CODE OF VIRGINIA

RELEASE OF LIENS (§ 55-486)

A. In the case of a sale of a cooperative interest where delivery of a public
offering statement is required pursuant to subsection C of § 55-477, a seller
shall, before conveying a cooperative interest, record or furnish to the
purchaser releases of all liens affecting the unit which is a part of that
cooperative interest and any limited common element assigned thereto, except
liens solely against the unit and any limited common element assigned thereto,
which the purchaser expressly agrees to take subject to or assume. Releases of
liens shall be made pursuant to §§ 55-66.3 through 55-66.6. This subsection
does not apply to any real estate which a declarant has the right to withdraw.

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

HISTORY: 1982, c. 277; 2004, c. 242.