54.1-2350 - Annual report and disclosure packets. - Virginia Statutes

§ 54.1-2350. Annual report and disclosure packets.

In addition to the provisions of § 54.1-2349, the Board shall:

1. Administer the provisions of Chapter 29 (§ 55-528 et seq.) of Title 55;

2. Develop and disseminate an association annual report form for use inaccordance with §§ 55-79.93:1, 55-504.1, and 55-516.1; and

3. Develop and disseminate a one-page form to accompany associationdisclosure packets required pursuant to § 55-509.5, which form shallsummarize the unique characteristics of property owners' associationsgenerally and shall make known to prospective purchasers the unusual andmaterial circumstances affecting a lot owner in a property owners'association, including but not limited to the obligation of a lot owner topay regular annual or special assessments to the association, the penalty forfailure or refusal to pay such assessments, the purposes for which suchassessments may be used, and the importance the declaration of restrictivecovenants and other governing documents play in association living.

(2008, cc. 851, 871.)