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 18VAC48-30-260 - Narrative sections; terms of the offering

Current through Register Vol. 40, No. 24, July 15, 2024
A. The public offering statement shall
				  contain a section captioned "Terms of the Offering." The section shall discuss
				  the expenses to be borne by a purchaser in acquiring a condominium unit and
				  present information regarding the settlement of purchase contracts as provided
				  in subsections B through H of this section.
B. The section shall indicate the offering
				  prices for condominium units or a price range for condominium units, if either
				  is established.
C. The section
				  shall set forth the significant terms of any financing offered by or through
				  the declarant to purchasers. Such discussion shall include the substance of the
				  following statement:
"Financing is subject to additional terms and conditions
					 stated in the loan commitment or instruments."
D. The section shall discuss in detail any
				  costs collected by or paid to the declarant, association, or master association
				  that are not normal for residential real estate transactions including, without
				  limitation, any contribution to the initial or working capital of the unit
				  owners' association, including any master association, to be paid by a
				  purchaser.
E. The section shall
				  discuss any penalties or forfeitures to be incurred by a purchaser upon default
				  in performance of a purchase contract that are not normal for residential real
				  estate transactions. Penalties or forfeitures to be discussed include, without
				  limitation, the declarant's right to retain sums deposited in connection with a
				  purchase contract in the event of a refusal by a lending institution to provide
				  financing to a purchaser who has made proper application for same.
F. The section shall discuss the right of the
				  declarant to cancel a purchase contract upon failure of the declarant to obtain
				  purchase contracts on a given number or percentage of condominium units being
				  offered or upon failure of the declarant to meet other conditions precedent to
				  obtaining necessary financing.
G.
				  The section shall discuss the process for cancellation of a purchase contract
				  by a purchaser in accordance with subdivision 2 of §
										55.1-1974
				  of the Code of Virginia. The section shall include a statement as to whether
				  deposits will be held in an escrow fund or if a bond or letter of credit will
				  be filed with the board in lieu of escrowing deposits, all in accordance with
				  §
										55.1-1983 of
				  the Code of Virginia.
H. The
				  section shall set forth any restrictions in the purchase contract that limit
				  the unit owner's right to bring legal action against the declarant or the
				  association. The section shall set forth the paragraph or section and page
				  number of the purchase contract where such provision is located. Nothing in
				  this statement shall be deemed to authorize such limits where those limits are
				  otherwise prohibited by law.
Statutory Authority: §
												54.1-2349
						of the Code of Virginia.