55-509.10 - Exceptions to disclosure requirements. - Virginia Statutes

§ 55-509.10. Exceptions to disclosure requirements.

A. The contract disclosures required by § 55-509.4 and the associationdisclosure packet required by § 55-509.5 shall not be provided in the case of:

1. A disposition of a lot by gift;

2. A disposition of a lot pursuant to court order if the court so directs;

3. A disposition of a lot by foreclosure or deed in lieu of foreclosure;

4. A disposition of a lot by a sale at an auction, where the associationdisclosure packet was made available as part of an auction package forprospective purchasers prior to the auction sale; or

5. A disposition of a lot to a person or entity who is not acquiring the lotfor his own residence or for the construction thereon of a dwelling unit tobe occupied as his own residence, unless requested by such person or entity.If such disclosures are not requested, a statement in the contract of salethat the purchaser is not acquiring the lot for such purpose shall beconclusive and may be relied upon by the seller of the lot. The person orentity acquiring the lot shall nevertheless be obligated to abide by thedeclaration, bylaws, rules and regulations, and architectural guidelines ofthe association as to all matters.

B. In any transaction in which an association disclosure packet is requiredand a trustee acts as the seller in the sale or resale of a lot, the trusteeshall obtain the association disclosure packet from the association andprovide the packet to the purchaser.

C. In the case of an initial disposition of a lot by the declarant, theassociation disclosure packet required by § 55-509.5 need not include theinformation referenced in subdivisions A 2, A 3, A 5 nor A 9 of § 55-509.5,and it shall include the information referenced in subdivisions A 16 of §55-509.5 only if the association has filed an annual report prior to the dateof such disclosure packet.

(2008, cc. 851, 871; 2009, c. 69.)