{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-1976.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-1976.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-1976.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-1976.html"}],"law_id":85082,"edition_id":1,"section_id":85082,"structure_id":15581,"section_number":"55.1-1976","catch_line":"Public offering statement; condominium securities","history":"1974, c. 416, \u00a7 55-79.90; 1977, c. 428; 1986, c. 324; 1996, cc. 281, 888; 1999, c. 560; 2006, c. 646; 2007, cc. 854, 910; 2011, c. 605; 2014, c. 215; 2019, c. 712.","full_text":"A\n\nA public offering statement shall disclose fully and accurately the characteristics of the condominium and the units being offered and shall make known to prospective purchasers all unusual and material circumstances or features affecting the condominium. The proposed public offering statement submitted to the Common Interest Community Board shall be in a form prescribed by its regulations and shall include the following:1\n\nThe name and principal address of the declarant and the condominium;2\n\nA general narrative description of the condominium stating the total number of units in the offering, the total number of units planned to be sold and rented, and the total number of units that may be included in the condominium by reason of future expansion or merger of the project by the declarant;3\n\nCopies of the declaration and bylaws, with a brief narrative statement describing each and including information on declarant control; a projected budget for at least the first year of the condominium’s operation, including projected common expense assessments for each unit; and provisions for reserves for capital expenditures and restraints on alienation;4\n\nCopies of any management contract, lease of recreational areas, or similar contract or agreement affecting the use, maintenance, or access of all or any part of the condominium with a brief narrative statement of the effect of each such agreement upon a purchaser, and a statement of the relationship, if any, between the declarant and the managing agent or firm;5\n\nA general description of the status of construction, zoning, site plan approval, issuance of building permits, or compliance with any other state or local statute or regulation affecting the condominium;6\n\nThe significant terms of any encumbrances, easements, liens, and matters of title affecting the condominium;7\n\nThe significant terms of any financing offered by the declarant to the purchaser of units in the condominium;8\n\nProvisions of any warranties provided by the declarant on the units and the common elements, other than the warranty prescribed by subsection B of § 55.1-1955;9\n\nA statement that, pursuant to subdivision 2 of § 55.1-1974, the purchaser may cancel the disposition within five calendar days of delivery of the current public offering statement or within five calendar days of the contract date of the disposition, whichever is later;10\n\nA statement of the declarant’s obligation to complete improvements of the condominium that are planned but not yet begun or begun but not yet completed. Such statement shall include a description of the quality of the materials to be used, the size or capacity of the improvements when material, and the time by which the improvements shall be completed. Any limitations on the declarant’s obligation to begin or complete any such improvements shall be expressly stated;11\n\nIf the units in the condominium are being subjected to a time-share instrument pursuant to § 55.1-2208, the information required to be disclosed by § 55.1-2217;12\n\nA statement listing the facilities or amenities that are defined as common elements or limited common elements in the condominium instruments that are available to a purchaser for use. Such statement shall also include whether there are any fees or other charges for the use of such facilities or amenities that are not included as part of any assessment and the amount of such fees or charges, if any, a purchaser may be required to pay;13\n\nA statement of any limitation on the number of persons who may occupy a unit as a dwelling;14\n\nA statement setting forth any restrictions, limitation, or prohibition on the right of a unit owner to display the flag of the United States, including reasonable restrictions as to the size, place, and manner of placement or display of such flag; and15\n\nAdditional information required by the Common Interest Community Board to assure full and fair disclosure to prospective purchasers.B\n\nThe public offering statement shall not be used for any promotional purposes before registration of the condominium project and shall be used afterwards only if it is used in its entirety. No person may advertise or represent that the Common Interest Community Board approves or recommends the condominium or disposition of any unit in the condominium. No portion of the public offering statement may be underscored, italicized, or printed in larger or heavier or different color type than the remainder of the statement unless the Common Interest Community Board requires it.C\n\nThe Common Interest Community Board may require the declarant to alter or amend the proposed public offering statement in order to assure full and fair disclosure to prospective purchasers, and no change in the substance of the promotional plan or plan of disposition or development of the condominium may be made after registration without notifying the Common Interest Community Board and without making appropriate amendment of the public offering statement. A public offering statement is not current unless all amendments are incorporated.D\n\nIf an interest in a condominium is currently registered with the U.S. Securities and Exchange Commission, a declarant satisfies all requirements relating to the preparation of a public offering statement in this chapter if he delivers to the purchaser and files with the Common Interest Community Board a copy of the public offering statement filed with the Securities and Exchange Commission. An interest in a condominium is not a security under the provisions of the Securities Act (§ 13.1-501 et seq.).","order_by":null,"text":{"0":{"id":304927,"text":"A public offering statement shall disclose fully and accurately the characteristics of the condominium and the units being offered and shall make known to prospective purchasers all unusual and material circumstances or features affecting the condominium. The proposed public offering statement submitted to the Common Interest Community Board shall be in a form prescribed by its regulations and shall include the following:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":304928,"text":"The name and principal address of the declarant and the condominium;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":304929,"text":"A general narrative description of the condominium stating the total number of units in the offering, the total number of units planned to be sold and rented, and the total number of units that may be included in the condominium by reason of future expansion or merger of the project by the declarant;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":304930,"text":"Copies of the declaration and bylaws, with a brief narrative statement describing each and including information on declarant control; a projected budget for at least the first year of the condominium’s operation, including projected common expense assessments for each unit; and provisions for reserves for capital expenditures and restraints on alienation;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":304931,"text":"Copies of any management contract, lease of recreational areas, or similar contract or agreement affecting the use, maintenance, or access of all or any part of the condominium with a brief narrative statement of the effect of each such agreement upon a purchaser, and a statement of the relationship, if any, between the declarant and the managing agent or firm;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":304932,"text":"A general description of the status of construction, zoning, site plan approval, issuance of building permits, or compliance with any other state or local statute or regulation affecting the condominium;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":304933,"text":"The significant terms of any encumbrances, easements, liens, and matters of title affecting the condominium;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":304934,"text":"The significant terms of any financing offered by the declarant to the purchaser of units in the condominium;","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":304935,"text":"Provisions of any warranties provided by the declarant on the units and the common elements, other than the warranty prescribed by subsection B of § 55.1-1955;","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":304936,"text":"A statement that, pursuant to subdivision 2 of § 55.1-1974, the purchaser may cancel the disposition within five calendar days of delivery of the current public offering statement or within five calendar days of the contract date of the disposition, whichever is later;","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":304937,"text":"A statement of the declarant’s obligation to complete improvements of the condominium that are planned but not yet begun or begun but not yet completed. Such statement shall include a description of the quality of the materials to be used, the size or capacity of the improvements when material, and the time by which the improvements shall be completed. Any limitations on the declarant’s obligation to begin or complete any such improvements shall be expressly stated;","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"A11"},"11":{"id":304938,"text":"If the units in the condominium are being subjected to a time-share instrument pursuant to § 55.1-2208, the information required to be disclosed by § 55.1-2217;","type":"section","prefixes":["A","11"],"prefix":"11","entire_prefix":"A11","prefix_anchor":"A11","level":2,"prior_prefix":"A10","next_prefix":"A12"},"12":{"id":304939,"text":"A statement listing the facilities or amenities that are defined as common elements or limited common elements in the condominium instruments that are available to a purchaser for use. Such statement shall also include whether there are any fees or other charges for the use of such facilities or amenities that are not included as part of any assessment and the amount of such fees or charges, if any, a purchaser may be required to pay;","type":"section","prefixes":["A","12"],"prefix":"12","entire_prefix":"A12","prefix_anchor":"A12","level":2,"prior_prefix":"A11","next_prefix":"A13"},"13":{"id":304940,"text":"A statement of any limitation on the number of persons who may occupy a unit as a dwelling;","type":"section","prefixes":["A","13"],"prefix":"13","entire_prefix":"A13","prefix_anchor":"A13","level":2,"prior_prefix":"A12","next_prefix":"A14"},"14":{"id":304941,"text":"A statement setting forth any restrictions, limitation, or prohibition on the right of a unit owner to display the flag of the United States, including reasonable restrictions as to the size, place, and manner of placement or display of such flag; and","type":"section","prefixes":["A","14"],"prefix":"14","entire_prefix":"A14","prefix_anchor":"A14","level":2,"prior_prefix":"A13","next_prefix":"A15"},"15":{"id":304942,"text":"Additional information required by the Common Interest Community Board to assure full and fair disclosure to prospective purchasers.","type":"section","prefixes":["A","15"],"prefix":"15","entire_prefix":"A15","prefix_anchor":"A15","level":2,"prior_prefix":"A14","next_prefix":"B"},"16":{"id":304943,"text":"The public offering statement shall not be used for any promotional purposes before registration of the condominium project and shall be used afterwards only if it is used in its entirety. No person may advertise or represent that the Common Interest Community Board approves or recommends the condominium or disposition of any unit in the condominium. No portion of the public offering statement may be underscored, italicized, or printed in larger or heavier or different color type than the remainder of the statement unless the Common Interest Community Board requires it.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A15","next_prefix":"C"},"17":{"id":304944,"text":"The Common Interest Community Board may require the declarant to alter or amend the proposed public offering statement in order to assure full and fair disclosure to prospective purchasers, and no change in the substance of the promotional plan or plan of disposition or development of the condominium may be made after registration without notifying the Common Interest Community Board and without making appropriate amendment of the public offering statement. A public offering statement is not current unless all amendments are incorporated.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"18":{"id":304945,"text":"If an interest in a condominium is currently registered with the U.S. Securities and Exchange Commission, a declarant satisfies all requirements relating to the preparation of a public offering statement in this chapter if he delivers to the purchaser and files with the Common Interest Community Board a copy of the public offering statement filed with the Securities and Exchange Commission. An interest in a condominium is not a security under the provisions of the Securities Act (§ 13.1-501 et seq.).","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":15581,"edition_id":1,"name":"Administration of Chapter; Sale, Etc., of Condominium Units","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13018,"metadata":{},"date_created":"2026-06-26 03:56:32","date_modified":"2026-06-26 03:56:32","permalink":{"id":246927,"object_type":"structure","relational_id":15581,"identifier":"4","token":"55.1\/IV\/19\/4","url":"\/55.1\/IV\/19\/4\/","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":68690,"structure_id":15581,"section_number":"55.1-1970","catch_line":"Common Interest Community Board","url":"\/55.1-1970\/","token":"55.1\/IV\/19\/4\/55.1-1970","metadata":false},{"id":59771,"structure_id":15581,"section_number":"55.1-1971","catch_line":"General powers and duties of the Common Interest Community Board","url":"\/55.1-1971\/","token":"55.1\/IV\/19\/4\/55.1-1971","metadata":{"court_decisions":""}},{"id":75490,"structure_id":15581,"section_number":"55.1-1972","catch_line":"Exemptions from certain provisions of article","url":"\/55.1-1972\/","token":"55.1\/IV\/19\/4\/55.1-1972","metadata":false},{"id":61023,"structure_id":15581,"section_number":"55.1-1973","catch_line":"Rental of units","url":"\/55.1-1973\/","token":"55.1\/IV\/19\/4\/55.1-1973","metadata":false},{"id":68890,"structure_id":15581,"section_number":"55.1-1974","catch_line":"Limitations on dispositions of units","url":"\/55.1-1974\/","token":"55.1\/IV\/19\/4\/55.1-1974","metadata":false},{"id":61758,"structure_id":15581,"section_number":"55.1-1975","catch_line":"Application for registration; fee","url":"\/55.1-1975\/","token":"55.1\/IV\/19\/4\/55.1-1975","metadata":false},{"id":85082,"structure_id":15581,"section_number":"55.1-1976","catch_line":"Public offering statement; condominium securities","url":"\/55.1-1976\/","token":"55.1\/IV\/19\/4\/55.1-1976","metadata":false},{"id":82046,"structure_id":15581,"section_number":"55.1-1977","catch_line":"Inquiry and examination","url":"\/55.1-1977\/","token":"55.1\/IV\/19\/4\/55.1-1977","metadata":false},{"id":75453,"structure_id":15581,"section_number":"55.1-1978","catch_line":"Notice of filing and registration","url":"\/55.1-1978\/","token":"55.1\/IV\/19\/4\/55.1-1978","metadata":false},{"id":65140,"structure_id":15581,"section_number":"55.1-1979","catch_line":"Annual report by declarant","url":"\/55.1-1979\/","token":"55.1\/IV\/19\/4\/55.1-1979","metadata":false},{"id":61172,"structure_id":15581,"section_number":"55.1-1980","catch_line":"Annual report by unit owners' association","url":"\/55.1-1980\/","token":"55.1\/IV\/19\/4\/55.1-1980","metadata":false},{"id":73657,"structure_id":15581,"section_number":"55.1-1981","catch_line":"Termination of registration","url":"\/55.1-1981\/","token":"55.1\/IV\/19\/4\/55.1-1981","metadata":false},{"id":64581,"structure_id":15581,"section_number":"55.1-1982","catch_line":"Conversion condominiums; special provisions","url":"\/55.1-1982\/","token":"55.1\/IV\/19\/4\/55.1-1982","metadata":false},{"id":59449,"structure_id":15581,"section_number":"55.1-1983","catch_line":"Escrow of deposits","url":"\/55.1-1983\/","token":"55.1\/IV\/19\/4\/55.1-1983","metadata":false},{"id":72592,"structure_id":15581,"section_number":"55.1-1984","catch_line":"Declarant to deliver declaration to purchaser","url":"\/55.1-1984\/","token":"55.1\/IV\/19\/4\/55.1-1984","metadata":false},{"id":66724,"structure_id":15581,"section_number":"55.1-1985","catch_line":"Investigations and proceedings","url":"\/55.1-1985\/","token":"55.1\/IV\/19\/4\/55.1-1985","metadata":false},{"id":63733,"structure_id":15581,"section_number":"55.1-1986","catch_line":"Cease and desist orders","url":"\/55.1-1986\/","token":"55.1\/IV\/19\/4\/55.1-1986","metadata":false},{"id":78872,"structure_id":15581,"section_number":"55.1-1987","catch_line":"Revocation of registration","url":"\/55.1-1987\/","token":"55.1\/IV\/19\/4\/55.1-1987","metadata":false},{"id":86244,"structure_id":15581,"section_number":"55.1-1988","catch_line":"Judicial review","url":"\/55.1-1988\/","token":"55.1\/IV\/19\/4\/55.1-1988","metadata":false},{"id":66151,"structure_id":15581,"section_number":"55.1-1989","catch_line":"Penalties","url":"\/55.1-1989\/","token":"55.1\/IV\/19\/4\/55.1-1989","metadata":false}],"previous_section":{"id":61758,"structure_id":15581,"section_number":"55.1-1975","catch_line":"Application for registration; fee","url":"\/55.1-1975\/","token":"55.1\/IV\/19\/4\/55.1-1975","metadata":false},"next_section":{"id":82046,"structure_id":15581,"section_number":"55.1-1977","catch_line":"Inquiry and examination","url":"\/55.1-1977\/","token":"55.1\/IV\/19\/4\/55.1-1977","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-1976\/","history_text":"

This law was first created in 1974. The record of its establishment is cataloged in chapter 416 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 1974 \u201cActs\u201d aren\u2019t available online. It has been modified 9 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 1977, chapter 428; in 1986, chapter 324; in 1996, chapters 281<\/a> and 888<\/a>; in 1999, chapter 560<\/a>; in 2006, chapter 646<\/a>; in 2007, chapters 854<\/a> and 910<\/a>; in 2011, chapter 605<\/a>; in 2014, chapter 215<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":63730,"section_number":"55.1-1951","catch_line":"Display of the flag of the United States; necessary supporting structures; affirmative defense","order_by":null,"url":"\/55.1-1951\/"},{"id":64581,"section_number":"55.1-1982","catch_line":"Conversion condominiums; special provisions","order_by":null,"url":"\/55.1-1982\/"},{"id":66151,"section_number":"55.1-1989","catch_line":"Penalties","order_by":null,"url":"\/55.1-1989\/"}],"refers_to":[{"id":75080,"section_number":"13.1-501","catch_line":"Definitions","order_by":null,"url":"\/13.1-501\/"},{"id":85997,"section_number":"55.1-1955","catch_line":"Upkeep of condominiums; warranty against structural defects; statute of limitations for warranty; warranty review committee","order_by":null,"url":"\/55.1-1955\/"},{"id":68890,"section_number":"55.1-1974","catch_line":"Limitations on dispositions of units","order_by":null,"url":"\/55.1-1974\/"},{"id":56830,"section_number":"55.1-2208","catch_line":"Instruments","order_by":null,"url":"\/55.1-2208\/"},{"id":64589,"section_number":"55.1-2217","catch_line":"Public offering statement","order_by":null,"url":"\/55.1-2217\/"}],"permalink":{"id":246953,"object_type":"law","relational_id":85082,"identifier":"55.1-1976","token":"55.1\/IV\/19\/4\/55.1-1976","url":"\/55.1-1976\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-1976\/","token":"55.1\/IV\/19\/4\/55.1-1976","dublin_core":{"Title":"Public offering statement; condominium securities","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-1976","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A public offering statement shall disclose fully and accurately the characteristics of the condominium<\/span> and the units<\/span> being offered and shall make known to prospective purchasers<\/span> all unusual and material<\/span> circumstances or features affecting the condominium<\/span>. The proposed public offering statement submitted to the Common Interest Community Board shall be in a form prescribed by its regulations and shall include the following: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The name and principal address of the declarant<\/span> and the condominium<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A general narrative description of the condominium<\/span> stating the total number of units<\/span> in the offering, the total number of units<\/span> planned to be sold and rented, and the total number of units<\/span> that may be included in the condominium<\/span> by reason of future expansion or merger of the project by the declarant<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Copies of the declaration and bylaws, with a brief<\/span> narrative statement describing each and including information on declarant<\/span> control; a projected budget for at least the first year of the condominium<\/span>’s operation, including projected common expense assessments for each unit<\/span>; and provisions for reserves for capital expenditures and restraints on alienation; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Copies of any management contract<\/span>, lease of recreational areas, or similar contract<\/span> or agreement affecting the use, maintenance, or access of all or any part of the condominium<\/span> with a brief<\/span> narrative statement of the effect of each such agreement upon a purchaser<\/span>, and a statement of the relationship, if any, between the declarant<\/span> and the managing agent or firm; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> A general description of the status of construction, zoning, site plan approval, issuance of building permits, or compliance with any other state or local statute<\/span> or regulation affecting the condominium<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The significant terms of any encumbrances, easements, liens<\/span>, and matters of title affecting the condominium<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> The significant terms of any financing offered by the declarant<\/span> to the purchaser<\/span> of units<\/span> in the condominium<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Provisions of any warranties provided by the declarant<\/span> on the units<\/span> and the common elements<\/span>, other than the warranty prescribed by subsection B of § 55.1-1955<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> A statement that, pursuant to subdivision 2 of § 55.1-1974<\/a>, the purchaser<\/span> may cancel the disposition<\/span> within five calendar days of delivery of the current public offering statement or within five calendar days of the contract<\/span> date of the disposition<\/span>, whichever is later; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> A statement of the declarant<\/span>’s obligation to complete improvements of the condominium<\/span> that are planned but not yet begun or begun but not yet completed. Such statement shall include a description of the quality of the materials<\/span> to be used, the size<\/span> or capacity of the improvements when material<\/span>, and the time by which the improvements shall be completed. Any limitations on the declarant<\/span>’s obligation to begin or complete any such improvements shall be expressly stated; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> If the units<\/span> in the condominium<\/span> are being subjected to a time-share instrument pursuant to § 55.1-2208<\/a>, the information required to be disclosed by § 55.1-2217<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> A statement listing the facilities or amenities that are defined as common elements or limited common elements<\/span> in the condominium<\/span> instruments that are available to a purchaser<\/span> for use. Such statement shall also include whether there are any fees or other charges for the use of such facilities or amenities that are not included as part of any assessment and the amount of such fees or charges, if any, a purchaser<\/span> may be required to pay; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> A statement of any limitation on the number of persons<\/span> who may occupy a unit<\/span> as a dwelling; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> A statement setting forth any restrictions, limitation, or prohibition on the right of a unit owner<\/span> to display the flag of the United States, including reasonable restrictions as to the size<\/span>, place, and manner of placement or display of such flag; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> Additional information required by the Common Interest Community Board to assure full and fair disclosure to prospective purchasers<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The public offering statement shall not be used for any promotional purposes before registration of the condominium<\/span> project and shall be used afterwards only if it is used in its entirety. No person<\/span> may advertise or represent that the Common Interest Community Board approves or recommends the condominium<\/span> or disposition<\/span> of any unit in the condominium<\/span>. No portion of the public offering statement may be underscored, italicized, or printed in larger or heavier or different color type than the remainder of the statement unless the Common Interest Community Board requires it. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Common Interest Community Board may require the declarant<\/span> to alter or amend<\/span> the proposed public offering statement in order<\/span> to assure full and fair disclosure to prospective purchasers<\/span>, and no change in the substance of the promotional plan or plan of disposition<\/span> or development of the condominium<\/span> may be made after registration without notifying the Common Interest Community Board and without making appropriate amendment of the public offering statement. A public offering statement is not current unless all amendments are incorporated. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If an interest in a condominium<\/span> is currently registered with the U.S. Securities and Exchange Commission, a declarant<\/span> satisfies all requirements relating to the preparation of a public offering statement in this chapter if he delivers to the purchaser<\/span> and files with the Common Interest Community Board a copy of the public offering statement filed with the Securities and Exchange Commission. An interest in a condominium<\/span> is not a security under the provisions of the Securities Act (§ 13.1-501<\/a> et seq.). <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPUBLIC OFFERING STATEMENT; CONDOMINIUM SECURITIES (\u00a7 55.1-1976)\n\nA. A public offering statement shall disclose fully and accurately the\ncharacteristics of the condominium and the units being offered and shall make\nknown to prospective purchasers all unusual and material circumstances or\nfeatures affecting the condominium. The proposed public offering statement\nsubmitted to the Common Interest Community Board shall be in a form prescribed\nby its regulations and shall include the following:\n\n 1. The name and principal address of the declarant and the condominium;\n\n 2. A general narrative description of the condominium stating the total number\n of units in the offering, the total number of units planned to be sold and\n rented, and the total number of units that may be included in the condominium\n by reason of future expansion or merger of the project by the declarant;\n\n 3. Copies of the declaration and bylaws, with a brief narrative statement\n describing each and including information on declarant control; a projected\n budget for at least the first year of the condominium’s operation,\n including projected common expense assessments for each unit; and provisions\n for reserves for capital expenditures and restraints on alienation;\n\n 4. Copies of any management contract, lease of recreational areas, or similar\n contract or agreement affecting the use, maintenance, or access of all or any\n part of the condominium with a brief narrative statement of the effect of each\n such agreement upon a purchaser, and a statement of the relationship, if any,\n between the declarant and the managing agent or firm;\n\n 5. A general description of the status of construction, zoning, site plan\n approval, issuance of building permits, or compliance with any other state or\n local statute or regulation affecting the condominium;\n\n 6. The significant terms of any encumbrances, easements, liens, and matters of\n title affecting the condominium;\n\n 7. The significant terms of any financing offered by the declarant to the\n purchaser of units in the condominium;\n\n 8. Provisions of any warranties provided by the declarant on the units and the\n common elements, other than the warranty prescribed by subsection B of §\n 55.1-1955;\n\n 9. A statement that, pursuant to subdivision 2 of § 55.1-1974, the\n purchaser may cancel the disposition within five calendar days of delivery of\n the current public offering statement or within five calendar days of the\n contract date of the disposition, whichever is later;\n\n 10. A statement of the declarant’s obligation to complete improvements\n of the condominium that are planned but not yet begun or begun but not yet\n completed. Such statement shall include a description of the quality of the\n materials to be used, the size or capacity of the improvements when material,\n and the time by which the improvements shall be completed. Any limitations on\n the declarant’s obligation to begin or complete any such improvements\n shall be expressly stated;\n\n 11. If the units in the condominium are being subjected to a time-share\n instrument pursuant to § 55.1-2208, the information required to be\n disclosed by § 55.1-2217;\n\n 12. A statement listing the facilities or amenities that are defined as common\n elements or limited common elements in the condominium instruments that are\n available to a purchaser for use. Such statement shall also include whether\n there are any fees or other charges for the use of such facilities or\n amenities that are not included as part of any assessment and the amount of\n such fees or charges, if any, a purchaser may be required to pay;\n\n 13. A statement of any limitation on the number of persons who may occupy a\n unit as a dwelling;\n\n 14. A statement setting forth any restrictions, limitation, or prohibition on\n the right of a unit owner to display the flag of the United States, including\n reasonable restrictions as to the size, place, and manner of placement or\n display of such flag; and\n\n 15. Additional information required by the Common Interest Community Board to\n assure full and fair disclosure to prospective purchasers.\n\nB. The public offering statement shall not be used for any promotional purposes\nbefore registration of the condominium project and shall be used afterwards only\nif it is used in its entirety. No person may advertise or represent that the\nCommon Interest Community Board approves or recommends the condominium or\ndisposition of any unit in the condominium. No portion of the public offering\nstatement may be underscored, italicized, or printed in larger or heavier or\ndifferent color type than the remainder of the statement unless the Common\nInterest Community Board requires it.\n\nC. The Common Interest Community Board may require the declarant to alter or\namend the proposed public offering statement in order to assure full and fair\ndisclosure to prospective purchasers, and no change in the substance of the\npromotional plan or plan of disposition or development of the condominium may be\nmade after registration without notifying the Common Interest Community Board\nand without making appropriate amendment of the public offering statement. A\npublic offering statement is not current unless all amendments are incorporated.\n\nD. If an interest in a condominium is currently registered with the U.S.\nSecurities and Exchange Commission, a declarant satisfies all requirements\nrelating to the preparation of a public offering statement in this chapter if he\ndelivers to the purchaser and files with the Common Interest Community Board a\ncopy of the public offering statement filed with the Securities and Exchange\nCommission. An interest in a condominium is not a security under the provisions\nof the Securities Act (§ 13.1-501 et seq.).\n\nHISTORY: 1974, c. 416, \u00a7 55-79.90; 1977, c. 428; 1986, c. 324; 1996, cc. 281,\n888; 1999, c. 560; 2006, c. 646; 2007, cc. 854, 910; 2011, c. 605; 2014, c. 215;\n2019, 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}}