Patricia is buying a home in a planned community in Loudoun County, Virginia. She received a partial HOA disclosure packet on Monday and the remaining documents on Wednesday. Patricia wants to know the last day she can exercise her right of rescission under the Virginia Property Owners' Association Act. Which of the following is correct?
Correct Answer
B) Patricia's 3-day rescission period began on Wednesday when she received the complete packet, and she has until Saturday to rescind
Under Va. Code § 55.1-1800 et seq., the 3-calendar-day rescission period does not begin until the buyer receives the COMPLETE HOA disclosure packet. An incomplete packet does not trigger the rescission window. Since Patricia received the complete packet on Wednesday, her 3-day period runs from Wednesday, giving her until Saturday (Wednesday + 3 calendar days) to rescind.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
Radon disclosure involves informing buyers about the presence or potential presence of radon gas in a property. Radon is a naturally occurring radioactive gas that can accumulate in buildings and is the second leading cause of lung cancer.
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