All funds deposited with a managing agent shall be handled in a fiduciary capacity and shall be kept in a fiduciary trust account in a federally insured financial institution separate from other assets of the managing agent. The funds shall be the property of the unit owners' association and shall be segregated for each account in the records of the managing agent in a manner that permits the funds to be identified on an individual unit owners' association basis.
2007, cc. 696, 712, § 55-79.74:01; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 19 - Virginia Condominium Act
§ 55.1-1901. Application and construction of chapter
§ 55.1-1902. Variation by agreement
§ 55.1-1903. Separate assessments, titles, and taxation
§ 55.1-1904. Association charges
§ 55.1-1907. How condominium may be created
§ 55.1-1909. Description of condominium units
§ 55.1-1910. Execution of condominium instruments
§ 55.1-1911. Recordation of condominium instruments
§ 55.1-1912. Construction of condominium instruments
§ 55.1-1913. Complementarity of condominium instruments; controlling construction
§ 55.1-1914. Validity of condominium instruments; discrimination prohibited
§ 55.1-1915. Compliance with condominium instruments
§ 55.1-1916. Contents of declaration
§ 55.1-1917. Allocation of interests in the common elements
§ 55.1-1918. Reallocation of interests in common elements
§ 55.1-1919. Assignments of limited common elements; conversion to common element
§ 55.1-1920. Contents of plats and plans
§ 55.1-1921. Bond to insure completion of improvements
§ 55.1-1922. Preliminary recordation of plats and plans
§ 55.1-1923. Easement for encroachments
§ 55.1-1924. Conversion of convertible lands
§ 55.1-1925. Conversion of convertible spaces
§ 55.1-1926. Expansion of condominium
§ 55.1-1927. Contraction of condominium
§ 55.1-1928. Easement to facilitate conversion and expansion
§ 55.1-1929. Easement to facilitate sales
§ 55.1-1930. Declarant's obligation to complete and restore
§ 55.1-1931. Alterations within units
§ 55.1-1932. Relocation of boundaries between units
§ 55.1-1933. Subdivision of units
§ 55.1-1934. Amendment of condominium instruments
§ 55.1-1935. Use of technology
§ 55.1-1936. Merger or consolidation of condominiums; procedure
§ 55.1-1937. Termination of condominium
§ 55.1-1938. Rights of mortgagees
§ 55.1-1939. Statement of unit owner rights
§ 55.1-1941. Amendment to condominium instruments; consent of mortgagee
§ 55.1-1942. Reformation of declaration; judicial procedure
§ 55.1-1943. Control of condominium by declarant
§ 55.1-1945. Books, minutes, and records; inspection
§ 55.1-1946. Management office
§ 55.1-1947. Transfer of special declarant rights
§ 55.1-1948. Declarants not succeeding to special declarant rights
§ 55.1-1949. Meetings of unit owners' association and executive board
§ 55.1-1950. Distribution of information by members
§ 55.1-1951.1. Installation of solar energy collection devices
§ 55.1-1952. Meetings of unit owners' association and executive board; quorums
§ 55.1-1956. Control of common elements
§ 55.1-1957. Common elements; notice of pesticide application
§ 55.1-1958. Tort and contract liability; judgment lien
§ 55.1-1960. Limitation of occupancy of a unit
§ 55.1-1960.1. Limitation of smoking in condominium
§ 55.1-1961. Use of for sale sign in connection with resale
§ 55.1-1962. Designation of authorized representative
§ 55.1-1962.1. Electric vehicle charging stations permitted
§ 55.1-1964. Liability for common expenses; late fees
§ 55.1-1965. Annual budget; reserves for capital components
§ 55.1-1966. Lien for assessments
§ 55.1-1967. Notice of sale under deed of trust
§ 55.1-1968. Bond to be posted by declarant
§ 55.1-1969. Restraints on alienation
§ 55.1-1970. Common Interest Community Board
§ 55.1-1971. General powers and duties of the Common Interest Community Board
§ 55.1-1972. Exemptions from certain provisions of article
§ 55.1-1974. Limitations on dispositions of units
§ 55.1-1975. Application for registration; fee
§ 55.1-1976. Public offering statement; condominium securities
§ 55.1-1977. Inquiry and examination
§ 55.1-1978. Notice of filing and registration
§ 55.1-1979. Annual report by declarant
§ 55.1-1980. Annual report by unit owners' association
§ 55.1-1981. Termination of registration
§ 55.1-1982. Conversion condominiums; special provisions
§ 55.1-1983. Escrow of deposits
§ 55.1-1984. Declarant to deliver declaration to purchaser
§ 55.1-1985. Investigations and proceedings
§ 55.1-1986. Cease and desist orders
§ 55.1-1987. Revocation of registration
§ 55.1-1990. Resale by purchaser; contract disclosure; right of cancellation
§ 55.1-1991. Contents of resale certificate; delivery
§ 55.1-1992. Fees for resale certificate
§ 55.1-1993. Properties subject to more than one declaration