Code of Virginia § 55.1-1977. Inquiry and examination.
209 words·~1 min read·
/va/title-55-1/chapter-19/55-1-1977·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon receipt of an application for registration, the Common Interest Community Board shall conduct an examination of the material submitted to determine that:
1. The declarant can convey or cause to be conveyed the units offered for disposition if the purchaser complies with the terms of the offer;
2. There is reasonable assurance that all proposed improvements will be completed as represented;
3. The advertising material and the general promotional plan are not false or misleading and comply with the standards prescribed by the Common Interest Community Board in its regulations and afford full and fair disclosure;
4. The declarant has not, or if a corporation its officers and principals have not, been convicted of a crime involving condominium unit dispositions or any aspect of the land sales business in the Commonwealth, United States, or any other state or foreign country within the past 10 years and has not been subject to any injunction or administrative order restraining a false or misleading promotional plan involving land dispositions;
5. The public offering statement requirements of this chapter have been satisfied; and
6. All other requirements of this chapter and the Common Interest Community Board's regulations have been satisfied.
1974, c. 416, § 55-79.91; 1988, c. 15; 2019, c. 712 .