Virginia Code 55.1-3001: Exemptions
Current as of: 2023 | Check for updates
|
Other versions
The provisions of this chapter shall not apply to residential executory real estate contracts where the vendor is:
Terms Used In Virginia Code 55.1-3001
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
- Vendor: means the person who sells, or proposes to sell, real property under a residential executory real estate contract. See Virginia Code 55.1-3000
1. A natural person, an estate, or a legal entity that owns no more than two single-family residential dwelling units in the Commonwealth unless the person or entity is an agent, affiliate, subsidiary, or parent company to another legal entity that owns at least one additional residential dwelling unit in the Commonwealth;
2. A real estate licensee pursuant to Chapter 21 of Title 54.1; or
3. A bank, savings institution, credit union, or mortgage lender licensed under Title 6.2.
2019, c. 511, § 55-252.2.