{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-1921.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-1921.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-1921.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-1921.html"}],"law_id":62387,"edition_id":1,"section_id":62387,"structure_id":13019,"section_number":"55.1-1921","catch_line":"Bond to insure completion of improvements","history":"1977, c. 428, \u00a7 55-79.58:1; 1988, c. 15; 1999, c. 560; 2008, cc. 851, 871; 2019, c. 712.","full_text":"A\n\nThe declarant shall file with the Common Interest Community Board a bond entered into by the declarant in the sum of 100 percent of the estimated cost of completion, to the extent of the declarant’s obligation as stated in the declaration, of all improvements to the common elements of the condominium labeled in the plat or plats as “NOT YET COMPLETED” or “NOT YET BEGUN” located upon submitted land and which the declarant reasonably believes will not be substantially complete at the time of conveyance of the first condominium unit. Such bond shall be conditioned upon the faithful performance of the declarant’s obligation to complete such improvements in strict conformity with the plans and specifications for the same as described in the declaration.B\n\nThe declarant shall file with the Common Interest Community Board a bond entered into by the declarant in the sum of 100 percent of the estimated cost of completion of a unit in which a time-share interest is conveyed before the unit has been certified as substantially complete in accordance with subsections A and B of § 55.1-1920. The bond required by this subsection shall be conditioned upon the faithful performance of the declarant’s obligation to complete such improvements in strict conformity with the plans and specifications for the same as described in the declaration.C\n\nAll bonds required in this section shall be executed by a surety company authorized to transact business in the Commonwealth or by such other surety as is satisfactory to the Board.D\n\nThe Board may promulgate reasonable regulations that govern the return of bonds submitted in accordance with this section.","order_by":null,"text":{"0":{"id":227517,"text":"The declarant shall file with the Common Interest Community Board a bond entered into by the declarant in the sum of 100 percent of the estimated cost of completion, to the extent of the declarant’s obligation as stated in the declaration, of all improvements to the common elements of the condominium labeled in the plat or plats as “NOT YET COMPLETED” or “NOT YET BEGUN” located upon submitted land and which the declarant reasonably believes will not be substantially complete at the time of conveyance of the first condominium unit. Such bond shall be conditioned upon the faithful performance of the declarant’s obligation to complete such improvements in strict conformity with the plans and specifications for the same as described in the declaration.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":227518,"text":"The declarant shall file with the Common Interest Community Board a bond entered into by the declarant in the sum of 100 percent of the estimated cost of completion of a unit in which a time-share interest is conveyed before the unit has been certified as substantially complete in accordance with subsections A and B of § 55.1-1920. The bond required by this subsection shall be conditioned upon the faithful performance of the declarant’s obligation to complete such improvements in strict conformity with the plans and specifications for the same as described in the declaration.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":227519,"text":"All bonds required in this section shall be executed by a surety company authorized to transact business in the Commonwealth or by such other surety as is satisfactory to the Board.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":227520,"text":"The Board may promulgate reasonable regulations that govern the return of bonds submitted in accordance with this section.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13019,"edition_id":1,"name":"Creation, Alteration, and Termination of Condominiums","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13018,"metadata":{},"date_created":"2026-06-26 03:44:09","date_modified":"2026-06-26 03:44:09","permalink":{"id":246655,"object_type":"structure","relational_id":13019,"identifier":"2","token":"55.1\/IV\/19\/2","url":"\/55.1\/IV\/19\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13018,"edition_id":1,"name":"Virginia Condominium Act","identifier":"19","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:44:09","date_modified":"2026-06-26 03:44:09","permalink":{"id":246623,"object_type":"structure","relational_id":13018,"identifier":"19","token":"55.1\/IV\/19","url":"\/55.1\/IV\/19\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12914,"edition_id":1,"name":"Common Interest Communities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:01","date_modified":"2026-06-26 03:44:01","permalink":{"id":246473,"object_type":"structure","relational_id":12914,"identifier":"IV","token":"55.1\/IV","url":"\/55.1\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","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":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66133,"structure_id":13019,"section_number":"55.1-1907","catch_line":"How condominium may be created","url":"\/55.1-1907\/","token":"55.1\/IV\/19\/2\/55.1-1907","metadata":false},{"id":60125,"structure_id":13019,"section_number":"55.1-1908","catch_line":"Release of liens","url":"\/55.1-1908\/","token":"55.1\/IV\/19\/2\/55.1-1908","metadata":false},{"id":81423,"structure_id":13019,"section_number":"55.1-1909","catch_line":"Description of condominium units","url":"\/55.1-1909\/","token":"55.1\/IV\/19\/2\/55.1-1909","metadata":false},{"id":85700,"structure_id":13019,"section_number":"55.1-1910","catch_line":"Execution of condominium instruments","url":"\/55.1-1910\/","token":"55.1\/IV\/19\/2\/55.1-1910","metadata":false},{"id":67143,"structure_id":13019,"section_number":"55.1-1911","catch_line":"Recordation of condominium instruments","url":"\/55.1-1911\/","token":"55.1\/IV\/19\/2\/55.1-1911","metadata":false},{"id":70994,"structure_id":13019,"section_number":"55.1-1912","catch_line":"Construction of condominium instruments","url":"\/55.1-1912\/","token":"55.1\/IV\/19\/2\/55.1-1912","metadata":false},{"id":66094,"structure_id":13019,"section_number":"55.1-1913","catch_line":"Complementarity of condominium instruments; controlling construction","url":"\/55.1-1913\/","token":"55.1\/IV\/19\/2\/55.1-1913","metadata":false},{"id":68301,"structure_id":13019,"section_number":"55.1-1914","catch_line":"Validity of condominium instruments; discrimination prohibited","url":"\/55.1-1914\/","token":"55.1\/IV\/19\/2\/55.1-1914","metadata":false},{"id":74080,"structure_id":13019,"section_number":"55.1-1915","catch_line":"Compliance with condominium instruments","url":"\/55.1-1915\/","token":"55.1\/IV\/19\/2\/55.1-1915","metadata":false},{"id":76179,"structure_id":13019,"section_number":"55.1-1916","catch_line":"Contents of declaration","url":"\/55.1-1916\/","token":"55.1\/IV\/19\/2\/55.1-1916","metadata":false},{"id":69117,"structure_id":13019,"section_number":"55.1-1917","catch_line":"Allocation of interests in the common elements","url":"\/55.1-1917\/","token":"55.1\/IV\/19\/2\/55.1-1917","metadata":false},{"id":74121,"structure_id":13019,"section_number":"55.1-1918","catch_line":"Reallocation of interests in common elements","url":"\/55.1-1918\/","token":"55.1\/IV\/19\/2\/55.1-1918","metadata":false},{"id":71147,"structure_id":13019,"section_number":"55.1-1919","catch_line":"Assignments of limited common elements; conversion to common element","url":"\/55.1-1919\/","token":"55.1\/IV\/19\/2\/55.1-1919","metadata":false},{"id":74270,"structure_id":13019,"section_number":"55.1-1920","catch_line":"Contents of plats and plans","url":"\/55.1-1920\/","token":"55.1\/IV\/19\/2\/55.1-1920","metadata":false},{"id":62387,"structure_id":13019,"section_number":"55.1-1921","catch_line":"Bond to insure completion of improvements","url":"\/55.1-1921\/","token":"55.1\/IV\/19\/2\/55.1-1921","metadata":false},{"id":70504,"structure_id":13019,"section_number":"55.1-1922","catch_line":"Preliminary recordation of plats and plans","url":"\/55.1-1922\/","token":"55.1\/IV\/19\/2\/55.1-1922","metadata":false},{"id":77354,"structure_id":13019,"section_number":"55.1-1923","catch_line":"Easement for encroachments","url":"\/55.1-1923\/","token":"55.1\/IV\/19\/2\/55.1-1923","metadata":false},{"id":55789,"structure_id":13019,"section_number":"55.1-1924","catch_line":"Conversion of convertible lands","url":"\/55.1-1924\/","token":"55.1\/IV\/19\/2\/55.1-1924","metadata":false},{"id":69213,"structure_id":13019,"section_number":"55.1-1925","catch_line":"Conversion of convertible spaces","url":"\/55.1-1925\/","token":"55.1\/IV\/19\/2\/55.1-1925","metadata":false},{"id":73518,"structure_id":13019,"section_number":"55.1-1926","catch_line":"Expansion of condominium","url":"\/55.1-1926\/","token":"55.1\/IV\/19\/2\/55.1-1926","metadata":false},{"id":86008,"structure_id":13019,"section_number":"55.1-1927","catch_line":"Contraction of condominium","url":"\/55.1-1927\/","token":"55.1\/IV\/19\/2\/55.1-1927","metadata":false},{"id":78900,"structure_id":13019,"section_number":"55.1-1928","catch_line":"Easement to facilitate conversion and expansion","url":"\/55.1-1928\/","token":"55.1\/IV\/19\/2\/55.1-1928","metadata":false},{"id":84085,"structure_id":13019,"section_number":"55.1-1929","catch_line":"Easement to facilitate sales","url":"\/55.1-1929\/","token":"55.1\/IV\/19\/2\/55.1-1929","metadata":false},{"id":54088,"structure_id":13019,"section_number":"55.1-1930","catch_line":"Declarant's obligation to complete and restore","url":"\/55.1-1930\/","token":"55.1\/IV\/19\/2\/55.1-1930","metadata":false},{"id":82258,"structure_id":13019,"section_number":"55.1-1931","catch_line":"Alterations within units","url":"\/55.1-1931\/","token":"55.1\/IV\/19\/2\/55.1-1931","metadata":false},{"id":54696,"structure_id":13019,"section_number":"55.1-1932","catch_line":"Relocation of boundaries between units","url":"\/55.1-1932\/","token":"55.1\/IV\/19\/2\/55.1-1932","metadata":false},{"id":83554,"structure_id":13019,"section_number":"55.1-1933","catch_line":"Subdivision of units","url":"\/55.1-1933\/","token":"55.1\/IV\/19\/2\/55.1-1933","metadata":false},{"id":86631,"structure_id":13019,"section_number":"55.1-1934","catch_line":"Amendment of condominium instruments","url":"\/55.1-1934\/","token":"55.1\/IV\/19\/2\/55.1-1934","metadata":false},{"id":74600,"structure_id":13019,"section_number":"55.1-1935","catch_line":"Use of technology","url":"\/55.1-1935\/","token":"55.1\/IV\/19\/2\/55.1-1935","metadata":false},{"id":64443,"structure_id":13019,"section_number":"55.1-1936","catch_line":"Merger or consolidation of condominiums; procedure","url":"\/55.1-1936\/","token":"55.1\/IV\/19\/2\/55.1-1936","metadata":false},{"id":81982,"structure_id":13019,"section_number":"55.1-1937","catch_line":"Termination of condominium","url":"\/55.1-1937\/","token":"55.1\/IV\/19\/2\/55.1-1937","metadata":false},{"id":82991,"structure_id":13019,"section_number":"55.1-1938","catch_line":"Rights of mortgagees","url":"\/55.1-1938\/","token":"55.1\/IV\/19\/2\/55.1-1938","metadata":false},{"id":76819,"structure_id":13019,"section_number":"55.1-1939","catch_line":"Statement of unit owner rights","url":"\/55.1-1939\/","token":"55.1\/IV\/19\/2\/55.1-1939","metadata":false}],"previous_section":{"id":74270,"structure_id":13019,"section_number":"55.1-1920","catch_line":"Contents of plats and plans","url":"\/55.1-1920\/","token":"55.1\/IV\/19\/2\/55.1-1920","metadata":false},"next_section":{"id":70504,"structure_id":13019,"section_number":"55.1-1922","catch_line":"Preliminary recordation of plats and plans","url":"\/55.1-1922\/","token":"55.1\/IV\/19\/2\/55.1-1922","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-1921\/","history_text":"

This law was first created in 1977. The record of its establishment is cataloged in chapter 428 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. Unfortunately, the 1977 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. 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. Those modifications are as follows: in 1988, chapter 15; in 1999, chapter 560<\/a>; in 2008, chapters 851<\/a> and 871<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":74270,"section_number":"55.1-1920","catch_line":"Contents of plats and plans","order_by":null,"url":"\/55.1-1920\/"}],"refers_to":[{"id":74270,"section_number":"55.1-1920","catch_line":"Contents of plats and plans","order_by":null,"url":"\/55.1-1920\/"}],"permalink":{"id":246713,"object_type":"law","relational_id":62387,"identifier":"55.1-1921","token":"55.1\/IV\/19\/2\/55.1-1921","url":"\/55.1-1921\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-1921\/","token":"55.1\/IV\/19\/2\/55.1-1921","dublin_core":{"Title":"Bond to insure completion of improvements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-1921","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The declarant<\/span> shall file with the Common Interest Community Board a bond<\/span> entered into by the declarant<\/span> in the sum of 100 percent of the estimated cost of completion, to the extent of the declarant<\/span>’s obligation as stated in the declaration, of all improvements to the common elements<\/span> of the condominium labeled in the plat or plats as “NOT YET COMPLETED” or “NOT YET BEGUN” located upon submitted land<\/span> and which the declarant<\/span> reasonably believes will not be substantially complete at the time of conveyance of the first condominium unit<\/span>. Such bond<\/span> shall be conditioned upon the faithful performance of the declarant<\/span>’s obligation to complete such improvements in strict conformity with the plans and specifications for the same as described in the declaration. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The declarant<\/span> shall file with the Common Interest Community Board a bond<\/span> entered into by the declarant<\/span> in the sum of 100 percent of the estimated cost of completion of a unit in which a time-share interest is conveyed before the unit has been certified as substantially complete in accordance with subsections A and B of § 55.1-1920<\/a>. The bond<\/span> required by this subsection shall be conditioned upon the faithful performance of the declarant<\/span>’s obligation to complete such improvements in strict conformity with the plans and specifications for the same as described in the declaration. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> All bonds<\/span> required in this section shall be executed by a surety<\/span> company authorized to transact business in the Commonwealth or by such other surety<\/span> as is satisfactory to the Board. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Board may promulgate reasonable regulations that govern the return of bonds<\/span> submitted in accordance with this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOND TO INSURE COMPLETION OF IMPROVEMENTS (\u00a7 55.1-1921)\n\nA. The declarant shall file with the Common Interest Community Board a bond\nentered into by the declarant in the sum of 100 percent of the estimated cost of\ncompletion, to the extent of the declarant’s obligation as stated in the\ndeclaration, of all improvements to the common elements of the condominium\nlabeled in the plat or plats as “NOT YET COMPLETED” or “NOT\nYET BEGUN” located upon submitted land and which the declarant reasonably\nbelieves will not be substantially complete at the time of conveyance of the\nfirst condominium unit. Such bond shall be conditioned upon the faithful\nperformance of the declarant’s obligation to complete such improvements in\nstrict conformity with the plans and specifications for the same as described in\nthe declaration.\n\nB. The declarant shall file with the Common Interest Community Board a bond\nentered into by the declarant in the sum of 100 percent of the estimated cost of\ncompletion of a unit in which a time-share interest is conveyed before the unit\nhas been certified as substantially complete in accordance with subsections A\nand B of § 55.1-1920. The bond required by this subsection shall be\nconditioned upon the faithful performance of the declarant’s obligation to\ncomplete such improvements in strict conformity with the plans and\nspecifications for the same as described in the declaration.\n\nC. All bonds required in this section shall be executed by a surety company\nauthorized to transact business in the Commonwealth or by such other surety as\nis satisfactory to the Board.\n\nD. The Board may promulgate reasonable regulations that govern the return of\nbonds submitted in accordance with this section.\n\nHISTORY: 1977, c. 428, \u00a7 55-79.58:1; 1988, c. 15; 1999, c. 560; 2008, cc. 851,\n871; 2019, c. 712.","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}}