§ 55.1-2122 — Relocation of boundaries between adjoining units

Virginia § 55.1-2122

• Jurisdiction: Virginia
• Title 55.1: Property and Conveyances
• Subtitle IV: Common Interest Communities
• Ch. 21: Virginia Real Estate Cooperative Act
• Art. 2: Creation, Alteration, and Termination of Cooperatives

Text

A. Subject to the provisions of the declaration and other provisions of law, the boundaries between adjoining units may be relocated by an amendment to the declaration upon application to the association by the proprietary lessees of those units. If the proprietary lessees of the adjoining units have specified a reallocation between their cooperative interests of their allocated interests, the application shall state the proposed reallocations. Unless the executive board determines within 30 days that the reallocations are unreasonable, the association shall prepare an amendment that identifies the units involved, states the reallocations, is executed by those proprietary lessees, contains words of conveyance between them, and upon recordation is indexed in the name of the grantor and the grantee.

B. The association shall prepare and record amendments to the declaration, including any plans necessary to show or describe the altered boundaries between adjoining units and their sizes and identifying numbers. All costs for such preparation and recordation shall be borne by the proprietary lessees involved.

Legislative History

1982, c. 277, § 55-448; 2019, c. 712.