55-79.23 - Prerequisites to sale of units by developer; purchasers' receipts for reports. - Virginia Statutes

§ 55-79.23. Prerequisites to sale of units by developer; purchasers' receiptsfor reports.

The developer shall not enter into a binding contract or agreement for thesale of any unit in a condominium project until

(a) A true copy of the Board's final or substitute public report thereon withall supplementary public reports, if any has been issued, has been given tothe prospective purchaser,

(b) The latter has been given an opportunity to read same, and,

(c) His receipt taken therefor.

Receipts taken for any public report shall be kept on file in possession ofthe developer subject to inspection at a reasonable time by the Board or itsdeputies, for a period of three years from the date the receipt was taken.

(1962, c. 627, § 23.)