RIGHTS AND RESPONSIBILITIES OF OWNERS OF COMMON-INTEREST COMMUNITY PROPERTY IN VIRGINIA


by: Dr. Clarence Rose, Professor of Finance, Radford University

      

This guide was developed for owners of common interest community property in Virginia. These property owners include owners of condominiums and owners of property located within a property owners’ association. It is based upon Virginia’s Department of Professional and Occupational Regulations, Virginia’s Property Owners’ Association Act (Code of Virginia, Title 55, Chapter 26) and the Virginia Condominium Act (Code of Virginia, Title 55, Chapter 4.2). It incorporates changes to those statutes enacted through and including the 2005 Virginia General Assembly Session, which changes became effective July 1, 2005.

            This guide discusses the duties, obligations and rights of individuals who establish or are members of these common interest community associations. The guide addresses the transferring of property to such associations, the transfer of property from existing property owners to new association members, and the rights and responsibilities of individual owners. For ease of reference, this guide is divided into two major sections: Section I addresses the rights and responsibilities of lot owners subject to a  property owner’s association; Section II addresses the rights and responsibilities of owners of condominium units.

            This guide is not intended to replace the importance of referring to the actual statutory language in technical legal matters, but rather is intended to serve as a quick reference manual for individuals involved in the various routine aspects of the operations of these associations and to assist owners in completing desired tasks. A glossary of the definitions of the terms used in this guide is included at the end of this guide.

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