55-486 - Release of liens. - Virginia Statutes

§ 55-486. Release of liens.

A. In the case of a sale of a cooperative interest where delivery of a publicoffering statement is required pursuant to subsection C of § 55-477, a sellershall, before conveying a cooperative interest, record or furnish to thepurchaser releases of all liens affecting the unit which is a part of thatcooperative interest and any limited common element assigned thereto, exceptliens solely against the unit and any limited common element assignedthereto, which the purchaser expressly agrees to take subject to or assume.Releases of liens shall be made pursuant to §§ 55-66.3 through 55-66.6. Thissubsection does not apply to any real estate which a declarant has the rightto withdraw.

B. Before conveying real estate to the association the declarant shall havethat real estate released from: (i) all liens the foreclosure of which woulddeprive proprietary lessees of any right of access to or easement of supportof their units, and (ii) all other liens on that real estate unless thepublic offering statement describes certain real estate which may be conveyedsubject to liens in specified amounts.

(1982, c. 277; 2004, c. 242.)