 18VAC48-30-210 - Narrative sections; description of condominium

Current through Register Vol. 40, No. 24, July 15, 2024
A. The public offering statement shall
				  contain a section captioned "Description of the Condominium." The description
				  shall include statements of (i) the land area of the condominium to include
				  either the square footage or the acreage, (ii) the number of units in the
				  condominium, (iii) the number of units in the offering, (iv) the number of
				  units in the condominium planned to be rented, and (v) the percentage of units
				  the declarant intends to sell to persons who do not intend to occupy the units
				  as their primary residence.
B. If
				  the condominium is contractable, expandable, or includes convertible land or
				  space, the section shall contain a brief description of each such feature,
				  including the land area to include either the square footage or acreage, and
				  the maximum number of units or maximum number of units per acre that may be
				  added, withdrawn, or converted, as applicable, together with a statement of the
				  declarant's plans for the implementation of each such feature. In the case of a
				  contractable or expandable condominium, the section shall contain the substance
				  of the following statement:
"At the declarant's option, the construction and
					 development of the condominium may be abandoned or altered prior to completion,
					 and land or buildings originally intended for condominium development may be
					 put to other uses or sold."
In the case of a condominium including convertible land,
					 the section shall contain the substance of the following statements:
"Until such time as the declarant converts the convertible
					 land into units or limited common elements, the declarant is required by the
					 Virginia Condominium Act to pay for the upkeep of the convertible land. Once
					 the convertible land has been converted, maintenance and other financial
					 responsibilities associated with the land so designated become the
					 responsibility of the unit owners and, therefore, may be reflected in the
					 periodic assessment for the condominium."
If the common expense assessments are expected to increase
					 should convertible land be converted, this section shall also disclose an
					 estimate of the approximate percentage by which such assessments are expected
					 to increase as a result of such conversion.
C. The section shall state whether the units
				  are restricted solely to residential use and shall identify where use and
				  occupancy restrictions are found in the condominium instruments. If
				  nonresidential use is permitted, the section shall identify the types of units
				  and proportion of each, if known or reasonably anticipated.
D. The section shall state whether the
				  project, as of the effective date of the public offering statement, is intended
				  to comply with the underwriting guidelines of the secondary mortgage market
				  agencies, including but not limited to the Federal National Mortgage
				  Association, the Federal Home Loan Mortgage Corporation, and the Virginia
				  Housing Development Authority.
Statutory Authority: § 54.1-2349 of the Code of
						Virginia.