Angela is a licensed salesperson in Virginia representing a buyer who is purchasing a home in an HOA community. The seller provides the HOA disclosure packet to the buyer's agent on a Tuesday. The buyer's agent does not deliver the packet to Angela's buyer client until the following Monday. When does the buyer's 3-day rescission period under the Virginia Property Owners' Association Act begin to run?
Correct Answer
C) Monday, when the buyer actually received the complete disclosure packet
Under Va. Code § 55.1-1800 et seq., the buyer's 3-calendar-day rescission period begins when the BUYER receives the complete HOA disclosure packet, not when the seller delivers it to the buyer's agent. Delivery to the agent does not constitute delivery to the buyer for purposes of triggering the rescission window. Therefore, the clock starts on Monday when the buyer actually received the complete packet.
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Related Topics & Key Terms
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Related Concepts
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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