Virginia Code 55.1-2112: Creation of cooperative ownership
Current as of: 2023 | Check for updates
|
Other versions
A cooperative may be created pursuant to this chapter only by recording a declaration executed in the same manner as a deed and by conveying to the association the real estate subject to that declaration. The declaration shall be recorded in every county or city in which any portion of the cooperative is located, indexed in the grantee’s index in the name of the cooperative and the association, and indexed in the grantor‘s index in the name of each person executing the declaration.
Terms Used In Virginia Code 55.1-2112
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Grantor: The person who establishes a trust and places property into it.
- person: means the beneficiary of the trust rather than the trust or the trustee. See Virginia Code 55.1-2100
- Real estate: includes (i) parcels with or without upper or lower boundaries and (ii) spaces that may be filled with air or water. See Virginia Code 55.1-2100
1982, c. 277, § 55-438; 2019, c. 712.