                                 CODE OF VIRGINIA

EXEMPTIONS FROM CERTAIN PROVISIONS OF ARTICLE (§ 55.1-1972)

A. Unless the method of offer or disposition is adopted for the purpose of
evasion of this chapter, the provisions of §§ 55.1-1974 through 55.1-1979,
subsections B and D of § 55.1-1982, and §§ 55.1-2308 and 55.1-2309 do not
apply to:

   1. Dispositions pursuant to court order;

   2. Dispositions by any government or government agency;

   3. Offers by the declarant on nonbinding reservation agreements;

   4. Dispositions in a residential condominium in which there are three or fewer
   units, so long as the condominium instruments do not reserve to the declarant
   the right to create additional condominium units; or

   5. A disposition of a unit by a sale at an auction where a current public
   offering statement or resale certificate was made available as part of an
   auction package for prospective purchasers prior to the auction sale.

B. In cases of dispositions in a condominium where all units are restricted to
nonresidential use, the provisions of &#xA7;&#xA7; 55.1-1974 through 55.1-1983
shall not apply, unless the method of offer or disposition is adopted for the
purpose of evasion of this chapter.

HISTORY: 1974, c. 416, § 55-79.87; 1975, c. 415; 1984, c. 427; 1993, c. 667;
2007, c. 266; 2012, c. 325; 2015, c. 277; 2019, c. 712; 2023, cc. 387, 388.