West Virginia § 36B-4-111 Release of liens

West Virginia Statutes

§ 36B-4-111 — Release of liens

West Virginia·Ch. 36B UNIFORM COMMON INTEREST OWNERSHIP ACT·Art. 4 PROTECTION OF PURCHASERS

(a)In the case of a sale of a unit where delivery of a public offering statement is required pursuant to section 4- 102(c), a seller:

(1)Before conveying a unit, shall record or furnish to the purchaser releases of all liens, except liens on real estate that a declarant has the right to withdraw from the common interest community, that the purchaser does not expressly agree to take subject to or assume and that encumber:

(i)In a condominium, that unit and its common element interest; and

(ii)In a cooperative or planned community, that unit and any limited common elements assigned thereto, or

(2)Shall provide a surety bond or substitute collateral for or insurance against the lien.

(b)Before conveying real estate to the association, the declarant shall have that real estate relea

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(a) In the case of a sale of a unit where delivery of a public offering statement is required pursuant to section 4- 102(c), a seller:

(1) Before conveying a unit, shall record or furnish to the purchaser releases of all liens, except liens on real estate that a declarant has the right to withdraw from the common interest community, that the purchaser does not expressly agree to take subject to or assume and that encumber:

(i) In a condominium, that unit and its common element interest; and

(ii) In a cooperative or planned community, that unit and any limited common elements assigned thereto, or

(2) Shall provide a surety bond or substitute collateral for or insurance against the lien.

(b) Before conveying real estate to the association, the declarant shall have that real estate released from: (1) All liens the foreclosure of which would deprive unit owners of any right of access to or easement of support of their units; and (2) all other liens on that real estate unless the public offering statement describes certain real estate that may be conveyed subject to liens in specified amounts.

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