2006 Code of Virginia § 55-518 - Exemptions

55-518. Exemptions.

A. The following are specifically excluded from the provisions of thischapter:

1. Transfers pursuant to court order including, but not limited to, transfersordered by a court in administration of an estate, transfers pursuant to awrit of execution, transfers by foreclosure sale, transfers by a trustee inbankruptcy, transfers by eminent domain, and transfers resulting from adecree for specific performance.

2. Transfers to a beneficiary of a deed of trust by a trustor or successor ininterest who is in default; transfers by a trustee under a deed of trustpursuant to a foreclosure sale, or transfers by a beneficiary under a deed oftrust who has acquired the real property at a sale conducted pursuant to aforeclosure sale under a deed of trust or has acquired the real property by adeed in lieu of foreclosure.

3. Transfers by a fiduciary in the course of the administration of adecedent's estate, guardianship, conservatorship, or trust.

4. Transfers from one or more co-owners solely to one or more other co-owners.

5. Transfers made solely to any combination of a spouse or a person orpersons in the lineal line of consanguinity of one or more of the transferors.

6. Transfers between spouses resulting from a decree of divorce or a propertysettlement stipulation pursuant to the provisions of Title 20.

7. Transfers made by virtue of the record owner's failure to pay any federal,state, or local taxes.

8. Transfers to or from any governmental entity or public or quasi-publichousing authority or agency.

9. Transfers involving the first sale of a dwelling; provided, that thisexemption shall not apply to the disclosures required by 55-519.1.

B. Notwithstanding the provisions of subdivision 9 of this section, thebuilder of a new dwelling shall disclose in writing to the purchaser thereofall known material defects which would constitute a violation of anyapplicable building code. In addition, for property that is located wholly orpartially in any locality comprising Planning District 15, the builder orowner, if the builder is not the owner of the property, shall disclose inwriting whether the builder or owner has any knowledge of (i) whether miningoperations have previously been conducted on the property or (ii) thepresence of abandoned mines, shafts, or pits, if any. The disclosuresrequired by this subsection shall be made by a builder or owner (i) whenselling a completed dwelling, before acceptance of the purchase contract or(ii) when selling a dwelling before or during its construction, afterissuance of a certificate of occupancy. Such disclosure shall not abrogateany warranty or any other contractual obligations the builder or owner mayhave to the purchaser. The disclosure required by this subsection may be madeon the disclosure form described in 55-519. The builder or owner may notsatisfy the requirements of this subsection by the use of the disclaimerstatement described in 55-519. If no defects are known by the builder toexist, no written disclosure is required by this subsection.

(1992, c. 717; 1993, c. 824; 1994, cc. 80, 242; 2005, c. 510; 2006, c. 706.)