Patricia is purchasing a condominium unit in Arlington, Virginia. The seller delivers what is labeled as the complete resale certificate under the Virginia Condominium Act on Tuesday. However, Patricia's attorney later discovers that the certificate is missing the current reserve fund balance, which is a required item. Patricia wishes to rescind the contract. Which statement BEST describes her rescission rights?
Correct Answer
A) Patricia's three-day rescission period has not yet begun because the resale certificate was incomplete
Under the Virginia Condominium Act (Va. Code § 55.1-1994), the buyer's three-day right of rescission is triggered only upon receipt of a COMPLETE resale certificate containing all required items. Because the reserve fund balance was missing, the certificate was legally incomplete, and the three-day rescission clock has not yet begun. Patricia retains her full right of rescission until a complete certificate is delivered.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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