Sandra is selling her condominium unit in Alexandria to a buyer named Tom. Sandra's listing agent reminds her that under the Virginia Condominium Act, a resale certificate must be provided to the buyer. Which party is primarily responsible for obtaining the resale certificate from the condominium association?
Correct Answer
D) Sandra, the seller, because the obligation to provide the resale certificate rests with the seller
Under the Virginia Condominium Act (Va. Code § 55.1-1967), the obligation to provide the resale certificate to the buyer rests with the seller. The seller must request the certificate from the condominium association and deliver it to the buyer. While the association prepares the certificate, the legal duty to obtain and provide it belongs to the seller.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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