What is defined as a common interest community in Virginia?

A common interest community in Virginia is specifically defined as real estate that is subject to a declaration containing lots and common areas. This definition encompasses a range of residential developments where individual owners have an interest in both their own property and shared community features. The declaration often outlines the rights and responsibilities of the property owners, including regulations regarding the use of common areas and the maintenance of these shared spaces.

Properties within gated communities or high-rise apartments with shared amenities might share some characteristics of common interest communities but do not encompass the comprehensive legal framework indicated by the term itself. Not all residential neighborhoods are considered common interest communities, as many may lack the required declarations and shared governance structures that typify such communities. Thus, the correct understanding hinges on the specific definition that focuses on the formal documentation and mixed ownership of both individual lots and shared common areas.