Virginia Code 55.1-2313: Liability for resale certificate
A. A seller providing a resale certificate pursuant to § 55.1-2310 or 55.1-2311 shall not be liable to the purchaser for any erroneous information provided by the association and included in the certificate or for the failure or delay of the association to provide the resale certificate in a timely manner.
Terms Used In Virginia Code 55.1-2313
- Association: means an association created pursuant to the Property Owners' Association Act (§ 55. See Virginia Code 55.1-2307
- Financial update: means updated financial information for the unit, including information required by subdivisions A 4 and 5 of § 55. See Virginia Code 55.1-2307
- Governing documents: means , to the extent applicable, the declaration, bylaws, organizing articles, and any other foundational documents of the association and all amendments to such documents. See Virginia Code 55.1-2307
- Purchaser: means the person or entity acquiring the unit. See Virginia Code 55.1-2307
- Resale certificate: means the information listed in § 55. See Virginia Code 55.1-2307
- Rules and regulations: means restrictions or limitations adopted by the board or authorized committee addressing the use, operation, appearance, or design of a portion of the common interest community. See Virginia Code 55.1-2307
- Seller: means the person or entity selling the unit. See Virginia Code 55.1-2307
- Updated resale certificate: means an update of the resale certificate referenced in § 55. See Virginia Code 55.1-2307
B. A purchaser shall not be liable for any unpaid assessment or fee greater than the amount set forth in the resale certificate, updated resale certificate, or financial update. The association shall, as to the purchaser, be bound by the information provided in the resale certificate or updated resale certificate as to the amounts of current assessments, including any approved special or additional assessments, and any violation of the governing documents or rules and regulations as of the date of the resale certificate, updated resale certificate, or financial update unless the purchaser had actual knowledge that the contents of the resale certificate were in error.