55-509 - Definitions.
§ 55-509. Definitions.
As used in this chapter, unless the context requires a different meaning:
"Act" means the Virginia Property Owners' Association Act.
"Association" means the property owners' association.
"Board of directors" means the executive body of a property owners'association, or a committee which is exercising the power of the executivebody by resolution or bylaw.
"Capital components" means those items, whether or not a part of the commonarea, for which the association has the obligation for repair, replacement orrestoration and for which the board of directors determines funding isnecessary.
"Common area" means property within a development which is owned, leased orrequired by the declaration to be maintained or operated by a propertyowners' association for the use of its members and designated as common areain the declaration.
"Common interest community" means the same as that term is defined in §55-528.
"Common interest community manager" means the same as that term is definedin § 54.1-2345.
"Declarant" means the person or entity signing the declaration and itssuccessors or assigns who may submit property to a declaration.
"Declaration" means any instrument, however denominated, recorded among theland records of the county or city in which the development or any partthereof is located, that either (i) imposes on the association maintenance oroperational responsibilities for the common area or (ii) creates theauthority in the association to impose on lots, or on the owners or occupantsof such lots, or on any other entity any mandatory payment of money inconnection with the provision of maintenance and/or services for the benefitof some or all of the lots, the owners or occupants of the lots, or thecommon area. "Declaration" includes any amendment or supplement to theinstruments described in this definition. "Declaration" shall not includea declaration of a condominium, real estate cooperative, time-share projector campground.
"Development" means real property located within this Commonwealth subjectto a declaration which contains both lots, at least some of which areresidential or are occupied for recreational purposes, and common areas withrespect to which any person, by virtue of ownership of a lot, is a member ofan association and is obligated to pay assessments provided for in adeclaration.
"Disclosure packet update" means an update of the financial informationreferenced in subdivisions A 2 through A 9 of § 55-509.5. The update shallinclude a copy of the original disclosure packet.
"Financial update" means an update of the financial information referencedin subdivisions A 2 through A 7 of § 55-509.5.
"Lot" means (i) any plot or parcel of land designated for separateownership or occupancy shown on a recorded subdivision plat for a developmentor the boundaries of which are described in the declaration or in a recordedinstrument referred to or expressly contemplated by the declaration, otherthan a common area, and (ii) a unit in a condominium association or a unit ina real estate cooperative if the condominium or cooperative is a part of adevelopment.
"Meeting" or "meetings" means the formal gathering of the board ofdirectors where the business of the association is discussed or transacted.
"Property owners' association" or "association" means an incorporated orunincorporated entity upon which responsibilities are imposed and to whichauthority is granted in the declaration.
"Settlement agent" means the same as that term is defined in § 6.1-2.20.
(1989, c. 679; 1991, c. 667; 1996, c. 618; 1998, c. 623; 2001, c. 715; 2002,c. 459; 2003, c. 422; 2008, cc. 851, 871.)