Using the condo docs to cancel purchase in Virginia?

Cancelling home purchase using condominium documents?In Virginia, a purchaser of a home in a condominium (or a homeowner association) has a right to review certain documents pertaining to the home. A purchaser also has a right to cancel the contract within a given time frame if those documents are not satisfactory to them.

The disclosure package typically includes the rules and regulations of the association, status of the reserve funds, the budget, outstanding fees, violations for the property you are purchasing, pending lawsuits as well as the recent minutes of board meetings at the association.

It is very important that you receive and review thoroughly the “resale package”. After you receive the package your time to act is limited. You may have 3 days or you may have 5 (or some other time limit) – the time you have to review the documents is dependent on when and how the resale package is received (see more at: )