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2018 SESSION
18102447DBe it enacted by the General Assembly of Virginia:
1. That §§ 54.1-2350 and 55-509.1 of the Code of Virginia are amended and reenacted as follows:
§ 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 (i) the obligation of a lot owner to pay regular annual or special
assessments to the association, (ii) the penalty for failure or refusal to pay
such assessments, (iii) the purposes for which such assessments may be used,
(iv) the importance the declaration of restrictive covenants and other
governing documents play in association living, (v) the meaning
of developer control, and (v) (vi) that
the purchase contract for a lot within an association is a legally binding
document once it is signed by the prospective purchaser where the purchaser has
not elected to cancel the purchase contract in accordance with law.
§ 55-509.1. Developer to file annual report for association; payment of real estate taxes attributable to the common area upon transfer to association.
A. Within 30 days after the recordation of the declaration, the developer shall file an annual report for the association with the Common Interest Community Board. The report shall be filed by the developer every year thereafter until the date of the transfer to the association.
B. Upon the transfer of the common area to the association, the developer shall pay all real estate taxes attributable to the open or common space as defined in § 58.1-3284.1 through the date of the transfer to the association.