Virginia Code 55.1-1967: Notice of sale under deed of trust.
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In accordance with the provisions of § 15.2-979, the unit owners’ association shall be given notice whenever a condominium unit becomes subject to a sale under a deed of trust. Upon receipt of such notice, the executive board, on behalf of the unit owners’ association, shall exercise whatever due diligence it deems necessary with respect to the unit subject to a sale under a deed of trust to protect the interests of the unit owners’ association.
Terms Used In Virginia Code 55.1-1967
- Condominium: means real property, and any incidents to or interests in such real property, lawfully subject to this chapter by the recordation of condominium instruments pursuant to the provisions of this chapter. See Virginia Code 55.1-1900
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Executive board: means an executive and administrative entity, by whatever name denominated, designated in the condominium instruments as the governing body of the unit owners' association. See Virginia Code 55.1-1900
- Unit: means a portion of the condominium designed and intended for individual ownership and use. See Virginia Code 55.1-1900