Condo Association Disclosure
TLDR: The Condo Association disclosure operates similar to a contingency and is legally required in the state of Virginia, giving buyers at least three days to review the Resale Certificate.
If your property is part of a Condominium Association, a resale certificate will need to be provided to the buyer before you continue to closing. While not technically a contingency, in the state of Virginia, buyers have the right to rescind their offer if the property is part of a Condominium Association. Thus, every offer on a property that is part of a Condominium Association depends on the buyer agreeing to be a member after reviewing the Condominium Association’s resale certificate.
Virginia Law
The state of Virginia requires that buyers receive three days to review Condominium Association Resale Packages with the option to terminate the sale.
When should I notify my Condominium Association that I'm selling?
As soon as you go under contract. Sometime between when you've received an offer and before you close, the Condominium Association will typically come inspect your property to ensure there are no violations before the transfer of ownership. The buyer will get to see any violations noted by the Condo Association, and this could lead to some additional negotiation. Any required repairs that are not remedied before you close must be completed by the buyer, so it's usually expected that the seller provide a financial subsidy or complete the repairs prior to closing. All of this takes time to complete, so you’ll want to kick off the process as soon as possible to provide time to conduct repairs, if necessary.
Fun Fact
Homeowners’ Associations and Condo Associations are usually established by the property developers.