55-79.7 - Master deed or lease; recordation; particulars. - Virginia Statutes

§ 55-79.7. Master deed or lease; recordation; particulars.

A master deed or lease shall be recorded in the same manner and subject tothe same provisions of law as are deeds; provided, that no state or localrecordation tax upon the value of the property transferred shall apply to anysuch deed or portion thereof recorded solely for the purpose of complyingwith the provisions of § 55-79.3.

Provisions shall be made for the recordation of the individual apartments onsubsequent resales, mortgages and other encumbrances, as is done with allother real estate recordation. The master deed or lease to which § 55-79.3refers shall express the following particulars:

(a) The description of the land, whether leased or in fee simple, and thebuilding or buildings, expressing their respective areas;

(b) The general description and the number of each apartment, expressing itsarea, location and any other data necessary for its identification;

(c) The description of the general common elements of the building orbuildings; and

(d) The provisions requiring the council of co-owners to maintain insuranceon the horizontal property regime.

(1962, c. 627, § 7; 1966, c. 683; 1973, c. 375.)