18 Va. Admin. Code § 48-30-230

Current through Register Vol. 41, No. 9, December 16, 2024

Section 18VAC48-30-230 - Narrative sections; common elements

A. The public offering statement shall contain a section captioned "Common Elements." The section shall contain a general description of the common elements.

B. For any common elements that are not completed or not expected to be substantially complete when the units are complete, a statement of the anticipated completion dates of unfinished common elements shall be included.

C. In the case of a condominium located in Virginia, if common elements are not expected to be substantially complete when the units are completed, the section shall state the nature, source, and extent of the obligation to complete such common elements that the declarant has incurred or intends to incur upon recordation of the condominium instruments pursuant to §§ 55.1-1920A and 55.1-1930B of the Code of Virginia and applicable provisions of the condominium instruments. In addition the section shall state that pursuant to § 55.1-1921 of the Code of Virginia, the declarant has filed with the board a bond to insure completion of improvements to the common elements that the declarant is obligated as stated in the declaration.

D. In the case of a condominium located outside of Virginia, a description of the nature, source, and extent of the obligation to complete such common elements that the declarant has incurred or intends to incur under the law of the jurisdiction in which the condominium is located shall be included.

E. The section shall describe any limited common elements that are assigned or that may be assigned and shall indicate the reservation of exclusive use. In the case of limited common elements that may be assigned, the section shall state the manner of such assignment or reassignment.

F. The section shall indicate the availability of vehicular parking spaces including the number of spaces available per unit and restrictions on or charges for the use of spaces.

18 Va. Admin. Code § 48-30-230

Derived From Virginia Register Volume 31, Issue 20, eff. 8/1/2015; Amended, Virginia Register Volume 36, Issue 06, eff. 12/31/2019.

Statutory Authority: § 54.1-2349 of the Code of Virginia.