Terms Used In Virginia Code > Title 38.2 > Chapter 23 - Legal Services Insurance

• Association: means the property owners' association. See Virginia Code 55.1-1800
• Board of directors: means the executive body of a property owners' association or a committee that is exercising the power of the executive body by resolution or bylaw. See Virginia Code 55.1-1800
• Capital components: means those items, whether or not a part of the common area, for which the association has the obligation for repair, replacement, or restoration and for which the board of directors determines funding is necessary. See Virginia Code 55.1-1800
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Common area: means property within a development which is owned, leased, or required by the declaration to be maintained or operated by a property owners' association for the use of its members and designated as a common area in the declaration. See Virginia Code 55.1-1800
• Common interest community: means the same as that term is defined in § Virginia Code 55.1-1800
• Common interest community manager: means the same as that term is defined in § Virginia Code 55.1-1800
• Declarant: means the person or entity signing the declaration and its successors or assigns who may submit property to a declaration. See Virginia Code 55.1-1800
• Declaration: includes any amendment or supplement to the instruments described in this definition. See Virginia Code 55.1-1800
• Development: means real property located within the Commonwealth subject to a declaration which contains both lots, at least some of which are residential or are occupied for recreational purposes, and common areas with respect to which any person, by virtue of ownership of a lot, is a member of an association and is obligated to pay assessments provided for in a declaration. See Virginia Code 55.1-1800
• Electronic means: means any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved, and reviewed by a recipient of such communication. See Virginia Code 55.1-1800
• 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}
• Insurer: means an insurance company. See Virginia Code 38.2-100
• 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}
• Lot: means (i) any plot or parcel of land designated for separate ownership or occupancy shown on a recorded subdivision plat for a development or the boundaries of which are described in the declaration or in a recorded instrument referred to or expressly contemplated by the declaration, other than a common area, and (ii) a unit in a condominium association or a unit in a real estate cooperative if the condominium or cooperative is a part of a development. See Virginia Code 55.1-1800
• Lot owner: means one or more persons who own a lot, including any purchaser of a lot at a foreclosure sale, regardless of whether the deed is recorded in the land records where the lot is located. See Virginia Code 55.1-1800
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
• rates: means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. See Virginia Code 38.2-100
• real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100