A developer in Loudoun County is converting an existing apartment building into condominium units and plans to sell the units to individual buyers. Under the Virginia Condominium Act, which of the following statements correctly describes the developer's disclosure obligations for these conversion units?
Correct Answer
B) The developer must provide a Public Offering Statement, and buyers retain a 3-calendar-day right of rescission after receiving it
Under the Virginia Condominium Act (Va. Code § 55.1-1976 et seq.), a developer selling condominium units—including conversion condominiums—must provide each buyer with a Public Offering Statement (POS). The conversion of an apartment building into condominiums is explicitly addressed under the Act, and the developer's obligation to provide a POS applies regardless of whether the building is newly constructed or converted. Buyers have a 3-calendar-day right of rescission after receiving the complete POS.
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Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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.
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