Common use of Virginia Condominium Act Clause in Contracts

Virginia Condominium Act. Seller represents that the Property is OR is not a condominium unit. The Virginia Condominium Act (the “Condominium Act” or “Act” solely in this Paragraph), requires the following contract language: In the event of any resale of a condominium unit by a unit owner other than the Declarant, and subject to the provisions of subsection F and § 55-79.87 A, the unit owner shall disclose in the contract that; (i) the unit is located within a development which is subject to the Condominium Act; (ii) the Act requires the seller to obtain from the unit owners’ association a resale certificate and provide it to the purchase;, (iii) the purchaser may cancel the contract within three (3) days after receiving the resale certificate of being notified that the resale certificate will not be available; (iv) if the purchaser has received the resale certificate, the purchaser has a right to request a resale certificate update or financial update in accordance with § 55-79.97:1, as appropriate and (v) the right to receive the resale certificate and the right to cancel the contract are waived conclusively if not exercised before settlement. For delivery of the Certificate, Purchaser prefers delivery at if electronic or if hard copy. The Act further provides that for purposes of clause (iii), the resale certificate shall be deemed not to be available if (a) a current annual report has not been filed by the unit owners’ association with either the State Corporation Commission pursuant to § 13.1-936 or the Common Interest Community Board pursuant to § 55-79.93:1, (b) the seller has made a written request to the unit owners’ association that the resale certificate be provided and no such resale certificate has been received within fourteen 14 days in accordance with subsection C, or (c) written notice has been provided by the unit owners’ association that a resale certificate is not available. The Act further provides that if the contract does not contain the disclosure required by subsection A of § 55-79.97, the purchaser’s sole remedy is to cancel the contract prior to settlement. The Act further provides that the information contained in the resale certificate shall be current as of a date specified on the resale certificate. A resale certificate update or a financial update may be requested as provided in § 55-79.97:1, as appropriate. The Act further provides that the purchaser may cancel the contract (i) within three (3) days after the date of the contract, if the purchaser receives the resale certificate on or before the date that the purchaser signs the contract; (ii) within three days after receiving the resale certificate if the resale certificate is hand delivered, delivered by electronic means, or delivered by a commercial overnight delivery service or the United Postal Service, and a receipt obtained; or (iii) within six (6) days after the postmark date if the resale certificate is sent to the purchaser by United States mail. Notice of cancellation shall be provided to the unit owner or his agent by one of the following methods: (a) hand delivery; (b) United States mail, postage prepaid, provided the sender retains sufficient proof of mailing, which may be either a United States postal certificate of mailing or a certificate of service prepared by the sender confirming such mailing; (c) electronic means provided the sender retains sufficient proof of the electronic delivery, which may be an electronic receipt of delivery, a confirmation that the notice was sent by facsimile, or a certificate of service prepared by the sender confirming the electronic delivery; or (d) overnight delivery using a commercial service or the United States Postal Service. The Act further provides that in the event of a dispute, the sender shall have the burden to demonstrate delivery of the notice of cancellation. Such cancellation shall be without penalty, and the unit owner shall cause any deposit to be returned promptly to the Purchaser. The Act further provides that failure to receive a resale certificate shall not excuse any failure to comply with the provisions of the condominium instruments, articles of incorporation, or rules or regulations.