Kevin is a licensed salesperson representing the seller of a home in Virginia Beach. The property is located within a homeowners association. Kevin's seller client asks whether the HOA disclosure packet must be provided to the buyer. Kevin correctly advises that under the Virginia Property Owners' Association Act, the seller must provide the disclosure packet AND the buyer has a right to rescind the contract within how many calendar days of receiving the complete packet?
Correct Answer
D) 3 calendar days after receiving the complete disclosure packet
Under the Virginia Property Owners' Association Act (Va. Code § 55.1-1800 et seq.), a buyer has 3 calendar days to rescind the contract after receiving the complete HOA disclosure packet. This rescission right is triggered by receipt of the complete packet, not the contract signing date or partial delivery.
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Related Concepts
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
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