David is selling his townhouse in Herndon, Virginia, which is governed by both a condominium association and a master homeowners association. The buyer, Lisa, receives the condominium resale certificate on Day 1 but does not receive the HOA disclosure packet until Day 4. Lisa decides on Day 6 that she wants to rescind the contract. Which of the following most accurately describes Lisa's rescission rights?
Correct Answer
D) Lisa can rescind based on the HOA disclosure packet because her 3-day rescission period under the POA Act runs from Day 4, making Day 6 within the rescission window
When a property is subject to both a condominium association and an HOA, each disclosure document triggers its own independent 3-day rescission period under the applicable statute. The condominium resale certificate triggers a 3-day period under Va. Code § 55.1-1900 et seq. (expiring Day 4), and the HOA disclosure packet triggers a separate 3-day period under Va. Code § 55.1-1800 et seq. (running from Day 4 through Day 7). Since Lisa is acting on Day 6, she is still within the HOA-triggered rescission window and can rescind the contract.
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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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