Condominium Bylaws Condo For Rent In Virginia
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The Virginia inium Act (the “Act”) was enacted on July 1, 1974. It superseded the Horizontal Property Act, which was enacted in 1962. iniums are purely “creatures of statute” meaning that without the laws permitting them, they would not exist. In other words, they are a legal entity created by statute.
The Virginia Property Owners' Association Act covers policies mostly for the common areas of a residential development in Virginia. The seller is obligated to provide a written copy of all association documents before a buyer purchases a home. A buyer may cancel within three days of receiving the association documents.
§ 55.1-1915. The declarant, every unit owner, and all those entitled to occupy a unit shall comply with all lawful provisions of this chapter and all provisions of the inium instruments.
A homeowners association in Virginia can restrict rentals but not without the express authority to do so. That means HOAs are permitted to limit or prohibit rentals provided such provisions are duly adopted in their declaration or CC&Rs.
Except to the extent provided in the inium instruments, the executive board shall, prior to the commencement of the fiscal year, make available to unit owners either (i) the annual budget of the unit owners' association or (ii) a summary of such annual budget.
Common Interest Community Board | Virginia Department of Professional and Occupational Regulation.
