                                 CODE OF VIRGINIA

REALLOCATION OF INTERESTS IN COMMON ELEMENTS (§ 55.1-1918)

A. If a condominium contains any convertible land or is an expandable
condominium, then the declaration shall not allocate undivided interests in the
common elements on the basis of par value unless the declaration:

   1. Prohibits the creation of any units not substantially identical to the
   units depicted on the plats and plans recorded pursuant to subsections A and B
   of &#xA7; 55.1-1920; or

   2. Prohibits the creation of any units not described pursuant to subdivision B
   6 of &#xA7; 55.1-1916, in the case of convertible lands, and subdivision C 12
   of &#xA7; 55.1-1916, in the case of additional land, and contains from the
   outset a statement of the par value that shall be assigned to every such unit
   that may be created.

B. Interests in the common elements shall not be allocated to any units to be
created within any convertible land or within any additional land until plats
and plans depicting the same are recorded pursuant to subsection C of &#xA7;
55.1-1920. But simultaneously with the recording of such plats and plans, the
declarant shall execute and record an amendment to the declaration reallocating
undivided interests in the common elements so that the units depicted on such
plats and plans shall be allocated undivided interests in the common elements on
the same basis as the units depicted on the plats and plans recorded
simultaneously with the declaration pursuant to subsections A and B of &#xA7;
55.1-1920.

C. If all of a convertible space is converted into common elements, including
limited common elements, then the undivided interest in the common elements
appertaining to such space shall then appertain to the remaining units, being
allocated among them in proportion to their undivided interests in the common
elements. The principal officer of the unit owners&#8217; association, or such
other officer as the condominium instruments may specify, shall forthwith
prepare, execute, and record an amendment to the declaration reflecting the
reallocation of undivided interests produced by such conversion.

D. In the case of a leasehold condominium, if the expiration or termination of
any lease causes a contraction of the condominium that reduces the number of
units, then the undivided interest in the common elements appertaining to any
units withdrawn from the condominium shall then appertain to the remaining
units, being allocated among them in proportion to their undivided interests in
the common elements. The principal officer of the unit owners&#8217;
association, or such other officer as the condominium instruments may specify,
shall forthwith prepare, execute, and record an amendment to the declaration
reflecting the reallocation of undivided interests produced by such contraction.

HISTORY: 1974, c. 416, § 55-79.56; 2019, c. 712.