The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 27 : Property
Chapter 015 : Condominium Ownership Act
Subchapter 001 : Condominium Ownership
(Cite as: 27 V.S.A. § 1316)-
§ 1316. Termination, dissolution
(a) All of the apartment or site owners may remove a property from the provisions of this chapter by an instrument to that effect, duly recorded, if the holders of all liens affecting any of the apartments or sites consent or agree, in either case by instruments duly recorded, that their liens be transferred to the percentage of the undivided interest of the apartment or site owner in the property as provided in this section.
(b) Upon removal of the property from the provisions of this chapter, the property shall be considered to be owned in common by the apartment or site owners. The undivided interest in the property owned in common which shall appertain to each apartment or site owner shall be the percentage of undivided interest previously owned by the owner in the common areas and facilities. (Added 1967, No. 228 (Adj. Sess.), § 16, eff. Jan. 23, 1968; amended 1993, No. 97, § 2; 2023, No. 6, § 363, eff. July 1, 2023.)
