55-79.01 - Definitions. - Virginia Statutes

§ 55-79.01. Definitions.

As used in this article:

A. "Land" is a three-dimensional concept and includes parcels with upper orlower boundaries, or both upper and lower boundaries, as well as parcelsextending ab solo usque ad coelum. Parcels of airspace constitute landwithin the meaning of this article. Any requirement in this article of alegally sufficient description shall be deemed to include a requirement thatthe upper and lower boundaries, if any, of the parcel in question beidentified with reference to established datum.

B. "Residential ground rent" means a rent or charge paid for the use ofland, whether or not title thereto is transferred to the user, or a lease ofland, for personal residential purposes, (i) which is assignable by theobligor without the obligee's consent, (ii) which is for a term in excess offifteen years, including any rights of renewal at the option of the obligor,(iii) where the obligor has a present or future right to terminate suchground rent and to acquire the entire interest of the obligee in the land bythe payment of a determined or determinable amount, and (iv) where theobligee's interest in the land is primarily a security interest to protecthis right to be paid the rent or charge.

C. "Obligor" means one or more individuals who are obligated to pay aresidential ground rent.

D. "Obligee" means any person or entity to whom a residential ground rentis owed.

(1975, c. 363; 1992, c. 438.)