Virginia Code 55.1-2311: Updated resale certificate
A. If a resale certificate was issued more than 30 days but less than 12 months before settlement, the seller or the purchaser, upon proof of being the contract purchaser of the unit, may request an updated resale certificate. The updated resale certificate shall be delivered to the person requesting it, or as such person may direct, in the format requested. The updated resale certificate shall be delivered within 10 days after the written request.
Terms Used In Virginia Code 55.1-2311
- Agent: means the authorized agent designated by the purchaser or seller in a ratified real estate contract, listing agreement, or other writing designating such agent. See Virginia Code 55.1-2307
- Association: means an association created pursuant to the Property Owners' Association Act (§ 55. See Virginia Code 55.1-2307
- Days: means calendar days. See Virginia Code 55.1-2307
- Financial update: means updated financial information for the unit, including information required by subdivisions A 4 and 5 of § 55. See Virginia Code 55.1-2307
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- 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
B. The updated resale certificate shall contain current information for all items that may have changed from the original resale certificate or a statement that there are no changes.
C. A settlement agent authorized by the seller or purchaser may request a financial update and the association shall provide such information within three business days after the written request.