Board of Directors of the Colchester Towne Condominium Council of Co-Owners v. Wachovia Bank, N.A.

Subsection (I)(5)(c) of Code § 55-79.84 specifically addresses the manner in which the proceeds of the non-judicial or public sale of a condominium unit are to be disbursed:

The unit owners’ association shall receive and receipt for the proceeds of sale, . . . and apply the same in the following order: first, to the reasonable expenses of sale; second, to the *53satisfaction of all taxes, levies, and assessments, with costs and interest; third, to the satisfaction of the lien for the unit owners’ assessments; fourth, to the satisfaction in the order of priority of any remaining inferior claims of…