55-449 - Subdivision of units. - Virginia Statutes

§ 55-449. Subdivision of units.

A. If the declaration expressly so permits, a unit may be subdivided into twoor more units. Subject to the provisions of the declaration and otherprovisions of law, upon application of a proprietary lessee to subdivide aunit, the association shall prepare, execute and record an amendment to thedeclaration, subdividing that unit. All costs for such preparation, executionand recordation shall be borne by the proprietary lessees involved.

B. The amendment to the declaration must (i) be executed by the proprietarylessee of the unit to be subdivided; (ii) assign an identifying number toeach unit created; and (iii) reallocate the allocated interests formerlyallocated to the cooperative interest of which the subdivided unit is a partto the new cooperative interests in any reasonable manner prescribed by theproprietary lessee of the cooperative interest of which the subdivided unitis a part.

(1982, c. 277.)