Property Owners' Association Act; disclosure requirements, declarant control.

Property Owners' Association Act; disclosure requirements; declarant control. Requires a declarant who has any unexpired right to control the conduct of business of a property owners' association, once the majority of the members of the board of directors other than the declarant are owners of improved lots in the association, to disclose such rights and the status of the declarant's control in any contract for the sale of any lot in the association other than for development or resale. This bill is a recommendation of the Virginia Housing Commission.