Monday, September 8, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB2015: Condominium Act; eliminates requirement for escrowing deposits for commercial condominium.
Be it enacted by the General Assembly of Virginia:
1. That § 55-79.87 of the Code of Virginia is amended and reenacted as follows:
§ 55-79.87. Exemptions from certain provisions of article.
A. Unless the method of offer or disposition is adopted for the purpose of evasion of this chapter, the provisions of §§ 55-79.88 through 55-79.93, subsections A and C of § 55-79.94, and § 55-79.97 of this chapter do not apply to:
1. Dispositions pursuant to court order;
2. Dispositions by any government or government agency;
3. Offers by the declarant on nonbinding reservation agreements; or
4. Dispositions in a residential condominium in which there are three or fewer units, so long as the condominium instruments do not reserve to the declarant the right to create additional condominium units.
B. In cases of dispositions in a condominium where all units
are restricted to nonresidential use, the provisions of §§ 55-79.88 through 55-79.94 55-79.95 of this chapter shall not
apply, unless the method of offer or disposition is adopted for the purpose of
evasion of this chapter.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.