A Virginia purchase agreement is signed by both parties on Monday. The seller is part of a homeowners association governed by the Virginia Property Owners' Association Act. The complete HOA disclosure packet is delivered to the buyer on Wednesday. By what day must the buyer exercise any right of rescission if they wish to cancel the contract based on the HOA disclosure?
Correct Answer
C) By midnight on Saturday, three calendar days after receiving the complete packet
Under the Virginia Property Owners' Association Act (Va. Code § 55.1-1808), a buyer has three calendar days to rescind a purchase contract after receiving the complete HOA disclosure packet. The packet was received on Wednesday, so the three-day window runs Wednesday, Thursday, and Friday—meaning the buyer must exercise rescission by midnight on Saturday.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
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