55-495 - Substantial completion of units. - Virginia Statutes

§ 55-495. Substantial completion of units.

In the case of a sale of a cooperative interest where delivery of a publicoffering statement is required, a contract of sale may be executed, but nointerest in that cooperative interest may be conveyed, except pursuant tosubsection B of § 55-498, until the declaration is recorded and the unitwhich is a part of that cooperative interest is substantially completed, asevidenced by a recorded certificate of substantial completion executed by anindependent, registered architect, surveyor or engineer, or by issuance of acertificate of occupancy authorized by law.

(1982, c. 277.)