Terms Used In Virginia Code > Title 55.1 > Subtitle IV > Chapter 23.1 - Resale Disclosure Act

• Agent: means the authorized agent designated by the purchaser or seller in a ratified real estate contract, listing agreement, or other writing designating such agent. See Virginia Code 55.1-2307
• Association: means an association created pursuant to the Property Owners' Association Act (§ 55. See Virginia Code 55.1-2307
• Board: means the board of directors or executive board, of an association, except that in the case of a horizontal property regime created pursuant to the Horizontal Property Act (§ 55. See Virginia Code 55.1-2307
• Common interest community: means a condominium created pursuant to the Virginia Condominium Act (§ 55. See Virginia Code 55.1-2307
• Contract: A legal written agreement that becomes binding when signed.
• contract: means the contract to purchase the unit and any addenda to such contract. See Virginia Code 55.1-2307
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Days: means calendar days. See Virginia Code 55.1-2307
• Declarant: means the same as that term is defined in §§ 55. See Virginia Code 55.1-2307
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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
• Limited elements: means the limited common elements appurtenant to a condominium unit or cooperative unit or the limited common area appurtenant to a lot. See Virginia Code 55.1-2307
• Managing agent: means a licensee who performs management services as defined in § 54. See Virginia Code 55.1-2307
• 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
• Purchaser: means the person or entity acquiring the unit. See Virginia Code 55.1-2307
• 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
• 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
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Trustee: A person or institution holding and administering property in trust.
• Unit: means a condominium unit in a condominium, a cooperative unit in a real estate cooperative, or a lot in a community governed by an association. See Virginia Code 55.1-2307
• United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
• Updated resale certificate: means an update of the resale certificate referenced in § 55. See Virginia Code 55.1-2307