Code of Virginia § 55.1-2317. Exemptions.
230 words·~1 min read·
/va/title-55-1/chapter-23-1/55-1-2317·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The resale certificate required by this chapter need not be provided in the case of:
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.
2023, cc. 387 , 388 ; 2024, cc. 54 , 511 .