Virginia Code 55.1-2317: Exemptions
A. The resale certificate required by this chapter need not be provided in the case of:
Terms Used In Virginia Code 55.1-2317
- Association: means an association created pursuant to the Property Owners' Association Act (§ Virginia Code 55.1-2307
- Common interest community: means a condominium created pursuant to the Virginia Condominium Act (§ Virginia Code 55.1-2307
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Purchaser: means the person or entity acquiring the unit. See Virginia Code 55.1-2307
- Resale certificate: means the information listed in § 55. See Virginia Code 55.1-2307
- Rules and regulations: means restrictions or limitations adopted by the board or authorized committee addressing the use, operation, appearance, or design of a portion of the common interest community. See Virginia Code 55.1-2307
- Seller: means the person or entity selling the unit. See Virginia Code 55.1-2307
- Trustee: A person or institution holding and administering property in trust.
- Unit: means a condominium unit in a condominium, a cooperative unit in a real estate cooperative, or a lot in a community governed by an association. See Virginia Code 55.1-2307
1. An initial disposition of a unit to a person or entity that is not acquiring the unit for his own residence or for the construction of a dwelling unit to be occupied as his own residence, unless requested by such person or entity. The person or entity acquiring the unit shall nevertheless be obligated to abide by the declaration, bylaws, rules and regulations, and architectural guidelines of the association as to all matters;
2. A disposition of a unit by gift;
3. A disposition of a unit pursuant to court order if the court so directs;
4. A disposition of a unit by foreclosure or deed in lieu of foreclosure;
5. A disposition of a unit by a sale at auction, when the resale certificate was made available as part of the auction package for prospective purchasers prior to the auction; or
6. A disposition of a unit in a common interest community containing no residential units.
B. In any transaction in which a resale certificate is required and a trustee acts as the seller in the sale or resale of a unit, the trustee shall obtain the resale certificate from the association and provide the resale certificate to the purchaser.