{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2176.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2176.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2176.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2176.html"}],"law_id":57993,"edition_id":1,"section_id":57993,"structure_id":14035,"section_number":"55.1-2176","catch_line":"Application for registration; approval of uncompleted unit","history":"1982, c. 277, \u00a7 55-498; 2019, c. 712.","full_text":"A\n\nAn application for registration must contain the information and be accompanied by any reasonable fees required by the Common Interest Community Board’s regulations. A declarant promptly shall file amendments to report any factual or expected material change in any document or information contained in his application.B\n\nIf a declarant files with the Common Interest Community Board a declaration or proposed declaration, or an amendment or proposed amendment to a declaration, creating units for which he proposes to convey cooperative interests before the units are substantially completed in the manner required by \u00a7 55.1-2172, the declarant shall also file with the Common Interest Community Board:1\n\nA verified statement showing all costs involved in completing the buildings containing those units;2\n\nA verified estimate of the time of completion of construction of the buildings containing those units;3\n\nSatisfactory evidence of sufficient funds to cover all costs to complete the buildings containing those units;4\n\nA copy of the executed construction contract and any other contracts for the completion of the buildings containing those units;5\n\nA 100 percent payment and performance bond covering the entire cost of construction of the buildings containing those units;6\n\nPlans for the units;7\n\nIf purchasers’ funds are to be utilized for the construction of the cooperative, an executed copy of the escrow agreement with an escrow company or financial institution authorized to do business within the state that provides:\n\t\t\t\ta. That disbursements of purchasers’ funds may be made from time to time to pay for construction of the cooperative, architectural, and engineering costs, finance and legal fees, and other costs for the completion of the cooperative in proportion to the value of the work completed by the contractor as certified by an independent, registered architect or engineer, on bills submitted and approved by the lender of construction funds or the escrow agent;\n\t\t\t\tb. That disbursement of the balance of purchasers’ funds remaining after completion of the cooperative shall be made only when the escrow agent or lender receives satisfactory evidence that the period for filing mechanic’s and materialman’s liens has expired, or that the right to claim those liens has been waived, or that adequate provision has been made for satisfaction of any claimed mechanic’s or materialman’s lien; and\n\t\t\t\tc. Any other restriction relative to the retention and disbursement of purchasers’ funds required by the Common Interest Community Board; and8\n\nAny other materials or information the agency may require by its regulations.\n\t\t\t\tThe Common Interest Community Board shall not register the units described in the declaration or the amendment unless the Common Interest Community Board determines, on the basis of the material submitted by the declarant and any other information available to the Common Interest Community Board, that there is a reasonable basis to expect that the cooperative interests to be conveyed will be completed by the declarant following conveyance.","order_by":null,"text":{"0":{"id":212426,"text":"An application for registration must contain the information and be accompanied by any reasonable fees required by the Common Interest Community Board’s regulations. A declarant promptly shall file amendments to report any factual or expected material change in any document or information contained in his application.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":212427,"text":"If a declarant files with the Common Interest Community Board a declaration or proposed declaration, or an amendment or proposed amendment to a declaration, creating units for which he proposes to convey cooperative interests before the units are substantially completed in the manner required by \u00a7 55.1-2172, the declarant shall also file with the Common Interest Community Board:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":212428,"text":"A verified statement showing all costs involved in completing the buildings containing those units;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":212429,"text":"A verified estimate of the time of completion of construction of the buildings containing those units;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":212430,"text":"Satisfactory evidence of sufficient funds to cover all costs to complete the buildings containing those units;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":212431,"text":"A copy of the executed construction contract and any other contracts for the completion of the buildings containing those units;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"6":{"id":212432,"text":"A 100 percent payment and performance bond covering the entire cost of construction of the buildings containing those units;","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"7":{"id":212433,"text":"Plans for the units;","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5","next_prefix":"B7"},"8":{"id":212434,"text":"If purchasers’ funds are to be utilized for the construction of the cooperative, an executed copy of the escrow agreement with an escrow company or financial institution authorized to do business within the state that provides:\n\t\t\t\ta. That disbursements of purchasers’ funds may be made from time to time to pay for construction of the cooperative, architectural, and engineering costs, finance and legal fees, and other costs for the completion of the cooperative in proportion to the value of the work completed by the contractor as certified by an independent, registered architect or engineer, on bills submitted and approved by the lender of construction funds or the escrow agent;\n\t\t\t\tb. That disbursement of the balance of purchasers’ funds remaining after completion of the cooperative shall be made only when the escrow agent or lender receives satisfactory evidence that the period for filing mechanic’s and materialman’s liens has expired, or that the right to claim those liens has been waived, or that adequate provision has been made for satisfaction of any claimed mechanic’s or materialman’s lien; and\n\t\t\t\tc. Any other restriction relative to the retention and disbursement of purchasers’ funds required by the Common Interest Community Board; and","type":"section","prefixes":["B","7"],"prefix":"7","entire_prefix":"B7","prefix_anchor":"B7","level":2,"prior_prefix":"B6","next_prefix":"B8"},"9":{"id":212435,"text":"Any other materials or information the agency may require by its regulations.\n\t\t\t\tThe Common Interest Community Board shall not register the units described in the declaration or the amendment unless the Common Interest Community Board determines, on the basis of the material submitted by the declarant and any other information available to the Common Interest Community Board, that there is a reasonable basis to expect that the cooperative interests to be conveyed will be completed by the declarant following conveyance.","type":"section","prefixes":["B","8"],"prefix":"8","entire_prefix":"B8","prefix_anchor":"B8","level":2,"prior_prefix":"B7"}},"ancestry":[{"id":14035,"edition_id":1,"name":"Administration and Registration of Cooperatives","identifier":"5","label":"article","depth":4,"order_by":1,"parent_id":13509,"metadata":{},"date_created":"2026-06-26 03:46:39","date_modified":"2026-06-26 03:46:39","permalink":{"id":247419,"object_type":"structure","relational_id":14035,"identifier":"5","token":"55.1\/IV\/21\/5","url":"\/55.1\/IV\/21\/5\/","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":58593,"structure_id":14035,"section_number":"55.1-2173","catch_line":"Common Interest Community Board","url":"\/55.1-2173\/","token":"55.1\/IV\/21\/5\/55.1-2173","metadata":false},{"id":55127,"structure_id":14035,"section_number":"55.1-2174","catch_line":"General powers and duties of the Common Interest Community Board","url":"\/55.1-2174\/","token":"55.1\/IV\/21\/5\/55.1-2174","metadata":false},{"id":81963,"structure_id":14035,"section_number":"55.1-2175","catch_line":"Registration required","url":"\/55.1-2175\/","token":"55.1\/IV\/21\/5\/55.1-2175","metadata":false},{"id":57993,"structure_id":14035,"section_number":"55.1-2176","catch_line":"Application for registration; approval of uncompleted unit","url":"\/55.1-2176\/","token":"55.1\/IV\/21\/5\/55.1-2176","metadata":false},{"id":63020,"structure_id":14035,"section_number":"55.1-2177","catch_line":"Receipt of application; order or registration","url":"\/55.1-2177\/","token":"55.1\/IV\/21\/5\/55.1-2177","metadata":false},{"id":55448,"structure_id":14035,"section_number":"55.1-2178","catch_line":"Cease and desist order","url":"\/55.1-2178\/","token":"55.1\/IV\/21\/5\/55.1-2178","metadata":false},{"id":60220,"structure_id":14035,"section_number":"55.1-2179","catch_line":"Revocation of registration","url":"\/55.1-2179\/","token":"55.1\/IV\/21\/5\/55.1-2179","metadata":false},{"id":56706,"structure_id":14035,"section_number":"55.1-2180","catch_line":"Investigative powers of the Common Interest Community Board","url":"\/55.1-2180\/","token":"55.1\/IV\/21\/5\/55.1-2180","metadata":false},{"id":77893,"structure_id":14035,"section_number":"55.1-2181","catch_line":"Annual report and amendments","url":"\/55.1-2181\/","token":"55.1\/IV\/21\/5\/55.1-2181","metadata":false},{"id":76413,"structure_id":14035,"section_number":"55.1-2182","catch_line":"Annual report by associations","url":"\/55.1-2182\/","token":"55.1\/IV\/21\/5\/55.1-2182","metadata":false},{"id":56137,"structure_id":14035,"section_number":"55.1-2183","catch_line":"Common Interest Community Board regulation of public offering statement","url":"\/55.1-2183\/","token":"55.1\/IV\/21\/5\/55.1-2183","metadata":false},{"id":70660,"structure_id":14035,"section_number":"55.1-2184","catch_line":"Penalties","url":"\/55.1-2184\/","token":"55.1\/IV\/21\/5\/55.1-2184","metadata":false}],"previous_section":{"id":81963,"structure_id":14035,"section_number":"55.1-2175","catch_line":"Registration required","url":"\/55.1-2175\/","token":"55.1\/IV\/21\/5\/55.1-2175","metadata":false},"next_section":{"id":63020,"structure_id":14035,"section_number":"55.1-2177","catch_line":"Receipt of application; order or registration","url":"\/55.1-2177\/","token":"55.1\/IV\/21\/5\/55.1-2177","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2176\/","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":71295,"section_number":"55.1-2164","catch_line":"Conversion buildings","order_by":null,"url":"\/55.1-2164\/"},{"id":64364,"section_number":"55.1-2172","catch_line":"Substantial completion of units","order_by":null,"url":"\/55.1-2172\/"},{"id":60220,"section_number":"55.1-2179","catch_line":"Revocation of registration","order_by":null,"url":"\/55.1-2179\/"},{"id":70660,"section_number":"55.1-2184","catch_line":"Penalties","order_by":null,"url":"\/55.1-2184\/"}],"refers_to":[{"id":64364,"section_number":"55.1-2172","catch_line":"Substantial completion of units","order_by":null,"url":"\/55.1-2172\/"}],"permalink":{"id":247433,"object_type":"law","relational_id":57993,"identifier":"55.1-2176","token":"55.1\/IV\/21\/5\/55.1-2176","url":"\/55.1-2176\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2176\/","token":"55.1\/IV\/21\/5\/55.1-2176","dublin_core":{"Title":"Application for registration; approval of uncompleted unit","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2176","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> An application for registration must contain the information and be accompanied by any reasonable fees required by the Common Interest Community Board’s regulations. A declarant<\/span> promptly shall file amendments to report any factual or expected material<\/span> change in any document or information contained in his application. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If a declarant<\/span> files with the Common Interest Community Board a declaration<\/span> or proposed declaration<\/span>, or an amendment or proposed amendment to a declaration<\/span>, creating units<\/span> for which he proposes to convey cooperative interests<\/span> before the units<\/span> are substantially completed in the manner required by \u00a7 55.1-2172<\/a>, the declarant<\/span> shall also file with the Common Interest Community Board: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A verified statement showing all costs involved in completing the buildings containing those units<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A verified estimate of the time of completion of construction of the buildings containing those units<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Satisfactory evidence<\/span> of sufficient funds to cover all costs to complete the buildings containing those units<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> A copy of the executed construction contract<\/span> and any other contracts<\/span> for the completion of the buildings containing those units<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> A 100 percent payment and performance bond<\/span> covering the entire cost of construction of the buildings containing those units<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Plans for the units<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> If purchasers<\/span>’ funds are to be utilized for the construction of the cooperative, an executed copy of the escrow agreement with an escrow company or financial institution authorized to do business within the state that provides:\n\t\t\t\ta. That disbursements of purchasers<\/span>’ funds may be made from time to time to pay for construction of the cooperative, architectural, and engineering costs, finance and legal fees, and other costs for the completion of the cooperative in proportion to the value of the work completed by the contractor as certified by an independent, registered architect or engineer, on bills submitted and approved by the lender of construction funds or the escrow agent;\n\t\t\t\tb. That disbursement of the balance of purchasers<\/span>’ funds remaining after completion of the cooperative shall be made only when the escrow agent or lender receives satisfactory evidence<\/span> that the period for filing mechanic’s and materialman’s liens<\/span> has expired, or that the right to claim those liens<\/span> has been waived, or that adequate provision has been made for satisfaction of any claimed mechanic’s or materialman’s lien<\/span>; and\n\t\t\t\tc. Any other restriction relative to the retention and disbursement of purchasers<\/span>’ funds required by the Common Interest Community Board; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Any other materials<\/span> or information the agency may require by its regulations.\n\t\t\t\tThe Common Interest Community Board shall not register the units<\/span> described in the declaration<\/span> or the amendment unless the Common Interest Community Board determines, on the basis of the material<\/span> submitted by the declarant<\/span> and any other information available to the Common Interest Community Board, that there is a reasonable basis to expect that the cooperative interests<\/span> to be conveyed will be completed by the declarant<\/span> following conveyance. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAPPLICATION FOR REGISTRATION; APPROVAL OF UNCOMPLETED UNIT (\u00a7 55.1-2176)\n\nA. An application for registration must contain the information and be\naccompanied by any reasonable fees required by the Common Interest Community\nBoard’s regulations. A declarant promptly shall file amendments to report\nany factual or expected material change in any document or information contained\nin his application.\n\nB. If a declarant files with the Common Interest Community Board a declaration\nor proposed declaration, or an amendment or proposed amendment to a declaration,\ncreating units for which he proposes to convey cooperative interests before the\nunits are substantially completed in the manner required by \u00a7 55.1-2172, the\ndeclarant shall also file with the Common Interest Community Board:\n\n 1. A verified statement showing all costs involved in completing the buildings\n containing those units;\n\n 2. A verified estimate of the time of completion of construction of the\n buildings containing those units;\n\n 3. Satisfactory evidence of sufficient funds to cover all costs to complete\n the buildings containing those units;\n\n 4. A copy of the executed construction contract and any other contracts for\n the completion of the buildings containing those units;\n\n 5. A 100 percent payment and performance bond covering the entire cost of\n construction of the buildings containing those units;\n\n 6. Plans for the units;\n\n 7. If purchasers’ funds are to be utilized for the construction of the\n cooperative, an executed copy of the escrow agreement with an escrow company\n or financial institution authorized to do business within the state that\n provides:\n \t\t\t\ta. That disbursements of purchasers’ funds may be made from time to\n time to pay for construction of the cooperative, architectural, and\n engineering costs, finance and legal fees, and other costs for the completion\n of the cooperative in proportion to the value of the work completed by the\n contractor as certified by an independent, registered architect or engineer,\n on bills submitted and approved by the lender of construction funds or the\n escrow agent;\n \t\t\t\tb. That disbursement of the balance of purchasers’ funds remaining\n after completion of the cooperative shall be made only when the escrow agent\n or lender receives satisfactory evidence that the period for filing\n mechanic’s and materialman’s liens has expired, or that the right\n to claim those liens has been waived, or that adequate provision has been made\n for satisfaction of any claimed mechanic’s or materialman’s lien;\n and\n \t\t\t\tc. Any other restriction relative to the retention and disbursement of\n purchasers’ funds required by the Common Interest Community Board; and\n\n 8. Any other materials or information the agency may require by its\n regulations.\n \t\t\t\tThe Common Interest Community Board shall not register the units described\n in the declaration or the amendment unless the Common Interest Community Board\n determines, on the basis of the material submitted by the declarant and any\n other information available to the Common Interest Community Board, that there\n is a reasonable basis to expect that the cooperative interests to be conveyed\n will be completed by the declarant following conveyance.\n\nHISTORY: 1982, c. 277, \u00a7 55-498; 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}}