{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-7507.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-7507.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-7507.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-7507.html"}],"law_id":76485,"edition_id":1,"section_id":76485,"structure_id":14164,"section_number":"15.2-7507","catch_line":"Acquisition of property","history":"2016, cc. 159, 383; 2018, c. 401.","full_text":"A\n\nThe land bank entity may acquire real property or interests in real property by gift, devise, transfer, exchange, purchase, or otherwise on terms and conditions and in a manner the land bank entity considers proper.B\n\nIn addition to the powers granted in subsection A, the land bank entity may acquire real property by purchase contracts, lease purchase agreements, installment sales contracts, and land contracts and pursuant to the sale or other conveyance of real property under Article 4 (§ 58.1-3965 et seq.) of Chapter 39 of Title 58.1.C\n\nThe land bank entity may accept transfers or conveyances from a locality upon such terms and conditions as agreed to by the land bank entity and the locality. Notwithstanding any other law to the contrary, any locality may transfer or convey to the land bank entity real property and interests in real property of the locality on such terms and conditions and according to such procedures as determined by the locality.D\n\nThe land bank entity shall maintain all of its real property in accordance with the laws and ordinances of the jurisdiction in which the real property is located.","order_by":null,"text":{"0":{"id":274543,"text":"The land bank entity may acquire real property or interests in real property by gift, devise, transfer, exchange, purchase, or otherwise on terms and conditions and in a manner the land bank entity considers proper.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":274544,"text":"In addition to the powers granted in subsection A, the land bank entity may acquire real property by purchase contracts, lease purchase agreements, installment sales contracts, and land contracts and pursuant to the sale or other conveyance of real property under Article 4 (§ 58.1-3965 et seq.) of Chapter 39 of Title 58.1.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":274545,"text":"The land bank entity may accept transfers or conveyances from a locality upon such terms and conditions as agreed to by the land bank entity and the locality. Notwithstanding any other law to the contrary, any locality may transfer or convey to the land bank entity real property and interests in real property of the locality on such terms and conditions and according to such procedures as determined by the locality.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":274546,"text":"The land bank entity shall maintain all of its real property in accordance with the laws and ordinances of the jurisdiction in which the real property is located.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":14164,"edition_id":1,"name":"Land Bank Entities Act","identifier":"75","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:47:06","date_modified":"2026-06-26 03:47:06","permalink":{"id":160831,"object_type":"structure","relational_id":14164,"identifier":"75","token":"15.2\/IV\/75","url":"\/15.2\/IV\/75\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12721,"edition_id":1,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":157897,"object_type":"structure","relational_id":12721,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58584,"structure_id":14164,"section_number":"15.2-7500","catch_line":"Definitions","url":"\/15.2-7500\/","token":"15.2\/IV\/75\/15.2-7500","metadata":false},{"id":55330,"structure_id":14164,"section_number":"15.2-7501","catch_line":"Creation of land bank entities by localities","url":"\/15.2-7501\/","token":"15.2\/IV\/75\/15.2-7501","metadata":false},{"id":61880,"structure_id":14164,"section_number":"15.2-7502","catch_line":"Public hearing required prior to creation or designation of a land bank entity","url":"\/15.2-7502\/","token":"15.2\/IV\/75\/15.2-7502","metadata":false},{"id":68906,"structure_id":14164,"section_number":"15.2-7503","catch_line":"Board of directors; qualifications; terms; vacancies; compensation and expenses","url":"\/15.2-7503\/","token":"15.2\/IV\/75\/15.2-7503","metadata":false},{"id":67445,"structure_id":14164,"section_number":"15.2-7504","catch_line":"Executive director; staff","url":"\/15.2-7504\/","token":"15.2\/IV\/75\/15.2-7504","metadata":false},{"id":59914,"structure_id":14164,"section_number":"15.2-7505","catch_line":"Financial interests of board members and employees prohibited","url":"\/15.2-7505\/","token":"15.2\/IV\/75\/15.2-7505","metadata":false},{"id":83436,"structure_id":14164,"section_number":"15.2-7506","catch_line":"Powers of land bank entity","url":"\/15.2-7506\/","token":"15.2\/IV\/75\/15.2-7506","metadata":false},{"id":76485,"structure_id":14164,"section_number":"15.2-7507","catch_line":"Acquisition of property","url":"\/15.2-7507\/","token":"15.2\/IV\/75\/15.2-7507","metadata":false},{"id":74738,"structure_id":14164,"section_number":"15.2-7508","catch_line":"Disposition of property","url":"\/15.2-7508\/","token":"15.2\/IV\/75\/15.2-7508","metadata":false},{"id":79346,"structure_id":14164,"section_number":"15.2-7509","catch_line":"Financing of operations","url":"\/15.2-7509\/","token":"15.2\/IV\/75\/15.2-7509","metadata":false},{"id":73952,"structure_id":14164,"section_number":"15.2-7510","catch_line":"Exemption from taxes or assessments","url":"\/15.2-7510\/","token":"15.2\/IV\/75\/15.2-7510","metadata":false},{"id":62530,"structure_id":14164,"section_number":"15.2-7511","catch_line":"Dissolution of land bank entity","url":"\/15.2-7511\/","token":"15.2\/IV\/75\/15.2-7511","metadata":false},{"id":62244,"structure_id":14164,"section_number":"15.2-7512","catch_line":"Designation of planning district commission or existing nonprofit entities to carry out the functions of a land bank entity","url":"\/15.2-7512\/","token":"15.2\/IV\/75\/15.2-7512","metadata":false}],"previous_section":{"id":83436,"structure_id":14164,"section_number":"15.2-7506","catch_line":"Powers of land bank entity","url":"\/15.2-7506\/","token":"15.2\/IV\/75\/15.2-7506","metadata":false},"next_section":{"id":74738,"structure_id":14164,"section_number":"15.2-7508","catch_line":"Disposition of property","url":"\/15.2-7508\/","token":"15.2\/IV\/75\/15.2-7508","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-7507\/","history_text":"

This law was first created in 2016. The record of its establishment is cataloged in chapters 159<\/a> and 383<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d 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 \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2018, chapter 401<\/a>.<\/p>","references":[{"id":83436,"section_number":"15.2-7506","catch_line":"Powers of land bank entity","order_by":null,"url":"\/15.2-7506\/"}],"refers_to":[{"id":70850,"section_number":"58.1-3965","catch_line":"When land may be sold for delinquent taxes; notice of sale; owner's right of redemption","order_by":null,"url":"\/58.1-3965\/"}],"permalink":{"id":160861,"object_type":"law","relational_id":76485,"identifier":"15.2-7507","token":"15.2\/IV\/75\/15.2-7507","url":"\/15.2-7507\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-7507\/","token":"15.2\/IV\/75\/15.2-7507","dublin_core":{"Title":"Acquisition of property","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-7507","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The land bank entity<\/span> may acquire real property<\/span> or interests in real property<\/span> by gift, devise, transfer, exchange, purchase, or otherwise on terms and conditions and in a manner the land bank entity<\/span> considers proper. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In addition to the powers granted in subsection A, the land bank entity<\/span> may acquire real property<\/span> by purchase contracts<\/span>, lease purchase agreements, installment sales contracts<\/span>, and land contracts<\/span> and pursuant to the sale or other conveyance of real property<\/span> under Article 4 (§ 58.1-3965<\/a> et seq.) of Chapter 39 of Title 58.1. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The land bank entity<\/span> may accept transfers or conveyances from a locality<\/span> upon such terms and conditions as agreed to by the land bank entity<\/span> and the locality<\/span>. Notwithstanding any other law<\/span> to the contrary, any locality<\/span> may transfer or convey to the land bank entity<\/span> real property<\/span> and interests in real property<\/span> of the locality<\/span> on such terms and conditions and according to such procedures as determined by the locality<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The land bank entity<\/span> shall maintain all of its real property<\/span> in accordance with the laws<\/span> and ordinances<\/span> of the jurisdiction<\/span> in which the real property<\/span> is located. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACQUISITION OF PROPERTY (\u00a7 15.2-7507)\n\nA. The land bank entity may acquire real property or interests in real property\nby gift, devise, transfer, exchange, purchase, or otherwise on terms and\nconditions and in a manner the land bank entity considers proper.\n\nB. In addition to the powers granted in subsection A, the land bank entity may\nacquire real property by purchase contracts, lease purchase agreements,\ninstallment sales contracts, and land contracts and pursuant to the sale or\nother conveyance of real property under Article 4 (§ 58.1-3965 et seq.) of\nChapter 39 of Title 58.1.\n\nC. The land bank entity may accept transfers or conveyances from a locality upon\nsuch terms and conditions as agreed to by the land bank entity and the locality.\nNotwithstanding any other law to the contrary, any locality may transfer or\nconvey to the land bank entity real property and interests in real property of\nthe locality on such terms and conditions and according to such procedures as\ndetermined by the locality.\n\nD. The land bank entity shall maintain all of its real property in accordance\nwith the laws and ordinances of the jurisdiction in which the real property is\nlocated.\n\nHISTORY: 2016, cc. 159, 383; 2018, c. 401.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}