§ 55.1-2317 Exemptions
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;
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.
History
This law was first created in 2023. The record of its establishment is cataloged in chapters 387 and 388 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2024, chapters 54 and 511.
2023, cc. 387, 388; 2024, cc. 54, 511.