Under Virginia law, when a buyer purchases a home that is subject to the Virginia Property Owners' Association Act, who is responsible for obtaining and delivering the HOA disclosure packet to the buyer?
Correct Answer
C) The seller, who must request the packet from the HOA and provide it to the buyer
Under the Virginia Property Owners' Association Act (Va. Code § 55.1-1808), it is the seller's responsibility to obtain the HOA disclosure packet from the association and deliver it to the buyer. The seller must request the packet and ensure timely delivery so that the buyer's three-day rescission period can begin running. The seller's agent typically facilitates this process on the seller's behalf.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
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