                                 CODE OF VIRGINIA

FAILURE TO PROVIDE RESALE CERTIFICATE; NO WAIVER (§ 55.1-2314)

A. If an association, the association&#8217;s managing agent, or any third party
preparing a resale certificate fails to comply with &#xA7; 55.1-2310 or
55.1-2311, the purchaser shall not be required to pay any delinquent assessments
or remedy any violation of the governing documents or rules and regulations
existing as of the date of the resale certificate or updated resale certificate.
The association may only enforce a violation incurred by a previous owner
against a purchaser if (i) such violation has been properly noted in the resale
certificate or updated resale certificate or (ii) the seller failed to provide
the resale certificate to the purchaser as required by &#xA7; 55.1-2309.

B. The purchaser shall abide by the governing documents and rules and
regulations as to all matters arising after acquiring the unit regardless of
whether such purchaser received a resale certificate.

C. The preparer of the resale certificate or updated resale certificate shall be
liable to the seller in an amount equal to the actual damages sustained by the
seller in an amount not to exceed $1,000.

D. The Common Interest Community Board may assess a monetary penalty for failure
to deliver the resale certificate or updated resale certificate as required
against any (i) association pursuant to &#xA7; 54.1-2351 or (ii) common interest
community manager pursuant to &#xA7; 54.1-2349 and regulations promulgated
thereto, and may issue a cease and desist order pursuant to &#xA7; 54.1-2349 or
54.1-2352.

HISTORY: 2023, cc. 387, 388.