A buyer in Charlottesville, Virginia enters into a purchase contract for a property located in a planned community governed by a homeowners association. The contract includes a contingency allowing the buyer to review the HOA disclosure packet and rescind within the period allowed by Virginia law. The seller delivers an incomplete HOA disclosure packet on Monday. When does the buyer's rescission period begin under the Virginia Property Owners' Association Act?
Correct Answer
C) Only upon receipt of the complete HOA disclosure packet, not upon receipt of the incomplete packet
Under the Virginia Property Owners' Association Act (Va. Code § 55.1-1800 et seq.), the buyer's 3-calendar-day right of rescission begins only upon receipt of the COMPLETE disclosure packet. An incomplete packet does not start the rescission clock. The seller must provide all required documents, and only when the buyer receives the full, complete packet does the rescission period commence.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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