What Every Virginia Home Buyer Should Know About the Virginia Property Owner’s Association Act
The property you are considering purchasing may be located in a development subject to the provisions of the Virginia Property Owner’s Association Act. If it is subject to the Act then the seller is obligated to disclose that fact to you in the contract and to provide you with what is known as an association disclosure packet, which contains a significant amount of information and documents. Most importantly, under this law you have the unilateral right to terminate the contract, but termination must be timely and done correctly.
The Act and the disclosure packet can be very confusing, and many buyers do not know what to look for in the packet. This primer is intended to provide Liz Moore and Associates’ buyers with some guidance and help in evaluating the disclosure packet and to answer many frequently asked questions. Of course, there is no substitute for specific legal advice when needed, and so this primer is not intended to supplant having a lawyer represent you. Lastly, it is based on the law in effect as of September 1, 2020 (a copy of the relevant parts of the Act is provided at the end of this article).
Topics include:
• What is the Property Owner’s Association Act?
• What is a property owner’s association (POA)?
• What is an association disclosure packet?
• What should the disclosure packet contain?
• What if I am out of town when the packet arrives?
• Can I extend the three-day review period?
• What if the packet is not complete?
• What if the packet is old?
• What are the seller’s obligations under the Act?
• Can I cancel the contract if I do not approve?
• Do I have to have a reason to cancel?
• Will my agent review the packet for me?
• What should I be looking for?
• What happens if the contract does not
About Mr Williamsburg
Psssst! I wanted to let you in on a little secret. While I am a real estate agent…I am a different kind of real estate agent. I am creating a revolution in realty by combining everything you love about this area all into one place. Known around town as Mr. Williamsburg, I combine my extensive knowledge of the Williamsburg, Richmond, and Hampton Roads areas with my expertise in helping buyers and sellers navigate the ever-changing local real estate market to create a top-notch experience that checks all of your boxes.
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