Virginia Code 55.1-3201: Exemptions
This chapter shall not apply to:
Terms Used In Virginia Code 55.1-3201
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. A home warranty or similar product that covers the cost of maintenance of a major home system, such as plumbing, HVAC, or electrical wiring, for a specific period of time;
2. An insurance contract;
3. An option or right of refusal to purchase residential real property;
4. A declaration created in the formation of a common interest community as defined in § 54.1-2345 or any amendment thereto;
5. A maintenance or repair agreement entered into by a property owners’ association in a common interest community;
6. A mortgage loan or commitment to make or receive a mortgage loan;
7. An agreement relating to the sale or rental of personal property;
8. Water, sewer, electrical, telephone, cable, or other regulated utility service providers;
9. A property management agreement by which the owner of the real property contracts with a party to provide management services for the maintenance, ownership, operation, or lease of a residential premises; or
10. A mechanic’s lien, as established by § 43-1.