                                 CODE OF VIRGINIA

DEFINITIONS (§ 55.1-2307)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Agent&#8221; means the authorized agent designated by the purchaser or
seller in a ratified real estate contract, listing agreement, or other writing
designating such agent.
		&#8220;Association&#8221; means an association created pursuant to the
Property Owners&#8217; Association Act (§ 55.1-1800 et seq.), the Virginia
Condominium Act (§ 55.1-1900 et seq.), or the Virginia Real Estate Cooperative
Act (§ 55.1-2100 et seq.), or a council of co-owners created pursuant to the
Horizontal Property Act (§ 55.1-2000 et seq.).
		&#8220;Board&#8221; means the board of directors or executive board, of an
association, except that in the case of a horizontal property regime created
pursuant to the Horizontal Property Act (§ 55.1-2000 et seq.),
&#8220;board&#8221; means the council of co-owners.
		&#8220;Common interest community&#8221; means a condominium created pursuant
to the Virginia Condominium Act (§ 55.1-1900 et seq.) or the Horizontal
Property Act (§ 55.1-2000 et seq.), a cooperative created pursuant to the
Virginia Real Estate Cooperative Act (§ 55.1-2100 et seq.), or a property
owners&#8217; association subject to the Property Owners&#8217; Association Act
(§ 55.1-1800 et seq.).
		&#8220;Days&#8221; means calendar days.
		&#8220;Declarant&#8221; means the same as that term is defined in §§
55.1-1800 and 55.1-1900.
		&#8220;Financial update&#8221; means updated financial information for the
unit, including information required by subdivisions A 4 and 5 of § 55.1-2310.
		&#8220;Governing documents&#8221; means, to the extent applicable, the
declaration, bylaws, organizing articles, and any other foundational documents
of the association and all amendments to such documents.
		&#8220;Limited elements&#8221; means the limited common elements appurtenant
to a condominium unit or cooperative unit or the limited common area appurtenant
to a lot.
		&#8220;Managing agent&#8221; means a licensee who performs management services
as defined in § 54.1-2345.
		&#8220;Purchaser&#8221; means the person or entity acquiring the unit.
		&#8220;Ratified real estate contract&#8221; or &#8220;contract&#8221; means
the contract to purchase the unit and any addenda to such contract.
		&#8220;Resale certificate&#8221; means the information listed in § 55.1-2310.
		&#8220;Rules and regulations&#8221; means restrictions or limitations adopted
by the board or authorized committee addressing the use, operation, appearance,
or design of a portion of the common interest community.
		&#8220;Seller&#8221; means the person or entity selling the unit.
		&#8220;Settlement agent&#8221; means the same as that term is defined in §
55.1-1000.
		&#8220;Unit&#8221; means a condominium unit in a condominium, a cooperative
unit in a real estate cooperative, or a lot in a community governed by an
association.
		&#8220;Updated resale certificate&#8221; means an update of the resale
certificate referenced in § 55.1-2311.

HISTORY: 2023, cc. 387, 388.