2006 Code of Virginia § 55-79.58:1 - Bond to insure completion of improvements

55-79.58:1. Bond to insure completion of improvements.

A. The declarant shall file with the Real Estate Board a bond entered into bythe declarant in the sum of 100 percent of the estimated cost of completion,to the extent of the declarant's obligation as stated in the declaration, ofall improvements to the common elements of the condominium labeled in theplat or plats as "(NOT YET COMPLETED)" or "(NOT YET BEGUN)" located uponsubmitted land and which the declarant reasonably believes will not besubstantially complete at the time of conveyance of the first condominiumunit. Such bond shall be conditioned upon the faithful performance of thedeclarant's obligation to complete said improvements in strict conformitywith the plans and specifications for the same as described in thedeclaration.

B. The declarant shall file with the Real Estate Board a bond entered into bythe declarant in the sum of 100 percent of the estimated cost of completionof a unit in which a time-share interest is conveyed before the unit has beencertified as substantially complete in accordance with subsections A and B of 55-79.58. The bond required by this subsection shall be conditioned uponthe faithful performance of the declarant's obligation to complete saidimprovements in strict conformity with the plans and specifications for thesame as described in the declaration.

C. All bonds required herein shall be executed by a surety company authorizedto transact business in the Commonwealth of Virginia or by such other suretyas is satisfactory to the Board.

D. The Board may promulgate reasonable regulations which govern the return ofbonds submitted in accordance with this section.

(1977, c. 428; 1988, c. 15; 1999, c. 560.)