                                 CODE OF VIRGINIA

DEFINITIONS (§ 55.1-1500)

As used in this chapter:
		&#8220;Land&#8221; is a three-dimensional concept and includes parcels with
upper or lower boundaries, or both upper and lower boundaries, as well as
parcels extending ab solo usque ad coelum. Parcels of airspace constitute land
within the meaning of this chapter. Any requirement in this chapter of a legally
sufficient description shall be deemed to include a requirement that the upper
and lower boundaries, if any, of the parcel in question be identified with
reference to established data.
		&#8220;Obligee&#8221; means any person or entity to whom a residential ground
rent is owed.
		&#8220;Obligor&#8221; means one or more individuals who are obligated to pay a
residential ground rent.
		&#8220;Residential ground rent&#8221; means a rent or charge paid for the use
of land, whether or not title to such land is transferred to the user, or a
lease of land, for personal residential purposes, (i) which is assignable by the
obligor without the obligee&#8217;s consent; (ii) which is for a term in excess
of 15 years, including any rights of renewal at the option of the obligor; (iii)
where the obligor has a present or future right to terminate such ground rent
and to acquire the entire interest of the obligee in the land by the payment of
a determined or determinable amount; and (iv) where the obligee&#8217;s interest
in the land is primarily a security interest to protect his right to be paid the
rent or charge.

HISTORY: 1975, c. 363, § 55-79.01; 1992, c. 438; 2019, c. 712.