A buyer in Virginia ratifies a contract to purchase a home in an HOA community on Day 1. The seller delivers an incomplete HOA disclosure packet on Day 3. The seller delivers the remaining HOA documents, completing the packet, on Day 7. The buyer attempts to rescind the contract on Day 10. Which of the following most accurately describes the validity of the buyer's rescission?
Correct Answer
B) The rescission is valid because the 3-day period began on Day 7 when the complete packet was delivered, and Day 10 is within the rescission window
Under the Virginia Property Owners' Association Act (Va. Code § 55.1-1800 et seq.), the buyer's 3-calendar-day rescission period does not begin until the buyer receives the COMPLETE HOA disclosure packet. Delivery of an incomplete packet on Day 3 does not start the rescission clock. The clock began on Day 7 when the complete packet was delivered, giving the buyer until Day 10 to rescind. The buyer's rescission on Day 10 is therefore timely and valid.
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Related Topics & Key Terms
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Related Concepts
Megan's Law requires states to make information about registered sex offenders available to the public. Some states require real estate agents to inform buyers about the availability of sex offender registries.
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
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.
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