                                 CODE OF VIRGINIA

PUBLIC OFFERING STATEMENT; CONDOMINIUM SECURITIES (§ 55.1-1976)

A. A public offering statement shall disclose fully and accurately the
characteristics of the condominium and the units being offered and shall make
known to prospective purchasers all unusual and material circumstances or
features affecting the condominium. The proposed public offering statement
submitted to the Common Interest Community Board shall be in a form prescribed
by its regulations and shall include the following:

   1. The name and principal address of the declarant and the condominium;

   2. A general narrative description of the condominium stating the total number
   of units in the offering, the total number of units planned to be sold and
   rented, and the total number of units that may be included in the condominium
   by reason of future expansion or merger of the project by the declarant;

   3. Copies of the declaration and bylaws, with a brief narrative statement
   describing each and including information on declarant control; a projected
   budget for at least the first year of the condominium&#8217;s operation,
   including projected common expense assessments for each unit; and provisions
   for reserves for capital expenditures and restraints on alienation;

   4. Copies of any management contract, lease of recreational areas, or similar
   contract or agreement affecting the use, maintenance, or access of all or any
   part of the condominium with a brief narrative statement of the effect of each
   such agreement upon a purchaser, and a statement of the relationship, if any,
   between the declarant and the managing agent or firm;

   5. A general description of the status of construction, zoning, site plan
   approval, issuance of building permits, or compliance with any other state or
   local statute or regulation affecting the condominium;

   6. The significant terms of any encumbrances, easements, liens, and matters of
   title affecting the condominium;

   7. The significant terms of any financing offered by the declarant to the
   purchaser of units in the condominium;

   8. Provisions of any warranties provided by the declarant on the units and the
   common elements, other than the warranty prescribed by subsection B of &#xA7;
   55.1-1955;

   9. A statement that, pursuant to subdivision 2 of &#xA7; 55.1-1974, the
   purchaser may cancel the disposition within five calendar days of delivery of
   the current public offering statement or within five calendar days of the
   contract date of the disposition, whichever is later;

   10. A statement of the declarant&#8217;s obligation to complete improvements
   of the condominium that are planned but not yet begun or begun but not yet
   completed. Such statement shall include a description of the quality of the
   materials to be used, the size or capacity of the improvements when material,
   and the time by which the improvements shall be completed. Any limitations on
   the declarant&#8217;s obligation to begin or complete any such improvements
   shall be expressly stated;

   11. If the units in the condominium are being subjected to a time-share
   instrument pursuant to &#xA7; 55.1-2208, the information required to be
   disclosed by &#xA7; 55.1-2217;

   12. A statement listing the facilities or amenities that are defined as common
   elements or limited common elements in the condominium instruments that are
   available to a purchaser for use. Such statement shall also include whether
   there are any fees or other charges for the use of such facilities or
   amenities that are not included as part of any assessment and the amount of
   such fees or charges, if any, a purchaser may be required to pay;

   13. A statement of any limitation on the number of persons who may occupy a
   unit as a dwelling;

   14. A statement setting forth any restrictions, limitation, or prohibition on
   the right of a unit owner to display the flag of the United States, including
   reasonable restrictions as to the size, place, and manner of placement or
   display of such flag; and

   15. Additional information required by the Common Interest Community Board to
   assure full and fair disclosure to prospective purchasers.

B. The public offering statement shall not be used for any promotional purposes
before registration of the condominium project and shall be used afterwards only
if it is used in its entirety. No person may advertise or represent that the
Common Interest Community Board approves or recommends the condominium or
disposition of any unit in the condominium. No portion of the public offering
statement may be underscored, italicized, or printed in larger or heavier or
different color type than the remainder of the statement unless the Common
Interest Community Board requires it.

C. The Common Interest Community Board may require the declarant to alter or
amend the proposed public offering statement in order to assure full and fair
disclosure to prospective purchasers, and no change in the substance of the
promotional plan or plan of disposition or development of the condominium may be
made after registration without notifying the Common Interest Community Board
and without making appropriate amendment of the public offering statement. A
public offering statement is not current unless all amendments are incorporated.

D. If an interest in a condominium is currently registered with the U.S.
Securities and Exchange Commission, a declarant satisfies all requirements
relating to the preparation of a public offering statement in this chapter if he
delivers to the purchaser and files with the Common Interest Community Board a
copy of the public offering statement filed with the Securities and Exchange
Commission. An interest in a condominium is not a security under the provisions
of the Securities Act (&#xA7; 13.1-501 et seq.).

HISTORY: 1974, c. 416, § 55-79.90; 1977, c. 428; 1986, c. 324; 1996, cc. 281,
888; 1999, c. 560; 2006, c. 646; 2007, cc. 854, 910; 2011, c. 605; 2014, c. 215;
2019, c. 712.