contracts

Resale Certificate (Virginia)

Under Virginia's Resale Disclosure Act, a seller in a condominium, cooperative, or property owners' association must request a resale certificate, which the association must deliver within 14 days; this duty cannot be waived. The certificate covers assessments, reserves, budget, lawsuits, insurance, violations, and use restrictions. The buyer may cancel within 3 days of ratification if received before ratification, or 3 days after receipt if later, unless the contract sets another period. If never delivered, the buyer may cancel any time before settlement; rights are waived at settlement.