Homeowners' Association Disclosure
TLDR: In Virginia, you'll have three days after receiving the HOA documents to decide whether to proceed with the sale or terminate.
For a refresher on Homeowner's Associations, see Step 2: Homeowners' Association Disclosure.
As a reminder, Virginia buyers have three days after receipt of governing documents to review and decide whether or not to terminate the agreement.
When should I notify my HOA that I'm selling?
As soon as you go under contract. In the state of Virginia, prospective buyers of residences within an HOA or Condo Association have three days to review the Association Disclosure Packet, which is provided by the Homeowners’ Association, but you must first notify the HOA of the pending sale.
Sometime between when you've received an offer and before you close, the HOA 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, 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.
Tip: Don't Forget about the HOA Inspection
Many Homeowners' Associations (HOAs) will inspect properties for violations before a sale, and will require any violations be remedied by the seller or shortly after closing by the buyer. Once the HOA conducts their inspection, it's not uncommon for the buyer to ask for a credit or for the repairs to be conducted before closing. If you decide to do the latter, be sure to keep your receipts in case the buyer requests them!