2006 Code of Virginia § 55-338 - Exemptions

55-338. Exemptions.

Unless the method of disposition is adopted for the purposes of evasion ofthis chapter, the provisions of this chapter shall not apply to:

1. The sale of a subdivision to a single purchaser for his own account in asingle or isolated transaction;

2. The disposition of lots in a subdivision if each lot in the subdivision isat least five acres or more in size;

3. The disposition of a lot on which there is a residential, commercial orindustrial building, or as to which there is a legal obligation on the partof the seller to construct such a building within a period of two years fromthe date of disposition;

4. The disposition of land pursuant to court order, provided the courtreviews and approves the disposition on an individual basis;

5. The disposition of cemetery lots;

6. Offers or dispositions of evidence of indebtedness secured by a mortgageor deed of trust on real estate;

7. Offers or dispositions of securities or units of interest issued by a realestate investment trust regulated under any state or federal statute;

8. Offers or dispositions of any interest in real estate, oil, gas, or otherminerals or any royalty interest therein if the offers or dispositions ofsuch interests are regulated as securities by the United States or by thisCommonwealth;

9. The disposition of a lot or lots to any person whose purpose in acquiringthe land is to engage in the business of constructing residential,commercial, or industrial buildings thereon;

10. The lease of a lot where the right to possession or the rental term doesnot exceed one year in the aggregate and where the conditions of the lease donot obligate the lessee to renew;

11. The sale or lease of condominium units registered pursuant to theVirginia Condominium Act ( 55-79.39 et seq.);

12. The disposition of real estate which is zoned or otherwise designated bythe appropriate governmental authority for, or restricted by a valid recordeddeclaration of covenants to, commercial or industrial use.

(1978, c. 510; 1980, c. 546.)