                                 CODE OF VIRGINIA

RESALE CERTIFICATE; FORM AND CONTENTS (§ 55.1-2310)

A. The association shall include the completed resale certificate form,
developed by the Common Interest Community Board pursuant to subdivision 3 of §
54.1-2350, with supporting documentation set out in the following order:

   1. The name, address, and phone numbers of the preparer of the resale
   certificate and any managing agent of the association;

   2. A copy of the governing documents and any rules and regulations of the
   association;

   3. A statement disclosing any restraint on the alienability of the unit for
   which the resale certificate is being issued;

   4. A statement of the amount and payment schedules of assessments and any
   unpaid assessments currently due and payable to the association;

   5. A statement of any other fees due and payable by an owner of the unit;

   6. A statement of any other entity or facility to which the owner of the unit
   being sold may be liable for assessments, fees, or other charges due to the
   ownership of the unit;

   7. A statement of the amount and payment schedule of any approved additional
   or special assessment and any unpaid additional or special assessment
   currently due and payable;

   8. A statement of any capital expenditures approved by the association for the
   current and succeeding fiscal years;

   9. A statement of the amount of any reserves for capital expenditures and of
   any portions of those reserves designated by the association for any specified
   projects;

   10. The most recent balance sheet and income and expense statement, if any, of
   the association;

   11. The current operating budget of the association;

   12. The current reserve study or a summary of such study;

   13. A statement of any unsatisfied judgments against the association and the
   nature and status of any pending actions in which the association is a party
   and that could have a material impact on the association, the owners, or the
   unit being sold;

   14. A statement (i) describing any insurance coverage provided by the
   association for the benefit of the owners, including fidelity coverage, and
   any insurance coverage recommended or required to be obtained by the owners
   and (ii) indicating that the governing documents may make an owner responsible
   for payment of all or part of the deductible when making a claim against such
   insurance;

   15. A statement as to whether the board has given or received written notice
   that any existing uses, occupancies, alterations, or improvements in or to the
   unit being sold or to the limited elements assigned thereto violate any
   provision of the governing documents or rules and regulations together with
   copies of any notices provided;

   16. A statement as to whether the board has received written notice from a
   governmental agency of any violation of environmental, health, or building
   codes with respect to the unit being sold, the limited elements assigned
   thereto, or any other portion of the common interest community that has not
   been cured;

   17. A copy of any approved minutes of meetings of the board held during the
   last six months;

   18. A copy of any approved or draft minutes of the most recent association
   meeting;

   19. A statement of the remaining term of any leasehold estate affecting a
   common area or common element, as those terms are defined in &#xA7;&#xA7;
   55.1-1800, 55.1-1900, and 55.1-2100, in the common interest community and the
   provisions governing any extension or renewal of such leasehold;

   20. A statement of any limitation in the governing documents on the number or
   age of persons who may occupy a unit as a dwelling;

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

   22. A statement setting forth any restriction, limitation, or prohibition on
   the right of an owner to install or use solar energy collection devices on the
   owner&#8217;s unit or limited element;

   23. A statement setting forth any restriction, limitation, or prohibition on
   the size, placement, or duration of display of political, for sale, or any
   other signs on the property;

   24. A statement identifying any parking or vehicle restriction, limitation, or
   prohibition in the governing documents or rules and regulations;

   25. A statement setting forth any restriction, limitation, or prohibition on
   the operation of a home-based business that otherwise complies with all
   applicable local ordinances;

   26. A statement setting forth any restriction, limitation, or prohibition on
   an owner&#8217;s ability to rent the unit;

   27. In a cooperative, a statement setting forth whether the cooperative
   association is aware of any statute, regulation, or rule applicable to the
   cooperative that would affect an owner&#8217;s ability to deduct real estate
   taxes and interest paid by the cooperative association for federal income tax
   purposes;

   28. A statement describing any pending sale or encumbrance of common elements;

   29. A statement indicating any known project approvals currently in effect
   issued by secondary mortgage market agencies; and

   30. Certification that the association has filed with the Common Interest
   Community Board the annual report required by law, which certification shall
   indicate the filing number assigned by the Common Interest Community Board and
   the expiration date of such filing.

B. No association shall require the purchaser&#8217;s name to be set out on the
completed resale certificate prepared pursuant to the provisions of this
chapter.

HISTORY: 2023, cc. 387, 388; 2024, cc. 54, 511; 2025, cc. 14, 16, 247.