The following By-Laws have been adopted to govern the affairs of the project described in the master deed of the owners. The form also contains defintions of the words and terms used in the document.
Virginia Bylaws of Condominium
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Multi-State
Control #:
US-AR-B1039
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Word;
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FAQ
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.
The new law allows approval by 60 percent of the total eligible votes to amend a condo declaration to provide for suspension of use of these portions of the condominium property when an owner is delinquent in paying the condo assessments for more than 60 days.
With freehold condos, the unit is owned by the tenant outright. Leasehold condos have tenants with contracts with their landlord instead of owning the unit. Typically, individual condo units make up one building or a complex of several buildings in a condo community.
The Virginia Condominium Act states that after a buyer is in contract to buy a condo, the seller must provide the buyer with the condo resale disclosure package within 14 days. The condo resale disclosure package contains a ton of important information for a prospective condo buyer.
The Virginia Condominium Act consists of five articles addressing general provisions, the creation, alteration, and termination of condominiums, condominium management, administration of sales of condominiums, disclosure requirements and authorized fees.
One of the most important legal instruments is the Declaration of Condominium, which is sometimes called a master deed or condominium declarations. The Declaration of Condominium is recorded with the county authority responsible for recording deeds and other real estate records like mortgages and easements.
Republic Act No. 4726, otherwise known as The Condominium Act, governs the ownership, rights, and obligations of condominium owners.
The Virginia Real Estate Cooperative Act regulates cooperative ownership in the state. You can find it under Title 55.1, Chapter 21 of the Code of Virginia.
A condominium is a form of ownership, not a type of building. Existing apartment buildings can be turned or "converted" into condominiums, and condominiums can be changed back into traditional apartment buildings.
The Attorney General stated that if properly written, adopted and enforced, and authorized as to purpose and not in conflict with an association's declarations, bylaws or rules and regulations, a homeowners' association may covenant to limit the number of housing units within the association that may be offered for