Virginia Notice of Lien to a Condominium Unit Owner for Unpaid Assessment Fees

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Multi-State
Control #:
US-01120BG
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Word; 
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Description

A condominium is a combination of co-ownership and individual ownership. Those who own an apartment house or buy a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment in the building is individually owned by its occupant. Either in the bylaws of the condominium association, the declaration of condominium filed in the land records of the county where the condominium is located, or in some other document, there will be an agreement among the unit owners regulating the administration and maintenance of the property, including payment of assessments by the owners.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

How does a creditor go about getting a judgment lien in Virginia? To attach the lien, the creditor records the judgment on the county recorder's lien docket in any Virginia county where the debtor owns property now or may own property in the future.

The Virginia Condominium Act (the ?Act?) found under the new Title 55.1, Chapter 19 (§§ 55.1-1900 through 55.1-1995) of the Code of Virginia, applies to ?all condominiums and to all horizontal property regimes or condominium projects.

Under the Virginia Condominium Act, bylaw changes require the approval of a majority of the unit owners.

A settlement agent or title insurance company may release a deed of trust or judgment lien in ance with the provisions of this subsection (i) if the obligation secured by the deed of trust or judgment lien has been satisfied by payment made by the settlement agent and (ii) whether or not the settlement agent or ...

Section 55-79.71 of the Virginia Condominium Act requires ?two-thirds of the votes in the unit owner's association? to amend the Declaration, unless the Declaration requires a larger percentage.

Under Virginia law a purchaser of a condominium unit is afforded a 5-day period during which the purchaser may cancel the purchase contract of sale and obtain a full refund of any sums deposited in connection with the purchase contract.

Statute of Limitations for Virginia HOA Foreclosures While associations can record a lien, the lien does not remain attached to the property indefinitely. An HOA or condo must initiate foreclosure proceedings or file a lawsuit to collect the debt within 36 months after the filing of the lien.

Any unit owner or purchaser of a condominium unit, having executed a contract for the disposition of the same, shall be entitled upon request to a recordable statement setting forth the amount of unpaid assessments currently levied against that unit.

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Virginia Notice of Lien to a Condominium Unit Owner for Unpaid Assessment Fees