source:
  type: guide
  id: va-m26-7-ch16-t05
  authority: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 16, Topic 5 — Contains
    provisions for amendment by the members.
  description: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 16, Topic 5 — Contains
    provisions for amendment by the members..
  coverage_tier: operative
obligations:
- id: va-m26-7-ch16-t05-full
  canonical_id: va-m26-7-ch16-t05-full
  section: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 16, Topic 5 — Contains
    provisions for amendment by the members.
  type: do
  tags:
  - regulator-direct
  - va
  - va-handbook
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 16, Topic 5 — Contains
      provisions for amendment by the members.
    source_class: va-handbook
    source_url: https://www.benefits.va.gov/warms/pam26_7.asp
    snapshot_id: fa6bc474102677f3
    fetched_at: '2026-05-23T01:53:53Z'
    content_hash: sha256:94d5d69fd84d66a208d2f9f76ceac8b3879dde5fbf0e75e36e00ce879ee16f21
    paragraph_quote: '5. Contains provisions for amendment by the members. 6. Contains
      provisions for dissolution by the members. Continued on next page January 1,
      2001 16-B-24 January 1, 2001 16-B-25 VA Pamphlet 26-7, Revised Section B: Use
      of Attorney’s Opinion Exhibit A: Other VA Requirements, Continued (D) Other
      Considerations 1. Information Brochure (Public Offering Statement). There is
      an information brochure or public offering statement which provides general
      information which is to be provided to home buyers informing them about the
      project, the association and the rights and obligations of lot owners. If part
      of an umbrella or master association, there is a discussion of that organization,
      as appropriate, in the areas noted below. The following information is provided
      at a minimum: a. Organizational structure of the association; b. Membership
      and voting rights of members and the declarant, including a description of the
      declarant control period; c. The general development plan for the project including
      requirements for expansion, phasing, merger and dissolution, an explanation
      that the total membership of the association may be increased, and a disclosure
      whether or not there will be any requirements to build a similar product in
      additional phases; d. The initial amount of assessments, the assessment lien,
      and the method of enforcement; e. A projected budget for the community of at
      least 1 year at full build-out showing projected future assessments and any
      declarant deficit funding contributions, and a component for reserves and replacements,
      if appropriate. If the project is phased, in excess of 200 units, or includes
      significant common area improvements, there is a multi-year feasibility budget
      with reserve tables; f. Method of changing the assessment; g. Description of
      types of user fees, if any; h. General description of common areas, including
      improvements; Continued on next page January 1, 2001 16-B-25 16-B-26 January
      1, 2001 VA Pamphlet 26-7, Revised Section B: Use of Attorney’s Opinion Exhibit
      A: Other VA Requirements, Continued (D) Other Considerations (continued) (1)
      (continued) i. Services provided by the association; j. Maintenance requirements;
      k. Architectural controls; l. Declarant’s retained rights; m. Minimum requirements
      for insurance to be purchased by unit owners; n. Insurance maintained by the
      association; o. Availability of parking; p. Owners'' liability for acts of others
      for violation of covenants and damage to common areas; q. Association''s ability
      to levy individual assessments; and r. Affiliation of the managing agent to
      the declarant, if any. Continued on next page January 1, 2001 16-B-26 January
      1, 2001 16-B-27 VA Pamphlet 26-7, Revised Section B: Use of Attorney’s Opinion
      Exhibit A: Other VA Requirements, Continued (D) Other Considerations (continued)
      2. Reserved Rights. The declarant, its affiliates, the sponsor of the project,
      or other party, has not reserved any of the following rights (unless such reserved
      rights have been reviewed by the field office or VA central office and determined
      reasonable. In such instances, the previous case or decision must be specifically
      referenced): a. Lease of the common area to the association or accepting leases
      from the association, except in connection with development-related offices
      such as marketing, sales or construction office for the project; b. Accepting
      franchises or licenses from the association for the provision of central television
      antenna service, cable television or like services; c. Retaining the right,
      by virtue of continued association control or otherwise, to veto acts of the
      association, except to the extent declarant''s development rights are affected
      or to enter into management agreements or other contracts which extend beyond
      the declarant control period, unless those contracts are (i) limited to 2 years
      or (ii) permit the owner-controlled board to terminate the contract; or d. Reserving
      an unlimited right to amend the covenants or to replat lots not owned by the
      declarant or common areas. 3. Restrictions on Alienation. The following restrictions
      are not present (VA Regulation 36.4350 (38 CFR 36.4350): a. Right of first refusal;
      b. Right of prior approval of either a prospective purchaser or tenant; c. Leasing
      restrictions which amount to unreasonable restrictions on use and occupancy
      of a unit; or d. Any minimum lease term in excess of 1 year. January 1, 2001
      16-B-27 16-B-28 January 1, 2001 VA Pamphlet 26-7, Revised Section B: Use of
      Attorney’s Opinion Exhibit B: Condominium Regulations Location of the Regulations
      To access the information about Condominium Regulations, go to http://www.homeloans.va.gov/regs.htm.
      January 1, 2001 16-B-28 January 1, 2001 16-B-29 VA Pamphlet 26-7, Revised Section
      B: Use of Attorney’s Opinion Accuracy of Doucmentation, 16-8 Actual Opinion.
      See Section 16-B.02 Applicability of Laws, 16-11 Attorney’s Opinion, 16-1 Attorney''s
      General Requirements, 16-1 Authenticity, 16-8 Authorized Documents, 16-7 Basic
      VA Policy, 16-1 Basic VA Requirements. See Section 16-A Building Requirements,
      16-10 Common Interest Community Definition, 16-1 Compliance with Local/State
      Requirements, 16-4 Compliance with Other VA Requirements, 16-4 Compliance With
      VA Regulations. See Exhibit B in this Chapter Conditional Opinion, 16-6 Condominium
      Approval Procedures, 16-5 Condominium not VA Approved, 16-4 Contents of Opinion,
      16-3 Correct and Complete Copies, 16-9 Dated Opinion, 16-11 Document Accuracy,
      16-7 Documenting Amendments After Project Approval, 16-8 Documents Subject to
      Rescission or Reformation, 16- 8 Expediting VA Approvals, 16-6 First Mortgages
      Holders Rights, 16-8 Identification of the Project Requirements, 16-2 Identifying
      Other Assumptions, 16-9 Identifying Variations, 16-4 Inference, 16-11 Location
      of the Regulations Internet Address, 16-28 Master or Umbrella Association, 16-5
      Mixed—Use Development, 16-5 Mortgagee Rights, 16-8 Notice of Value for all Properties
      in a PUD or Condominium, 16-4 Operated or Administered Project, 16-10 Other
      Regulatory Related Requirements, 16-4 Other VA Requirements Exhibit, 16-12 Qualifications
      or Limitations that Opinion May Include, 16-10 Qualified Parties, 16-7 Recording
      of Documents, 16-8 Request for VA Approval. See Section 16-A.03 Special Conditions,
      16-5 State Agency Certification of a Condominium, 16-6 Statement of Qualifications,
      16-3 Statement Regarding the Attorney’s Qualifications, 16-3 Subdivision Requirements,
      16-10 Subjective Factual Standards, 16-10 Submitting Required Documents, 16-11
      Superior VA Lien, 16-2 Table of Required Documents, 16-9 Title, 16-11 Title
      Requirements for Every VA loan, 16-2 Use of Attorney’s Opinion. See Section
      16-B Use of Previously Approved Documents, 16-6 VA Approval Related Requirements,
      16-4 VA Approved Condominium List Internet Address, 16-1 VA Decision, 16-7 VA
      Process for Approving Requests, 16-5 VA Required Documents, 16-9 Value of the
      Subject Property, 16-3 Violations, 16-7 Waivers or Limitations, 16-8 Zoning
      Requirements, 16-10'
  judgment: false
