{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2153.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2153.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2153.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2153.html"}],"law_id":69207,"edition_id":1,"section_id":69207,"structure_id":14195,"section_number":"55.1-2153","catch_line":"Applicability; waiver","history":"1982, c. 277, \u00a7 55-476; 2019, c. 712.","full_text":"A\n\nThis article applies to all cooperative interests subject to this chapter, except as provided in subsection B or as modified or waived by agreement of purchasers of cooperative interests in a cooperative in which all units are restricted to nonresidential use.B\n\nNeither a public offering statement nor a resale certificate need be prepared or delivered in the case of:1\n\nA gratuitous disposition of a cooperative interest;2\n\nA disposition pursuant to court order;3\n\nA disposition by a government or governmental agency;4\n\nA disposition by foreclosure or transfer in lieu of foreclosure;5\n\nA disposition to a person in the business of selling cooperative interests who intends to offer those cooperative interests to purchasers; or6\n\nA disposition that may be canceled at any time and for any reason by the purchaser without penalty.","order_by":null,"text":{"0":{"id":250392,"text":"This article applies to all cooperative interests subject to this chapter, except as provided in subsection B or as modified or waived by agreement of purchasers of cooperative interests in a cooperative in which all units are restricted to nonresidential use.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":250393,"text":"Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":250394,"text":"A gratuitous disposition of a cooperative interest;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":250395,"text":"A disposition pursuant to court order;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":250396,"text":"A disposition by a government or governmental agency;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":250397,"text":"A disposition by foreclosure or transfer in lieu of foreclosure;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"6":{"id":250398,"text":"A disposition to a person in the business of selling cooperative interests who intends to offer those cooperative interests to purchasers; or","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"7":{"id":250399,"text":"A disposition that may be canceled at any time and for any reason by the purchaser without penalty.","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5"}},"ancestry":[{"id":14195,"edition_id":1,"name":"Protection of Cooperative Purchasers","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13509,"metadata":{},"date_created":"2026-06-26 03:47:14","date_modified":"2026-06-26 03:47:14","permalink":{"id":247337,"object_type":"structure","relational_id":14195,"identifier":"4","token":"55.1\/IV\/21\/4","url":"\/55.1\/IV\/21\/4\/","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":69207,"structure_id":14195,"section_number":"55.1-2153","catch_line":"Applicability; waiver","url":"\/55.1-2153\/","token":"55.1\/IV\/21\/4\/55.1-2153","metadata":false},{"id":80903,"structure_id":14195,"section_number":"55.1-2154","catch_line":"Liability for public offering statement; requirements","url":"\/55.1-2154\/","token":"55.1\/IV\/21\/4\/55.1-2154","metadata":false},{"id":57013,"structure_id":14195,"section_number":"55.1-2155","catch_line":"Public offering statement; general provisions","url":"\/55.1-2155\/","token":"55.1\/IV\/21\/4\/55.1-2155","metadata":false},{"id":68806,"structure_id":14195,"section_number":"55.1-2156","catch_line":"Public offering statement; cooperatives subject to development rights","url":"\/55.1-2156\/","token":"55.1\/IV\/21\/4\/55.1-2156","metadata":false},{"id":71522,"structure_id":14195,"section_number":"55.1-2157","catch_line":"Public offering statement; time-shares","url":"\/55.1-2157\/","token":"55.1\/IV\/21\/4\/55.1-2157","metadata":false},{"id":74617,"structure_id":14195,"section_number":"55.1-2158","catch_line":"Public offering statement; cooperatives containing conversion building","url":"\/55.1-2158\/","token":"55.1\/IV\/21\/4\/55.1-2158","metadata":false},{"id":84882,"structure_id":14195,"section_number":"55.1-2159","catch_line":"Public offering statement; cooperative securities","url":"\/55.1-2159\/","token":"55.1\/IV\/21\/4\/55.1-2159","metadata":false},{"id":66392,"structure_id":14195,"section_number":"55.1-2160","catch_line":"Purchaser's right to cancel","url":"\/55.1-2160\/","token":"55.1\/IV\/21\/4\/55.1-2160","metadata":false},{"id":56734,"structure_id":14195,"section_number":"55.1-2161","catch_line":"Repealed","url":"\/55.1-2161\/","token":"55.1\/IV\/21\/4\/55.1-2161","metadata":false},{"id":66987,"structure_id":14195,"section_number":"55.1-2162","catch_line":"Escrow of deposits","url":"\/55.1-2162\/","token":"55.1\/IV\/21\/4\/55.1-2162","metadata":false},{"id":69847,"structure_id":14195,"section_number":"55.1-2163","catch_line":"Release of liens","url":"\/55.1-2163\/","token":"55.1\/IV\/21\/4\/55.1-2163","metadata":false},{"id":71295,"structure_id":14195,"section_number":"55.1-2164","catch_line":"Conversion buildings","url":"\/55.1-2164\/","token":"55.1\/IV\/21\/4\/55.1-2164","metadata":false},{"id":84401,"structure_id":14195,"section_number":"55.1-2165","catch_line":"Express warranties of quality","url":"\/55.1-2165\/","token":"55.1\/IV\/21\/4\/55.1-2165","metadata":false},{"id":85949,"structure_id":14195,"section_number":"55.1-2166","catch_line":"Implied warranties of quality","url":"\/55.1-2166\/","token":"55.1\/IV\/21\/4\/55.1-2166","metadata":false},{"id":68678,"structure_id":14195,"section_number":"55.1-2167","catch_line":"Exclusion or modification of implied warranties of quality","url":"\/55.1-2167\/","token":"55.1\/IV\/21\/4\/55.1-2167","metadata":false},{"id":62130,"structure_id":14195,"section_number":"55.1-2168","catch_line":"Statute of limitations for warranties","url":"\/55.1-2168\/","token":"55.1\/IV\/21\/4\/55.1-2168","metadata":false},{"id":82381,"structure_id":14195,"section_number":"55.1-2169","catch_line":"Effect of violation on rights of action; attorney fees; arbitration of disputes","url":"\/55.1-2169\/","token":"55.1\/IV\/21\/4\/55.1-2169","metadata":false},{"id":81822,"structure_id":14195,"section_number":"55.1-2170","catch_line":"Labeling of promotional material","url":"\/55.1-2170\/","token":"55.1\/IV\/21\/4\/55.1-2170","metadata":false},{"id":55380,"structure_id":14195,"section_number":"55.1-2171","catch_line":"Declarant's obligation to complete and restore","url":"\/55.1-2171\/","token":"55.1\/IV\/21\/4\/55.1-2171","metadata":false},{"id":64364,"structure_id":14195,"section_number":"55.1-2172","catch_line":"Substantial completion of units","url":"\/55.1-2172\/","token":"55.1\/IV\/21\/4\/55.1-2172","metadata":false}],"next_section":{"id":80903,"structure_id":14195,"section_number":"55.1-2154","catch_line":"Liability for public offering statement; requirements","url":"\/55.1-2154\/","token":"55.1\/IV\/21\/4\/55.1-2154","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2153\/","history_text":"<p>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 <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?191+ful+CHAP0712\">712<\/a>.<\/p>","references":[{"id":80253,"section_number":"55.1-2101","catch_line":"Applicability","order_by":null,"url":"\/55.1-2101\/"}],"refers_to":false,"permalink":{"id":247339,"object_type":"law","relational_id":69207,"identifier":"55.1-2153","token":"55.1\/IV\/21\/4\/55.1-2153","url":"\/55.1-2153\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2153\/","token":"55.1\/IV\/21\/4\/55.1-2153","dublin_core":{"Title":"Applicability; waiver","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2153","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> This article applies to all <span class=\"dictionary\">cooperative interests<\/span> subject to this chapter, except as provided in subsection B or as modified or waived by agreement of <span class=\"dictionary\">purchasers<\/span> of <span class=\"dictionary\">cooperative interests<\/span> in a cooperative in which all <span class=\"dictionary\">units<\/span> are restricted to nonresidential use. <a id=\"paragraph-250392\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/55.1-2153\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Neither a public <span class=\"dictionary\">offering<\/span> statement nor a resale certificate need be prepared or delivered in the case of: <a id=\"paragraph-250393\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/55.1-2153\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> A gratuitous <span class=\"dictionary\">disposition<\/span> of a <span class=\"dictionary\">cooperative interest<\/span>; <a id=\"paragraph-250394\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/55.1-2153\/#B1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> A <span class=\"dictionary\">disposition<\/span> pursuant to <span class=\"dictionary\">court order<\/span>; <a id=\"paragraph-250395\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/55.1-2153\/#B2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> A <span class=\"dictionary\">disposition<\/span> by a government or governmental agency; <a id=\"paragraph-250396\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/55.1-2153\/#B3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B4\" class=\"indent-1\"><p><span class=\"prefix-number\">4.<\/span> A <span class=\"dictionary\">disposition<\/span> by foreclosure or transfer in lieu of foreclosure; <a id=\"paragraph-250397\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/55.1-2153\/#B4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B5\" class=\"indent-1\"><p><span class=\"prefix-number\">5.<\/span> A <span class=\"dictionary\">disposition<\/span> to a <span class=\"dictionary\">person<\/span> in the business of selling <span class=\"dictionary\">cooperative interests<\/span> who intends to offer those <span class=\"dictionary\">cooperative interests<\/span> to <span class=\"dictionary\">purchasers<\/span>; or <a id=\"paragraph-250398\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/55.1-2153\/#B5\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B6\" class=\"indent-1\"><p><span class=\"prefix-number\">6.<\/span> A <span class=\"dictionary\">disposition<\/span> that may be canceled at any time and for any reason by the <span class=\"dictionary\">purchaser<\/span> without <span class=\"dictionary\">penalty<\/span>. <a id=\"paragraph-250399\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/55.1-2153\/#B6\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nAPPLICABILITY; WAIVER (\u00a7 55.1-2153)\n\nA. This article applies to all cooperative interests subject to this chapter,\nexcept as provided in subsection B or as modified or waived by agreement of\npurchasers of cooperative interests in a cooperative in which all units are\nrestricted to nonresidential use.\n\nB. Neither a public offering statement nor a resale certificate need be prepared\nor delivered in the case of:\n\n   1. A gratuitous disposition of a cooperative interest;\n\n   2. A disposition pursuant to court order;\n\n   3. A disposition by a government or governmental agency;\n\n   4. A disposition by foreclosure or transfer in lieu of foreclosure;\n\n   5. A disposition to a person in the business of selling cooperative interests\n   who intends to offer those cooperative interests to purchasers; or\n\n   6. A disposition that may be canceled at any time and for any reason by the\n   purchaser without penalty.\n\nHISTORY: 1982, c. 277, \u00a7 55-476; 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}}