§ 55-509.5. Contents of association disclosure packet; delivery of packet.
A. The association shall deliver, within 14 days after receipt of a writtenrequest and instructions by a seller or his authorized agent, an associationdisclosure packet as directed in the written request. The informationcontained in the association disclosure packet shall be current as of a datespecified on the association disclosure packet. If hand or electronicallydelivered, the written request is deemed received on the date of delivery. Ifsent by United States mail, the request is deemed received six days after thepostmark date. An association disclosure packet shall contain the following:
1. The name of the association and, if incorporated, the state in which theassociation is incorporated and the name and address of its registered agentin Virginia;
2. A statement of any expenditure of funds approved by the association or theboard of directors that shall require an assessment in addition to theregular assessment during the current year or the immediately succeedingfiscal year;
3. A statement, including the amount of all assessments and any othermandatory fees or charges currently imposed by the association, together withany post-closing fee charged by the common interest community manager, ifany, and associated with the purchase, disposition, and maintenance of thelot and to the right of use of common areas, and the status of the account;
4. A statement of whether there is any other entity or facility to which thelot owner may be liable for fees or other charges;
5. The current reserve study report or summary thereof, a statement of thestatus and amount of any reserve or replacement fund, and any portion of thefund allocated by the board of directors for a specified project;
6. A copy of the association's current budget or a summary thereof preparedby the association, and a copy of its statement of income and expenses orstatement of its financial position (balance sheet) for the last fiscal yearfor which such statement is available, including a statement of the balancedue of any outstanding loans of the association;
7. A statement of the nature and status of any pending suit or unpaidjudgment to which the association is a party and that either could or wouldhave a material impact on the association or its members or that relates tothe lot being purchased;
8. A statement setting forth what insurance coverage is provided for all lotowners by the association, including the fidelity bond maintained by theassociation, and what additional insurance would normally be secured by eachindividual lot owner;
9. A statement that any improvement or alteration made to the lot, or usesmade of the lot or common area assigned thereto are or are not in violationof the declaration, bylaws, rules and regulations, architectural guidelinesand articles of incorporation, if any, of the association;
10. A statement setting forth any restriction, limitation, or prohibition onthe right of a lot owner to place a sign on the owner's lot advertising thelot for sale;
11. A statement setting forth any restriction, limitation, or prohibition onthe right of a lot owner to display any flag on the owner's lot, includingbut not limited to reasonable restrictions as to the size, place, and mannerof placement or display of such flag and the installation of any flagpole orsimilar structure necessary to display such flag;
12. A copy of the current declaration, the association's articles ofincorporation and bylaws, and any rules and regulations or architecturalguidelines adopted by the association;
13. A copy of any approved minutes of the board of directors and associationmeetings for the six calendar months preceding the request for the disclosurepacket;
14. A copy of the notice given to the lot owner by the association of anycurrent or pending rule or architectural violation;
15. A copy of the fully completed one-page cover sheet developed by theCommon Interest Community Board pursuant to § 54.1-2350; and
16. Certification that the association has filed with the Common InterestCommunity Board the annual report required by § 55-516.1, which certificationshall indicate the filing number assigned by the Common Interest CommunityBoard, and the expiration date of such filing.
B. Failure to receive copies of an association disclosure packet shall notexcuse any failure to comply with the provisions of the declaration, articlesof incorporation, bylaws, or rules or regulations.
C. The disclosure packet shall be delivered in accordance with the writtenrequest and instructions of the seller or his authorized agent, includingwhether the disclosure packet shall be delivered electronically or in hardcopy and shall specify the complete contact information for the parties towhom the disclosure packet shall be delivered. The disclosure packet requiredby this section, shall not, in and of itself, be deemed a security within themeaning of § 13.1-501.
D. The seller or his authorized agent may request that the disclosure packetbe provided in hard copy or in electronic form. An association or commoninterest community manager may provide the disclosure packet electronically;however, the seller or his authorized agent shall have the right to requestthat the association disclosure packet be provided in hard copy. The selleror his authorized agent shall continue to have the right to request a hardcopy of the disclosure packet in person at the principal place of business ofthe association. If the seller or his authorized agent requests that thedisclosure packet be provided in electronic format, neither the associationnor its common interest community manager may require the seller or hisauthorized agent to pay any fees to use the provider's electronic network orsystem. If the seller or his authorized agent asks that the disclosure packetbe provided in electronic format, the seller or his authorized agent maydesignate no more than two additional recipients to receive the disclosurepacket in electronic format at no additional charge.
§ 55-509.5. Contents of association disclosure packet; delivery of packet.
A. The association shall deliver, within 14 days after receipt of a writtenrequest and instructions by a seller or his authorized agent, an associationdisclosure packet as directed in the written request. The informationcontained in the association disclosure packet shall be current as of a datespecified on the association disclosure packet. If hand or electronicallydelivered, the written request is deemed received on the date of delivery. Ifsent by United States mail, the request is deemed received six days after thepostmark date. An association disclosure packet shall contain the following:
1. The name of the association and, if incorporated, the state in which theassociation is incorporated and the name and address of its registered agentin Virginia;
2. A statement of any expenditure of funds approved by the association or theboard of directors that shall require an assessment in addition to theregular assessment during the current year or the immediately succeedingfiscal year;
3. A statement, including the amount of all assessments and any othermandatory fees or charges currently imposed by the association, together withany post-closing fee charged by the common interest community manager, ifany, and associated with the purchase, disposition, and maintenance of thelot and to the right of use of common areas, and the status of the account;
4. A statement of whether there is any other entity or facility to which thelot owner may be liable for fees or other charges;
5. The current reserve study report or summary thereof, a statement of thestatus and amount of any reserve or replacement fund, and any portion of thefund allocated by the board of directors for a specified project;
6. A copy of the association's current budget or a summary thereof preparedby the association, and a copy of its statement of income and expenses orstatement of its financial position (balance sheet) for the last fiscal yearfor which such statement is available, including a statement of the balancedue of any outstanding loans of the association;
7. A statement of the nature and status of any pending suit or unpaidjudgment to which the association is a party and that either could or wouldhave a material impact on the association or its members or that relates tothe lot being purchased;
8. A statement setting forth what insurance coverage is provided for all lotowners by the association, including the fidelity bond maintained by theassociation, and what additional insurance would normally be secured by eachindividual lot owner;
9. A statement that any improvement or alteration made to the lot, or usesmade of the lot or common area assigned thereto are or are not in violationof the declaration, bylaws, rules and regulations, architectural guidelinesand articles of incorporation, if any, of the association;
10. A statement setting forth any restriction, limitation, or prohibition onthe right of a lot owner to place a sign on the owner's lot advertising thelot for sale;
11. A statement setting forth any restriction, limitation, or prohibition onthe right of a lot owner to display any flag on the owner's lot, includingbut not limited to reasonable restrictions as to the size, place, and mannerof placement or display of such flag and the installation of any flagpole orsimilar structure necessary to display such flag;
12. A copy of the current declaration, the association's articles ofincorporation and bylaws, and any rules and regulations or architecturalguidelines adopted by the association;
13. A copy of any approved minutes of the board of directors and associationmeetings for the six calendar months preceding the request for the disclosurepacket;
14. A copy of the notice given to the lot owner by the association of anycurrent or pending rule or architectural violation;
15. A copy of the fully completed one-page cover sheet developed by theCommon Interest Community Board pursuant to § 54.1-2350; and
16. Certification that the association has filed with the Common InterestCommunity Board the annual report required by § 55-516.1, which certificationshall indicate the filing number assigned by the Common Interest CommunityBoard, and the expiration date of such filing.
B. Failure to receive copies of an association disclosure packet shall notexcuse any failure to comply with the provisions of the declaration, articlesof incorporation, bylaws, or rules or regulations.
C. The disclosure packet shall be delivered in accordance with the writtenrequest and instructions of the seller or his authorized agent, includingwhether the disclosure packet shall be delivered electronically or in hardcopy and shall specify the complete contact information for the parties towhom the disclosure packet shall be delivered. The disclosure packet requiredby this section, shall not, in and of itself, be deemed a security within themeaning of § 13.1-501.
D. The seller or his authorized agent may request that the disclosure packetbe provided in hard copy or in electronic form. An association or commoninterest community manager may provide the disclosure packet electronically;however, the seller or his authorized agent shall have the right to requestthat the association disclosure packet be provided in hard copy. The selleror his authorized agent shall continue to have the right to request a hardcopy of the disclosure packet in person at the principal place of business ofthe association. If the seller or his authorized agent requests that thedisclosure packet be provided in electronic format, neither the associationnor its common interest community manager may require the seller or hisauthorized agent to pay any fees to use the provider's electronic network orsystem. If the seller or his authorized agent asks that the disclosure packetbe provided in electronic format, the seller or his authorized agent maydesignate no more than two additional recipients to receive the disclosurepacket in electronic format at no additional charge.
§ 55-509.5. Contents of association disclosure packet; delivery of packet.
A. The association shall deliver, within 14 days after receipt of a writtenrequest and instructions by a seller or his authorized agent, an associationdisclosure packet as directed in the written request. The informationcontained in the association disclosure packet shall be current as of a datespecified on the association disclosure packet. If hand or electronicallydelivered, the written request is deemed received on the date of delivery. Ifsent by United States mail, the request is deemed received six days after thepostmark date. An association disclosure packet shall contain the following:
1. The name of the association and, if incorporated, the state in which theassociation is incorporated and the name and address of its registered agentin Virginia;
2. A statement of any expenditure of funds approved by the association or theboard of directors that shall require an assessment in addition to theregular assessment during the current year or the immediately succeedingfiscal year;
3. A statement, including the amount of all assessments and any othermandatory fees or charges currently imposed by the association, together withany post-closing fee charged by the common interest community manager, ifany, and associated with the purchase, disposition, and maintenance of thelot and to the right of use of common areas, and the status of the account;
4. A statement of whether there is any other entity or facility to which thelot owner may be liable for fees or other charges;
5. The current reserve study report or summary thereof, a statement of thestatus and amount of any reserve or replacement fund, and any portion of thefund allocated by the board of directors for a specified project;
6. A copy of the association's current budget or a summary thereof preparedby the association, and a copy of its statement of income and expenses orstatement of its financial position (balance sheet) for the last fiscal yearfor which such statement is available, including a statement of the balancedue of any outstanding loans of the association;
7. A statement of the nature and status of any pending suit or unpaidjudgment to which the association is a party and that either could or wouldhave a material impact on the association or its members or that relates tothe lot being purchased;
8. A statement setting forth what insurance coverage is provided for all lotowners by the association, including the fidelity bond maintained by theassociation, and what additional insurance would normally be secured by eachindividual lot owner;
9. A statement that any improvement or alteration made to the lot, or usesmade of the lot or common area assigned thereto are or are not in violationof the declaration, bylaws, rules and regulations, architectural guidelinesand articles of incorporation, if any, of the association;
10. A statement setting forth any restriction, limitation, or prohibition onthe right of a lot owner to place a sign on the owner's lot advertising thelot for sale;
11. A statement setting forth any restriction, limitation, or prohibition onthe right of a lot owner to display any flag on the owner's lot, includingbut not limited to reasonable restrictions as to the size, place, and mannerof placement or display of such flag and the installation of any flagpole orsimilar structure necessary to display such flag;
12. A copy of the current declaration, the association's articles ofincorporation and bylaws, and any rules and regulations or architecturalguidelines adopted by the association;
13. A copy of any approved minutes of the board of directors and associationmeetings for the six calendar months preceding the request for the disclosurepacket;
14. A copy of the notice given to the lot owner by the association of anycurrent or pending rule or architectural violation;
15. A copy of the fully completed one-page cover sheet developed by theCommon Interest Community Board pursuant to § 54.1-2350; and
16. Certification that the association has filed with the Common InterestCommunity Board the annual report required by § 55-516.1, which certificationshall indicate the filing number assigned by the Common Interest CommunityBoard, and the expiration date of such filing.
B. Failure to receive copies of an association disclosure packet shall notexcuse any failure to comply with the provisions of the declaration, articlesof incorporation, bylaws, or rules or regulations.
C. The disclosure packet shall be delivered in accordance with the writtenrequest and instructions of the seller or his authorized agent, includingwhether the disclosure packet shall be delivered electronically or in hardcopy and shall specify the complete contact information for the parties towhom the disclosure packet shall be delivered. The disclosure packet requiredby this section, shall not, in and of itself, be deemed a security within themeaning of § 13.1-501.
D. The seller or his authorized agent may request that the disclosure packetbe provided in hard copy or in electronic form. An association or commoninterest community manager may provide the disclosure packet electronically;however, the seller or his authorized agent shall have the right to requestthat the association disclosure packet be provided in hard copy. The selleror his authorized agent shall continue to have the right to request a hardcopy of the disclosure packet in person at the principal place of business ofthe association. If the seller or his authorized agent requests that thedisclosure packet be provided in electronic format, neither the associationnor its common interest community manager may require the seller or hisauthorized agent to pay any fees to use the provider's electronic network orsystem. If the seller or his authorized agent asks that the disclosure packetbe provided in electronic format, the seller or his authorized agent maydesignate no more than two additional recipients to receive the disclosurepacket in electronic format at no additional charge.
