{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2120.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2120.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2120.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2120.html"}],"law_id":65450,"edition_id":1,"section_id":65450,"structure_id":13510,"section_number":"55.1-2120","catch_line":"Exercise of development rights","history":"1982, c. 277, \u00a7 55-446; 2019, c. 712.","full_text":"A\n\nTo exercise any development right reserved under subdivision A 8 of § 55.1-2116, the declarant shall prepare, execute, and record an amendment to the declaration as specified in § 55.1-2127. The amendment to the declaration must assign an identifying number to each new unit created and, except in the case of subdivision or conversion of units described in subsection B, reallocate the allocated interests among all cooperative interests. The amendment must describe any common elements and any limited common elements created by such amendment and, in the case of limited common elements, designate to which of the units each is allocated to the extent required by § 55.1-2119.B\n\nDevelopment rights may be reserved within any real estate added to the cooperative if the amendment adding that real estate includes all matters required by § 55.1-2116 or 55.1-2117, as appropriate. This provision does not extend the time limit on the exercise of development rights imposed by the declaration pursuant to subdivision A 8 of § 55.1-2116.C\n\nWhenever a declarant exercises a development right to subdivide or convert a unit previously created into additional units, common elements, or both:1\n\nIf the declarant converts the unit entirely to common elements, the amendment to the declaration must reallocate all the allocated interests of the cooperative interest of which that unit is a part among the other cooperative interests as if that unit had been taken by eminent domain.2\n\nIf the declarant subdivides the unit into two or more units, whether or not any part of the unit is converted into common elements, the amendment to the declaration must reallocate all the allocated interests of the cooperative interest of which that unit is a part among the cooperative interests created by the subdivision in any reasonable manner prescribed by the declarant.D\n\nIf the declaration provides, pursuant to subdivision A 8 of \u00a7 55.1-2116, that all of or a portion of the real estate is subject to the development right of withdrawal:1\n\nIf all the real estate is subject to withdrawal, and the declaration does not describe separate portions of real estate subject to that right, none of the real estate may be withdrawn after a cooperative interest has been conveyed to a purchaser; and2\n\nIf a portion or portions are subject to withdrawal, no portion may be withdrawn after a cooperative interest in that portion has been conveyed to a purchaser.","order_by":null,"text":{"0":{"id":237987,"text":"To exercise any development right reserved under subdivision A 8 of § 55.1-2116, the declarant shall prepare, execute, and record an amendment to the declaration as specified in § 55.1-2127. The amendment to the declaration must assign an identifying number to each new unit created and, except in the case of subdivision or conversion of units described in subsection B, reallocate the allocated interests among all cooperative interests. The amendment must describe any common elements and any limited common elements created by such amendment and, in the case of limited common elements, designate to which of the units each is allocated to the extent required by § 55.1-2119.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":237988,"text":"Development rights may be reserved within any real estate added to the cooperative if the amendment adding that real estate includes all matters required by § 55.1-2116 or 55.1-2117, as appropriate. This provision does not extend the time limit on the exercise of development rights imposed by the declaration pursuant to subdivision A 8 of § 55.1-2116.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":237989,"text":"Whenever a declarant exercises a development right to subdivide or convert a unit previously created into additional units, common elements, or both:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":237990,"text":"If the declarant converts the unit entirely to common elements, the amendment to the declaration must reallocate all the allocated interests of the cooperative interest of which that unit is a part among the other cooperative interests as if that unit had been taken by eminent domain.","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":237991,"text":"If the declarant subdivides the unit into two or more units, whether or not any part of the unit is converted into common elements, the amendment to the declaration must reallocate all the allocated interests of the cooperative interest of which that unit is a part among the cooperative interests created by the subdivision in any reasonable manner prescribed by the declarant.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"D"},"5":{"id":237992,"text":"If the declaration provides, pursuant to subdivision A 8 of \u00a7 55.1-2116, that all of or a portion of the real estate is subject to the development right of withdrawal:","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C2","next_prefix":"D1"},"6":{"id":237993,"text":"If all the real estate is subject to withdrawal, and the declaration does not describe separate portions of real estate subject to that right, none of the real estate may be withdrawn after a cooperative interest has been conveyed to a purchaser; and","type":"section","prefixes":["D","1"],"prefix":"1","entire_prefix":"D1","prefix_anchor":"D1","level":2,"prior_prefix":"D","next_prefix":"D2"},"7":{"id":237994,"text":"If a portion or portions are subject to withdrawal, no portion may be withdrawn after a cooperative interest in that portion has been conveyed to a purchaser.","type":"section","prefixes":["D","2"],"prefix":"2","entire_prefix":"D2","prefix_anchor":"D2","level":2,"prior_prefix":"D1"}},"ancestry":[{"id":13510,"edition_id":1,"name":"Creation, Alteration, and Termination of Cooperatives","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13509,"metadata":{},"date_created":"2026-06-26 03:45:06","date_modified":"2026-06-26 03:45:06","permalink":{"id":247161,"object_type":"structure","relational_id":13510,"identifier":"2","token":"55.1\/IV\/21\/2","url":"\/55.1\/IV\/21\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13509,"edition_id":1,"name":"Virginia Real Estate Cooperative Act","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:45:06","date_modified":"2026-06-26 03:45:06","permalink":{"id":247109,"object_type":"structure","relational_id":13509,"identifier":"21","token":"55.1\/IV\/21","url":"\/55.1\/IV\/21\/","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":75913,"structure_id":13510,"section_number":"55.1-2112","catch_line":"Creation of cooperative ownership","url":"\/55.1-2112\/","token":"55.1\/IV\/21\/2\/55.1-2112","metadata":false},{"id":82447,"structure_id":13510,"section_number":"55.1-2113","catch_line":"Unit boundaries","url":"\/55.1-2113\/","token":"55.1\/IV\/21\/2\/55.1-2113","metadata":false},{"id":86939,"structure_id":13510,"section_number":"55.1-2114","catch_line":"Construction and validity of declaration and bylaws","url":"\/55.1-2114\/","token":"55.1\/IV\/21\/2\/55.1-2114","metadata":false},{"id":71260,"structure_id":13510,"section_number":"55.1-2115","catch_line":"Description of units","url":"\/55.1-2115\/","token":"55.1\/IV\/21\/2\/55.1-2115","metadata":false},{"id":60682,"structure_id":13510,"section_number":"55.1-2116","catch_line":"Contents of declaration","url":"\/55.1-2116\/","token":"55.1\/IV\/21\/2\/55.1-2116","metadata":false},{"id":72102,"structure_id":13510,"section_number":"55.1-2117","catch_line":"Leasehold cooperatives","url":"\/55.1-2117\/","token":"55.1\/IV\/21\/2\/55.1-2117","metadata":false},{"id":66972,"structure_id":13510,"section_number":"55.1-2118","catch_line":"Allocation of ownership interests, votes, and common expense liabilities","url":"\/55.1-2118\/","token":"55.1\/IV\/21\/2\/55.1-2118","metadata":false},{"id":84579,"structure_id":13510,"section_number":"55.1-2119","catch_line":"Limited common elements","url":"\/55.1-2119\/","token":"55.1\/IV\/21\/2\/55.1-2119","metadata":false},{"id":65450,"structure_id":13510,"section_number":"55.1-2120","catch_line":"Exercise of development rights","url":"\/55.1-2120\/","token":"55.1\/IV\/21\/2\/55.1-2120","metadata":false},{"id":73544,"structure_id":13510,"section_number":"55.1-2121","catch_line":"Alterations of units","url":"\/55.1-2121\/","token":"55.1\/IV\/21\/2\/55.1-2121","metadata":false},{"id":61131,"structure_id":13510,"section_number":"55.1-2122","catch_line":"Relocation of boundaries between adjoining units","url":"\/55.1-2122\/","token":"55.1\/IV\/21\/2\/55.1-2122","metadata":false},{"id":72357,"structure_id":13510,"section_number":"55.1-2123","catch_line":"Subdivision of units","url":"\/55.1-2123\/","token":"55.1\/IV\/21\/2\/55.1-2123","metadata":false},{"id":54476,"structure_id":13510,"section_number":"55.1-2124","catch_line":"Easement for encroachments","url":"\/55.1-2124\/","token":"55.1\/IV\/21\/2\/55.1-2124","metadata":false},{"id":79793,"structure_id":13510,"section_number":"55.1-2125","catch_line":"Use for sales purposes","url":"\/55.1-2125\/","token":"55.1\/IV\/21\/2\/55.1-2125","metadata":false},{"id":65491,"structure_id":13510,"section_number":"55.1-2126","catch_line":"Easement rights","url":"\/55.1-2126\/","token":"55.1\/IV\/21\/2\/55.1-2126","metadata":false},{"id":62864,"structure_id":13510,"section_number":"55.1-2127","catch_line":"Amendment of declaration","url":"\/55.1-2127\/","token":"55.1\/IV\/21\/2\/55.1-2127","metadata":false},{"id":79915,"structure_id":13510,"section_number":"55.1-2128","catch_line":"Termination of cooperative ownership","url":"\/55.1-2128\/","token":"55.1\/IV\/21\/2\/55.1-2128","metadata":false},{"id":69933,"structure_id":13510,"section_number":"55.1-2129","catch_line":"Rights of secured lenders","url":"\/55.1-2129\/","token":"55.1\/IV\/21\/2\/55.1-2129","metadata":false},{"id":58552,"structure_id":13510,"section_number":"55.1-2130","catch_line":"Master associations","url":"\/55.1-2130\/","token":"55.1\/IV\/21\/2\/55.1-2130","metadata":false},{"id":71160,"structure_id":13510,"section_number":"55.1-2131","catch_line":"Merger or consolidation of cooperatives","url":"\/55.1-2131\/","token":"55.1\/IV\/21\/2\/55.1-2131","metadata":false}],"previous_section":{"id":84579,"structure_id":13510,"section_number":"55.1-2119","catch_line":"Limited common elements","url":"\/55.1-2119\/","token":"55.1\/IV\/21\/2\/55.1-2119","metadata":false},"next_section":{"id":73544,"structure_id":13510,"section_number":"55.1-2121","catch_line":"Alterations of units","url":"\/55.1-2121\/","token":"55.1\/IV\/21\/2\/55.1-2121","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2120\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 277 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 1982 \u201cActs\u201d aren\u2019t available online. 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 2019, chapter 712<\/a>.<\/p>","references":[{"id":58909,"section_number":"55.1-2100","catch_line":"Definitions","order_by":null,"url":"\/55.1-2100\/"},{"id":62864,"section_number":"55.1-2127","catch_line":"Amendment of declaration","order_by":null,"url":"\/55.1-2127\/"},{"id":55380,"section_number":"55.1-2171","catch_line":"Declarant's obligation to complete and restore","order_by":null,"url":"\/55.1-2171\/"}],"refers_to":[{"id":60682,"section_number":"55.1-2116","catch_line":"Contents of declaration","order_by":null,"url":"\/55.1-2116\/"},{"id":72102,"section_number":"55.1-2117","catch_line":"Leasehold cooperatives","order_by":null,"url":"\/55.1-2117\/"},{"id":62864,"section_number":"55.1-2127","catch_line":"Amendment of declaration","order_by":null,"url":"\/55.1-2127\/"}],"permalink":{"id":247195,"object_type":"law","relational_id":65450,"identifier":"55.1-2120","token":"55.1\/IV\/21\/2\/55.1-2120","url":"\/55.1-2120\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2120\/","token":"55.1\/IV\/21\/2\/55.1-2120","dublin_core":{"Title":"Exercise of development rights","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2120","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> To exercise any development right reserved under subdivision A 8 of § 55.1-2116<\/a>, the declarant<\/span> shall prepare, execute, and record an amendment to the declaration<\/span> as specified in § 55.1-2127<\/a>. The amendment to the declaration<\/span> must assign an identifying number<\/span> to each new unit<\/span> created and, except in the case of subdivision or conversion of units<\/span> described in subsection B, reallocate the allocated interests<\/span> among all cooperative interests<\/span>. The amendment must describe any common elements and any limited common elements<\/span> created by such amendment and, in the case of limited common elements<\/span>, designate to which of the units<\/span> each is allocated to the extent required by § 55.1-2119<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Development rights<\/span> may be reserved within any real estate<\/span> added to the cooperative if the amendment adding that real estate<\/span> includes all matters required by § 55.1-2116<\/a> or 55.1-2117<\/a>, as appropriate. This provision does not extend the time limit on the exercise of development rights<\/span> imposed by the declaration<\/span> pursuant to subdivision A 8 of § 55.1-2116<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Whenever a declarant<\/span> exercises a development right to subdivide or convert a unit<\/span> previously created into additional units<\/span>, common elements, or both: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> If the declarant<\/span> converts the unit<\/span> entirely to common elements, the amendment to the declaration<\/span> must reallocate all the allocated interests<\/span> of the cooperative interest<\/span> of which that unit<\/span> is a part among the other cooperative interests<\/span> as if that unit<\/span> had been taken by eminent domain. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> If the declarant<\/span> subdivides the unit<\/span> into two or more units<\/span>, whether or not any part of the unit<\/span> is converted into common elements, the amendment to the declaration<\/span> must reallocate all the allocated interests<\/span> of the cooperative interest<\/span> of which that unit<\/span> is a part among the cooperative interests<\/span> created by the subdivision in any reasonable manner prescribed by the declarant<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If the declaration<\/span> provides, pursuant to subdivision A 8 of \u00a7 55.1-2116<\/a>, that all of or a portion of the real estate<\/span> is subject to the development right of withdrawal: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> If all the real estate<\/span> is subject to withdrawal, and the declaration<\/span> does not describe separate portions of real estate<\/span> subject to that right, none of the real estate<\/span> may be withdrawn after a cooperative interest<\/span> has been conveyed to a purchaser<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> If a portion or portions are subject to withdrawal, no portion may be withdrawn after a cooperative interest<\/span> in that portion has been conveyed to a purchaser<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXERCISE OF DEVELOPMENT RIGHTS (\u00a7 55.1-2120)\n\nA. To exercise any development right reserved under subdivision A 8 of §\n55.1-2116, the declarant shall prepare, execute, and record an amendment to the\ndeclaration as specified in § 55.1-2127. The amendment to the declaration\nmust assign an identifying number to each new unit created and, except in the\ncase of subdivision or conversion of units described in subsection B, reallocate\nthe allocated interests among all cooperative interests. The amendment must\ndescribe any common elements and any limited common elements created by such\namendment and, in the case of limited common elements, designate to which of the\nunits each is allocated to the extent required by § 55.1-2119.\n\nB. Development rights may be reserved within any real estate added to the\ncooperative if the amendment adding that real estate includes all matters\nrequired by § 55.1-2116 or 55.1-2117, as appropriate. This provision does\nnot extend the time limit on the exercise of development rights imposed by the\ndeclaration pursuant to subdivision A 8 of § 55.1-2116.\n\nC. Whenever a declarant exercises a development right to subdivide or convert a\nunit previously created into additional units, common elements, or both:\n\n 1. If the declarant converts the unit entirely to common elements, the\n amendment to the declaration must reallocate all the allocated interests of\n the cooperative interest of which that unit is a part among the other\n cooperative interests as if that unit had been taken by eminent domain.\n\n 2. If the declarant subdivides the unit into two or more units, whether or not\n any part of the unit is converted into common elements, the amendment to the\n declaration must reallocate all the allocated interests of the cooperative\n interest of which that unit is a part among the cooperative interests created\n by the subdivision in any reasonable manner prescribed by the declarant.\n\nD. If the declaration provides, pursuant to subdivision A 8 of \u00a7 55.1-2116,\nthat all of or a portion of the real estate is subject to the development right\nof withdrawal:\n\n 1. If all the real estate is subject to withdrawal, and the declaration does\n not describe separate portions of real estate subject to that right, none of\n the real estate may be withdrawn after a cooperative interest has been\n conveyed to a purchaser; and\n\n 2. If a portion or portions are subject to withdrawal, no portion may be\n withdrawn after a cooperative interest in that portion has been conveyed to a\n purchaser.\n\nHISTORY: 1982, c. 277, \u00a7 55-446; 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}}