Virginia Code 55.1-2308: Contract for resale; disclosures
Unless exempt pursuant to § 55.1-2317, any contract for the resale of a unit in a common interest community shall disclose (i) that the unit is located in a common interest community; (ii) that the seller is required to obtain from the association a resale certificate and provide it to the purchaser; (iii) the purchaser’s right to cancel the contract pursuant to § 55.1-2312; (iv) that the purchaser may request an updated resale certificate pursuant to § 55.1-2311; and (v) that the purchaser’s right to receive the resale certificate and the right to cancel the contract are waived conclusively if not exercised before settlement. If the contract does not contain the disclosures required by this section, the purchaser’s sole remedy is to cancel the contract prior to settlement.
Terms Used In Virginia Code 55.1-2308
- Association: means an association created pursuant to the Property Owners' Association Act (§ 55. See Virginia Code 55.1-2307
- Common interest community: means a condominium created pursuant to the Virginia Condominium Act (§ 55. See Virginia Code 55.1-2307
- Contract: A legal written agreement that becomes binding when signed.
- contract: means the contract to purchase the unit and any addenda to such contract. See Virginia Code 55.1-2307
- Purchaser: means the person or entity acquiring the unit. See Virginia Code 55.1-2307
- Resale certificate: means the information listed in § 55. See Virginia Code 55.1-2307
- Seller: means the person or entity selling the unit. See Virginia Code 55.1-2307
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Unit: means a condominium unit in a condominium, a cooperative unit in a real estate cooperative, or a lot in a community governed by an association. See Virginia Code 55.1-2307
- Updated resale certificate: means an update of the resale certificate referenced in § 55. See Virginia Code 55.1-2307