§ 54.1-2350. Annual report and disclosure packets.
In addition to the provisions of § 54.1-2349, the Board shall:
1. Administer the provisions of Chapter 29 (§ 55-528 et seq.) of Title 55;
2. Develop and disseminate an association annual report form for use in accordance with §§ 55-79.93:1, 55-504.1, and 55-516.1; and
3. Develop and disseminate a one-page form to accompany association disclosure packets required pursuant to § 55-509.5, which form shall summarize the unique characteristics of property owners' associations generally and shall make known to prospective purchasers the unusual and material circumstances affecting a lot owner in a property owners' association, including but not limited to the obligation of a lot owner to pay regular annual or special assessments to the association, the penalty for failure or refusal to pay such assessments, the purposes for which such assessments may be used, and the importance the declaration of restrictive covenants and other governing documents play in association living.
(2008, cc. 851, 871.)
Sections: Previous 54.1-2345 54.1-2346 54.1-2347 54.1-2348 54.1-2349 54.1-2350 54.1-2351 54.1-2352 54.1-2353 54.1-2354 NextLast modified: April 16, 2009