CODE OF VIRGINIA

SUBSTANTIAL COMPLETION OF UNITS (§ 55-495)

In the case of a sale of a cooperative interest where delivery of a public
offering statement is required, a contract of sale may be executed, but no
interest in that cooperative interest may be conveyed, except pursuant to
subsection B of § 55-498, until the declaration is recorded and the unit which
is a part of that cooperative interest is substantially completed, as evidenced
by a recorded certificate of substantial completion executed by an independent,
registered architect, surveyor or engineer, or by issuance of a certificate of
occupancy authorized by law.

HISTORY: 1982, c. 277.