Virginia Property Owner’s Association Act Sample Clauses
Virginia Property Owner’s Association Act. If the property is within a development subject to a homeowner’s association, certain disclosure requirements apply. The Property Owners Association Act requires the Seller to furnish the Purchaser with the association disclosure packet containing the rules and financial information of the association. The Purchaser may cancel the Contract within 3 days of receipt of the packet or if the packet is not available.
Virginia Property Owner’s Association Act. Seller represents that the Property is located within a development, which is subject to the Virginia Property Owner’s Association Act (Title 55-508 through 55-516 of the Code of Virginia, Annotated) (the “Act”). The Act provides that the Seller is not required to obtain from the Association an Association disclosure packet and provide it to Purchaser, as long as the Purchaser is not acquiring the Lot for its own residence or for the construction of a dwelling unit to be its own residence.