                                 CODE OF VIRGINIA

RELEASE OF LIENS (§ 55.1-2163)

A. In the case of a sale of a cooperative interest where delivery of a public
offering statement is required pursuant to subsection C of &#xA7; 55.1-2154, a
seller shall, before conveying a cooperative interest, record or furnish to the
purchaser releases of all liens affecting the unit that is a part of that
cooperative interest and any limited common element assigned to such unit,
except liens solely against the unit and any limited common element assigned to
such unit, that the purchaser expressly agrees to take subject to or assume.
Releases of liens shall be made pursuant to &#xA7;&#xA7; 55.1-339 through
55.1-345. This subsection does not apply to any real estate that a declarant has
the right to withdraw.

B. Before conveying real estate to the association, the declarant shall have
that real estate released from (i) all liens the foreclosure of which would
deprive proprietary lessees of any right of access to or easement of support of
their units and (ii) all other liens on such real estate unless the public
offering statement describes certain real estate that may be conveyed subject to
liens in specified amounts.

HISTORY: 1982, c. 277, § 55-486; 2004, c. 242; 2019, c. 712.