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TLDR: In Virginia, Buyers need to decide to proceed or terminate within three (3) days of receipt of the Condominium Association Resale Package.
TLDR: In Virginia, Buyers need to decide to proceed or terminate within three (3) days of receipt of the Condominium Association Resale Package.
For more details on Condominium Association Disclosures, refer back to Step 2: Condo Association.
Virginia law requires that buyers receive three days to review Condominium Association Resale Packages with the option to terminate the sale. 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
Fun Fact
Fun Fact
While uncommon, some properties are part of both a Homeowners’ Association and a Condo Association, requiring dues to two separate organizations.
What questions should I 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?
Are there any ongoing legal battles with the Condo Association?
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