Code of Virginia - Title 55 Property And Conveyances - Chapter 24 Virginia Real Estate Cooperative Act

55-424 Title
This chapter shall be known and may be cited as the Virginia Real Estate Cooperative Act. (1982, c. 277.) ...
55-425 Applicability
A. This chapter applies to all cooperatives created within this Commonwealth after July 1, 1982. Unless the declaration provides that the entire chapter is applicable, ...
55-426 Definitions
When used in this chapter or in the declaration and bylaws, unless specifically provided otherwise or the context requires a different meaning, the following terms ...
55-427 Variation by agreement
Except as expressly provided in this chapter, provisions of this chapter, may not be varied by agreement, and rights conferred by this chapter may not ...
55-428 Property classification of cooperative interests; taxation
A. A cooperative interest is real estate for all purposes. Unless waived by a proprietary lessee, a cooperative interest is subject to the provisions of ...
55-429 Applicability of local ordinances, regulations and building codes; county and municipal authorit...
A. No zoning or other land use ordinance shall prohibit cooperatives as such by reason of the form of ownership inherent therein. Neither shall any ...
55-430 Eminent domain
A. If a unit is acquired by eminent domain, or if part of a unit is acquired by eminent domain leaving the proprietary lessee with ...
55-431 General principles of law applicable
The principles of law and equity, including the law of corporations and unincorporated associations, the law of real property and the law relative to capacity ...
55-432 Construction against implicit repeal
This chapter, being a general act intended as a unified coverage of its subject matter, shall not be impliedly repealed by subsequent legislation if that ...
55-433 Uniformity of application and construction
This chapter shall be applied and construed so as to effectuate its general purpose to make uniform the law with respect to cooperatives in this ...
55-434 Unconscionable agreement or term of contract
A. The court, upon finding as a matter of law that a contract or contract clause was unconscionable at the time the contract was made ...
55-435 Obligation of good faith
Every contract or duty governed by this chapter imposes an obligation of good faith in its performance or enforcement. (1982, c. 277.) ...
55-436 Remedies to be liberally administered
A. The remedies provided by this chapter shall be liberally administered to the end that the aggrieved party is put in as good a position ...
55-437 Description unavailable
Not set out. (1982, c. 277.) ...
55-438 Creation of cooperative ownership
A cooperative may be created pursuant to this chapter only by recording a declaration executed in the same manner as a deed, and by conveying ...
55-439 Unit boundaries
Except as provided by the declaration: 1. If walls, floors or ceilings are designated as boundaries of a unit, all lath, furring, wallboard, plasterboard, plaster, ...
55-440 Construction and validity of declaration and bylaws
A. All provisions of the declaration and bylaws are severable. B. The rule against perpetuities may not be applied to defeat any provision of the ...
55-441 Description of units
A description of a unit which sets forth the name of the cooperative, the recording data for the declaration, the city or county in which ...
55-442 Contents of declaration
A. The declaration must contain: 1. The names of the cooperative, which must include the word "cooperative" or be followed by the words "a cooperative," ...
55-443 Leasehold cooperatives
A. The expiration or termination of any lease which may terminate the cooperative or reduce its size, or a memorandum thereof, shall be recorded. The ...
55-444 Allocation of ownership interests, votes and common expense liabilities
A. The declaration shall allocate an ownership interest in the association a fraction or percentage of the common expenses of the association and a portion ...
55-445 Limited common elements
A. Except for the limited common elements described in paragraphs 2 and 4 of § 55-439, the declaration shall specify to which unit or units ...
55-446 Exercise of development rights
A. To exercise any development right reserved under subdivision A 8 of § 55-442, the declarant shall prepare, execute and record an amendment to the ...
55-447 Alterations of units
Subject to the provisions of the declaration and other provisions of law, a proprietary lessee: 1. May make any improvements or alterations to his unit ...
55-448 Relocation of boundaries between adjoining units
A. Subject to the provisions of the declaration and other provisions of law, the boundaries between adjoining units may be relocated by an amendment to ...
55-449 Subdivision of units
A. If the declaration expressly so permits, a unit may be subdivided into two or more units. Subject to the provisions of the declaration and ...
55-450 Easement for encroachments
To the extent that any unit or common element encroaches on any other unit or common element, a valid easement for the encroachment exists. The ...
55-451 Use for sales purposes
A declarant may maintain sales offices, management offices and models in units or on common elements in the cooperative only if the declaration so provides ...
55-452 Easement rights
Subject to the provisions of the declaration, a declarant has an easement through the common elements as may be reasonably necessary for the purpose of ...
55-453 Amendment of declaration
A. Except in cases of amendments that may be executed by a declarant under § 55-446, the association under § 55-430, subsection C of § ...
55-454 Termination of cooperative ownership
A. Except in the case of a taking of all the units by eminent domain or in the case of foreclosure of a security interest ...
55-455 Rights of secured lenders
The declaration may require that all or a specified number or percentage of the lenders holding security interests encumbering the cooperative interests approve specified actions ...
55-456 Master associations
A. If the declaration provides that any of the powers described in § 55-460 are to be exercised by or may be delegated to a ...
55-457 Merger or consolidation of cooperatives
A. Any two or more cooperatives, by agreement of the proprietary lessees as provided in subsection B, may be merged or consolidated into a single ...
55-458 Organization of the association
An association must be organized no later than the date the first cooperative interest in the cooperative is conveyed. The membership of the association at ...
55-459 Powers of the association
A. Except as provided in subsection B, and subject to the provisions of the declaration, the association, even if unincorporated, may: 1. Adopt and amend ...
55-460 Executive board members and officers
A. Except as provided in the declaration, the bylaws, subsection B or other provisions of this chapter, the executive board may act in all instances ...
55-461 Transfer of special declarant rights
A. No special declarant rights created or reserved under this chapter may be transferred except by an instrument evidencing the transfer recorded in every city ...
55-462 Termination of contracts and leases of declarant
If entered into before the executive board elected by the proprietary lessees pursuant to subsection F of § 55-460 takes office, (i) any management contract, ...
55-463 Bylaws
A. The bylaws of the association must provide for: 1. The number of members of the executive board and the titles of the officers of ...
55-464 Upkeep of cooperative
A. Except to the extent otherwise provided by the declaration, by subsection B hereof, or by subsection G of § 55-470, the association is responsible ...
55-464.1 Common elements; notice of pesticide application
Associations shall post notification of all pesticide applications in or upon the common elements. Such notice shall consist of conspicuous signs placed in or upon ...
55-465 Meetings
A meeting of the association must be held at least once each year. Special meetings of the association may be called by the president, a ...
55-466 Quorums
A. Unless the bylaws provide otherwise, a quorum is present throughout any meeting of the association if persons entitled to cast twenty percent of the ...
55-467 Voting; proxies
A. If only one of the multiple proprietary lessees of a unit is present at a meeting of the association, he is entitled to cast ...
55-468 Tort and contract liability
Neither the association nor any proprietary lessee except the declarant is liable for that declarant's torts in connection with any part of the cooperative which ...
55-469 Conveyance or encumbrance of the cooperative
A. Part of the cooperative may be conveyed, and all or part of the cooperative may be subjected to a security interest by the association ...
55-470 Insurance
A. Commencing not later than the time of the first conveyance of a cooperative interest to a person other than a declarant, the association shall ...
55-471 Assessments for common expenses
A. Until the association makes a common expense assessment, the declarant shall pay all common expenses. After any assessment has been made by the association, ...
55-471.1 Reserves for capital components.
A. Except to the extent otherwise provided in the declaration and unless the declaration imposes more stringent requirements, the executive board shall: 1. Conduct at ...
55-472 Remedies for nonpayment of assessments
A. The association has a lien on a cooperative interest for any assessment levied against that cooperative interest or fines imposed against its owner from ...
55-473 Other liens affecting the cooperative
A. Regardless of whether his cooperative interest is subject to the claims of the association's creditors, no property of a proprietary lessee other than his ...
55-473.1 Limitation of assumption of debt and encumbrances
Unless approved by persons entitled to cast at least 80 percent of the votes in the association, including a simple majority of the votes allocated ...
55-474 Association records
The association shall keep financial records sufficiently detailed to enable the association to comply with § 55-484. All financial and other records shall be made ...
55-475 Association as trustee
With respect to a third person dealing with the association in the association's capacity as a trustee, the existence of trust powers and their proper ...
55-476 Applicability; waiver
A. This article applies to all cooperative interests subject to this chapter, except as provided in subsection B or as modified or waived by agreement ...
55-477 Liability for public offering statement; requirements
A. Except as provided in subsection B, a declarant, prior to the offering of any cooperative interest to the public, shall prepare a public offering ...
55-478 Public offering statement; general provisions
A. Except as provided in subsection B, a public offering statement must contain or fully and accurately disclose: 1. The name and principal address of ...
55-479 Public offering statement; cooperatives subject to development rights
If the declaration provides that a cooperative is subject to any development rights, the public offering statement must disclose, in addition to the information required ...
55-480 Public offering statement; time shares
If the declaration provides that ownership of cooperative interests or occupancy of any units is or may be in time shares, the public offering statement ...
55-481 Public offering statement; cooperatives containing conversion building
A. The public offering statement of a cooperative containing any conversion building must contain, in addition to the information required by § 55-478: 1. A ...
55-482 Public offering statement; cooperative securities
If an interest in a cooperative is currently registered with the Securities and Exchange Commission of the United States, a declarant satisfies all requirements relating ...
55-483 Purchaser's right to cancel
A. A person required to deliver a public offering statement pursuant to subsection C of § 55-477 shall provide a purchaser with a copy of ...
55-484 Resales of cooperative interests
A. Except in the case of a sale where delivery of a public offering statement is required, or unless exempt under subsection B of § ...
55-485 Escrow of deposits
A. Any deposit made in connection with the purchase or reservation of a cooperative interest from a person required to deliver a public offering statement ...
55-486 Release of liens
A. In the case of a sale of a cooperative interest where delivery of a public offering statement is required pursuant to subsection C of ...
55-487 Conversion buildings
A. A declarant of a cooperative containing conversion buildings shall give each of the tenants of a conversion building formal notice of the conversion at ...
55-488 Express warranties of quality
A. Express warranties made by any seller to a purchaser of a cooperative interest, if relied upon by the purchaser, are created as follows: 1. ...
55-489 Implied warranties of quality
A. A declarant and any person in the business of selling cooperative interests for his own account warrant that a unit will be in at ...
55-490 Exclusion or modification of implied warranties of quality
A. Except as limited by subsection B with respect to a purchaser of a cooperative interest for a unit that may be used for residential ...
55-491 Statute of limitations for warranties
A. A judicial proceeding for breach of any obligation arising under § 55-488 or § 55-489 must be commenced within six years after the cause ...
55-492 Effect of violation on rights of action; attorney's fees; arbitration of disputes
A. If a declarant or any other person subject to this chapter fails to comply with any provision hereof or any provision of the declaration ...
55-493 Labeling of promotional material
No promotional material may be displayed or delivered to prospective purchasers which describes or portrays improvements that are not in existence, unless the description or ...
55-494 Declarant's obligation to complete and restore
A. The declarant shall complete all improvements depicted on any site plan or other graphic representation included in the public offering statement or in any ...
55-495 Substantial completion of units
In the case of a sale of a cooperative interest where delivery of a public offering statement is required, a contract of sale may be ...
55-496 Administrative agency
This chapter shall be administered by the Common Interest Community Board, which herein is called the "agency." (1982, c. 277; 2008, cc. 851, 871.) ...
55-497 Registration required
A declarant may not offer or dispose of a cooperative interest intended for residential use unless the cooperative and the cooperative interest are registered with ...
55-498 Application for registration; approval of uncompleted unit
A. An application for registration must contain the information and be accompanied by any reasonable fees required by the agency's regulations. A declarant promptly shall ...
55-499 Receipt of application; order or registration
A. The agency shall acknowledge receipt of an application for registration within five business days after receiving it. Within sixty days after receiving the application, ...
55-500 Cease and desist order
If the agency determines, after notice and hearing, that any person has disseminated or caused to be disseminated orally or in writing any false or ...
55-501 Revocation of registration
A. The agency, after notice stating the deficiency complained of and hearing, may issue an order revoking the registration of a cooperative upon determination that ...
55-502 General powers and duties of agency
A. The agency may adopt, amend and repeal rules and regulations and issue orders consistent with and in furtherance of the objectives of this chapter, ...
55-503 Investigative powers of agency
A. The agency may initiate public or private investigations within or outside this Commonwealth to determine whether any representation in any document or information filed ...
55-504 Annual report and amendments
A. A declarant, within thirty days after the anniversary date of the order of registration, shall file annually a report to bring up-to-date the material ...
55-504.1 Annual report by associations
A. The association shall file an annual report in a form and at such time as prescribed by regulations of the agency. The filing of ...
55-505 Agency regulation of public offering statement
A. The agency at any time may require a declarant to alter or supplement the form or substance of a public offering statement to assure ...
55-506 Penalties
Any person who willfully violates §§ 55-478, 55-481, 55-482, 55-485, 55-487, 55-498, 55-504, or any rule adopted under, or order issued pursuant to § 55-502, ...

Last modified: April 3, 2009