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A Buyer's Guide:
TLDR: Virginia law requires that buyers receive at least three days to review the Condominium Association Resale Package.
TLDR: Virginia law requires that buyers receive at least three days to review the Condominium Association Resale Package.
Condo Associations operate similar to Homeowners’ Associations in that they govern a group of properties. While the specifics vary on a case by case basis, the difference between an HOA and a Condo Association typically has to do with ownership of the common grounds. With a Condo Association, home owners share ownership of common areas, whereas with HOAs, the Homeowners’ Association itself owns the common areas.
In exchange for fees to maintain common grounds and enforce rules overseeing the condition of the neighborhood, properties remain well-groomed and property values elevated.
Virginia Law
Virginia Law
The state of Virginia requires that buyers receive three days to review Condominium Association Resale Packages with the option to terminate the sale.
True or False: A property can be part of an HOA and a Condo Association.
True or False: A property can be part of an HOA and a Condo Association.
While uncommon, some properties are part of both a Homeowners’ Association and a Condo Association, requiring dues to two separate organizations.
The Resale Package
The Resale Package
A Resale Package is a packet of information provided to those purchasing a condominium pertaining to the financial health and governing documents of the organization.
The Resale Package will vary from state to state, but standard documents include:
Annual Financials
Articles of Incorporation
Budget
Bylaws
Declaration of Covenants, Conditions, and Restrictions,
Insurance Declaration Page
Regular Meeting Minutes
Resale Certificate/Demand
Reserve Report
Resolutions
Policies, Rules and Regulations.
Questions to ask about the Condo Association
Questions to ask about the Condo Association
What questions should I ask about the Condo Association?
How much are dues?
Are there any pet restrictions?
Is parking included? If yes, how many spots are available to you? Are they covered? Where will your guests park?
Who is responsible for exterior maintenance?
Who is responsible for HVAC repairs?
Are any major assessments coming up (i.e. for roof repairs or other significant expenditures)?
Is satellite cable permitted? What about solar panels? (Some COAs don’t permit them due to unsightliness)
Are there pre-existing agreements with utility companies that you must pay for?
Is the Association involved in any ongoing legal battles?
Fun Fact
Fun Fact
Homeowners’ Associations and Condo Associations are usually established by the property developers.
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