Virginia § 55.1-2153 Applicability; waiver

Virginia Statutes

§ 55.1-2153 — Applicability; waiver

Virginia § 55.1-2153

JurisdictionVirginia

Title 55.1Property and Conveyances

Subtitle IVCommon Interest Communities

Ch. 21Virginia Real Estate Cooperative Act

Art. 4Protection of Cooperative Purchasers

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Bluebook

Va. Code Ann. § 55.1-2153 (2026).

Text

A.This article applies to all cooperative interests subject to this chapter, except as provided in subsection B or as modified or waived by agreement of purchasers of cooperative interests in a cooperative in which all units are restricted to nonresidential use.

B.Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:

1.A gratuitous disposition of a cooperative interest;

2.A disposition pursuant to court order;

3.A disposition by a government or governmental agency;

4.A disposition by foreclosure or transfer in lieu of foreclosure;

5.A disposition to a person in the business of selling cooperative interests who intends to offer those cooperative interests to purchasers; or

6.A disposition that may be canceled at any time an

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A. This article applies to all cooperative interests subject to this chapter, except as provided in subsection B or as modified or waived by agreement of purchasers of cooperative interests in a cooperative in which all units are restricted to nonresidential use.

B. Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:

1. A gratuitous disposition of a cooperative interest;

2. A disposition pursuant to court order;

3. A disposition by a government or governmental agency;

4. A disposition by foreclosure or transfer in lieu of foreclosure;

5. A disposition to a person in the business of selling cooperative interests who intends to offer those cooperative interests to purchasers; or

6. A disposition that may be canceled at any time and for any reason by the purchaser without penalty.