Under the Virginia Condominium Act, when a developer sells a new condominium unit to a buyer, which document must the developer provide to the buyer before the sale is complete?
Correct Answer
D) A Public Offering Statement prepared by the developer
Under the Virginia Condominium Act (Va. Code § 55.1-1900 et seq.), a developer selling a new condominium unit must provide the buyer with a Public Offering Statement (POS). The POS contains detailed information about the condominium project, the developer, the budget, and the association. The buyer has a 3-calendar-day right of rescission after receiving the complete POS.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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