Condominium Act; convertible land. (HB2218)

Introduced By

Del. Jimmie Massie (R-Richmond)

Description

Condominium Act; convertible land. Provides that no mortgage, deed of trust, or other lien shall be subject to the provisions of a recorded declaration unless such mortgage, deed of trust, or other lien expressly so provides. The bill also provides that certification that all units or portions thereof depicted on the plans have been substantially completed shall not be required at the time of recordation if a completion bond is filed and remains in full force and effect until all units designated on the convertible land are certified as substantially complete by a licensed architect, licensed engineer, or licensed land surveyor. Finally, the bill provides that if a completion bond is filed, then the time limit for conversion of convertible land into units shall be deemed satisfied for so long as the bond remains in effect. Read the Bill »

Outcome

History