What buyers need to know when purchasing a condominium in Virginia.
When purchasing a condominium in Virginia, buyers face an additional challenge to the closing process -"Condo Docs" or as some call them HOA's, Document Package, Resale Package, Transfer Package or Resale Docs. Regardless of what you choose to call them, without a financial or legal background, these documents can be quite difficult to understand, especially when given only three days. With a few exceptions, the Virginia Condominium Act requires sellers of residential property to provide buyers with a Condominium Resale Package comprised of things such as a Resale Certificate, By-laws, Articles of Incorporation and many other documents that describe in detail, all aspects of the condominium.
What buyers need to know when purchasing a condominium in Virginia, continued...
Buyers are given a period of only three days to review this complex material and then decide whether or not they are comfortable moving forward with the purchase. It is not uncommon for buyers to be unfamiliar with terms such as "Resale Certificate" or "Condominium By-laws", but these instruments are crucial in deciding whether or not to purchase a property. Buyers need to be clear about what they are getting into when it comes to a condominium. Things like, how much are the monthly dues and what they cover; what type of insurance is required; what are the rules regarding pets, leases, and hardwood floors; does the association have any funds in reserve or will a special assessment be imposed? The closing process can be challenging enough without adding the extra pressure of deciphering countless legal documents in a limited time frame. An experienced real estate attorney can help you understand condominium resale documnts and enable you to make an informed decision.
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