55-490 - Exclusion or modification of implied warranties of quality. - Virginia Statutes

§ 55-490. Exclusion or modification of implied warranties of quality.

A. Except as limited by subsection B with respect to a purchaser of acooperative interest for a unit that may be used for residential use, impliedwarranties of quality: (i) may be excluded or modified by agreement of theparties; and (ii) are excluded by expression of disclaimer, such as "asis," "with all faults," or other language which in common understandingcalls the buyer's attention to the exclusion of warranties.

B. With respect to a purchaser of a cooperative interest for a unit that maybe occupied for residential use, no general disclaimer of implied warrantiesof quality is effective, nor shall any disclaimer of implied warranties ofquality be effective as to defects in materials or construction as to anyunit, brought to the attention of the declarant within two years from thedate of the first conveyance of the cooperative interest associated with suchunit, or as to any such defect in the common elements brought to theattention within two years (i) after that common element has been completedor, if later, (ii) after the first cooperative interest has been conveyed inthe cooperative. The first conveyance of a cooperative interest associatedwith a unit situated in real estate subject to development rights shall betreated as the first conveyance of a cooperative interest in the cooperativefor the purposes of the preceding sentence as to any such defects in thecommon elements within that real estate. A declarant and any person in thebusiness of selling cooperative interests for his own account may disclaimliability in an instrument signed by the purchaser for a specified defect orspecified failure to comply with applicable law, if the defect or failureentered into became a part of the basis of the bargain.

(1982, c. 277.)