                                 CODE OF VIRGINIA

INQUIRY AND EXAMINATION (§ 55.1-1977)

Upon receipt of an application for registration, the Common Interest Community
Board shall conduct an examination of the material submitted to determine that:

1. The declarant can convey or cause to be conveyed the units offered for
disposition if the purchaser complies with the terms of the offer;

2. There is reasonable assurance that all proposed improvements will be
completed as represented;

3. The advertising material and the general promotional plan are not false or
misleading and comply with the standards prescribed by the Common Interest
Community Board in its regulations and afford full and fair disclosure;

4. The declarant has not, or if a corporation its officers and principals have
not, been convicted of a crime involving condominium unit dispositions or any
aspect of the land sales business in the Commonwealth, United States, or any
other state or foreign country within the past 10 years and has not been subject
to any injunction or administrative order restraining a false or misleading
promotional plan involving land dispositions;

5. The public offering statement requirements of this chapter have been
satisfied; and

6. All other requirements of this chapter and the Common Interest Community
Board&#8217;s regulations have been satisfied.

HISTORY: 1974, c. 416, § 55-79.91; 1988, c. 15; 2019, c. 712.