55-79.85 - Restraints on alienation. - Virginia Statutes

§ 55-79.85. Restraints on alienation.

If the condominium instruments create any rights of first refusal or otherrestraints on free alienability of the condominium units, such rights andrestraints shall be void unless the condominium instruments make provisionfor promptly furnishing to any unit owner or purchaser requesting the same arecordable statement certifying to any waiver of, or failure or refusal toexercise, such rights and restraints, in all cases where such waiver,failure, or refusal does in fact occur. Failure or refusal to furnishpromptly such a statement in such circumstances in accordance with theprovisions of the condominium instruments shall make all such rights andrestraints inapplicable to any disposition of a condominium unit incontemplation of which such statement was requested. Any such statement shallbe binding on the association of unit owners, the executive organ, and everyunit owner. Payment of a fee not exceeding twenty-five dollars may berequired as a prerequisite to the issuance of such a statement if thecondominium instruments so provide.

(1974, c. 416.)