Robert is a licensed broker in Virginia who is listing a newly constructed condominium unit for a developer. The developer asks Robert whether a Public Offering Statement (POS) is required for the sale. Robert correctly advises that under the Virginia Condominium Act, a POS is required for new condominium sales AND the buyer has a right of rescission within how many days of receiving the POS?
Correct Answer
A) 3 calendar days after receiving the Public Offering Statement
Under the Virginia Condominium Act (Va. Code § 55.1-1900 et seq.), buyers of new condominium units must receive a Public Offering Statement (POS), and they have a 3-calendar-day right of rescission after receiving the POS. This mirrors the 3-day rescission period under the POA Act for HOA resale packets, making the 3-day period a consistent Virginia-specific rule across both condominium and HOA disclosure frameworks.
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