§ 54.1-2345.1 — Certain real estate arrangements and covenants not deemed to constitute a common interest community

Virginia § 54.1-2345.1

• Jurisdiction: Virginia
• Title 54.1: Professions and Occupations
• Subtitle II: Professions and Occupations Regulated by the Department of Professional and Occupational Regulation and Boards Within the Department
• Ch. 23.3: Common Interest Communities
• Art. 1: Common Interest Community Board

Text

A. An arrangement between the associations for two or more common interest communities to share the costs of real estate taxes, insurance premiums, services, maintenance, or improvements of real estate, or other activities specified in their arrangement or declarations does not create a separate common interest community, or an arrangement between an association and the owner of real estate that is not part of a common interest community to share the costs of real estate taxes, insurance premiums, services, maintenance, or improvements of real estate, or other activities specified in their arrangement does not create a separate common interest community. Assessments against the lots in the common interest community required by such arrangement shall be included in the periodic budget for the common interest community, and the arrangement shall be disclosed in all required public offering statements and resale certificates.

B. A covenant requiring the owners of separately owned parcels of real estate to share costs or other obligations associated with a party wall, driveway, well, or other similar use does not create a common interest community unless the owners otherwise agree to create such community.

Legislative History

2019, c. 712; 2023, cc. 387, 388.