). of L. If the unit owners' association or its common interest community manager has been requested in writing to furnish the resale certificate required by 55.1-1991, failure to provide the resale certificate substantially in the form provided in this section shall be deemed a waiver of any claim for delinquent assessments or of any violation of the declaration, bylaws, rules and regulations, or architectural guidelines existing as of the date of the request with respect to the subject unit. The undersigned hereby acknowledge(s) receipt of a condominium resale certificate from _____ __ pursuant to the Virginia Condominium Act, Section 55-79.40 et seq. Code of Virginia 55.1-1991 (2022) - Contents of resale certificate A statement of whether any portion of the condominium is located within a development subject to the Property Owners' Association Act ( 55.1-1800 et seq. You're all set! E. Subject to the provisions of 55-79.87, but notwithstanding any other provisions of this chapter, the provisions and requirements of this section shall apply to any such resale of a condominium unit created under the provisions of the Horizontal Property Act ( 55-79.1 et seq.). A statement setting forth any restrictions, limitation, or prohibition on the right of a unit owner to display the flag of the United States, including reasonable restrictions as to the size, time, place, and manner of placement or display of such flag; 17. All rights reserved. A statement that any improvements or alterations made to the unit, or the limited common elements assigned thereto, are or are not in violation of the condominium instruments; 10. 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 purchaser, (iii) the purchaser may cancel the contract within three days after receiving the resale certificate or 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. The requester may request that the specified update be provided in hard copy or in electronic form. CONDOMINIUM UNIT OWNERS' ASSOCIATION RESALE CERTIFICATE NOTICE Section 54.1-2350 of the Code of Virginia requires that this form accompany resale certificates issued pursuant to 55.1-1990 of the Code of Virginia. The bill requires a seller to obtain a resale certificate and provide the certificate to the purchaser. At the option of the seller or the seller's authorized agent, with the consent of the unit owners' association or the common interest community manager, for expediting the inspection, preparation, and delivery of the resale certificate, an additional expedite fee not to exceed $50; 4. The preparer shall not charge another fee during the subsequent 12-month period, except that the preparer may charge an update fee for a financial update or for an inspection as provided in 55.1-1992. A statement, including the amount, of all assessments and any other fees or charges currently imposed by the unit owners' association, together with any known post-closing fee charged by the common interest community manager, if any, and associated with the purchase, disposition and maintenance of the condominium unit and the use of the common elements, and the status of the account; 4. J. You can explore additional available newsletters here. A copy of any approved minutes of the executive organ and unit owners' association meetings for the six calendar months preceding the request for the resale certificate; 14. | A statement of any expenditure of funds approved by the unit owners' association or the executive board that requires an assessment in addition to the regular assessment during the current or the immediately succeeding fiscal year; 3. 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. The Virginia Condominium Act governs all condominiums and horizontal properties established after July 1, 1974. . G. If the unit is governed by more than one association, the purchaser's right of cancellation may be exercised within the required time frames following delivery of the last resale certificate or disclosure packet. All rights reserved. F. Unless otherwise provided in the ratified real estate contract or other writing, delivery to the purchaser's authorized agent shall require delivery to such agent and not to a person other than such agent. PDF Assessments - Virginia A statement of whether there is any other entity or facility to which the unit owner may be liable for fees or other charges; 5. Delivery of the resale certificate may be made by the unit owner or the seller's authorized agent. C. No fees other than those specified in this section, and as limited by this section, shall be charged by the unit owners' association or its common interest community manager for compliance with the duties and responsibilities of the unit owners' association under this section. This is a new form consistent with revisions to the Virginia POA Act, Virginia Condominium Act and the Residential Sales Contracts. The resale certificate shall not be delivered in hard copy if the requester has requested delivery of such resale certificate electronically. D. The seller or the seller's authorized agent may request that the resale certificate be provided in hard copy or in electronic form. 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. The seller or the seller's authorized agent shall continue to have the right to request a hard copy of the specified update in person at the principal place of business of the unit owners' association. Get free summaries of new opinions delivered to your inbox! The resale certificate shall be delivered in accordance with the written request and instructions of the seller or the seller's authorized agent, including whether the resale certificate shall be delivered electronically or in hard copy, at the option of the seller or the seller's authorized agent, and shall specify the complete contact information for the parties to whom the resale certificate shall be delivered. A statement of whether any portion of the condominium is located within a development subject to the Property Owners' Association Act ( 55.1-1800 et seq. Section 55-79.97 of the Virginia Condominium Act and Section 55-509.4 of the Property Owners Association (POA) Act provide a complete list of the information and documentation required to be part of the resale certificate. 32, 454, 463; 1999, c. 263; 2001, c. 556; 2002, cc. B. You can also find 55+ community and price reduced homes for sale with open houses or virtual tours. A resale certificate shall include the following: 1. 851, 871; 2011, c. 334; 2013, cc. Customer Care Center: Available 24 hours a day, 7 days a week. E. If settlement does not occur within 60 days of the delivery of the resale certificate, or funds are not collected at settlement and disbursed to the unit owners' association or the common interest community manager, all fees, including those costs that would have otherwise been the responsibility of the purchaser or settlement agent, shall be (i) assessed within one year after delivery of the resale certificate against the unit owner, (ii) the personal obligation of the unit owner, and (iii) an assessment against the unit and collectible as any other assessment in accordance with the provisions of the condominium instruments and 55.1-1964. An appropriate statement pursuant to subsection H of 55-79.84 which need not be notarized and, if applicable, an appropriate statement pursuant to 55-79.85; 2. All initial sales and resales of properties located in a property owners/homeowners association require that the buyer receive a Disclosure Packet Notice ("Disclosure Notice") developed by the Virginia Common Interest Community (CIC) Board which includes a list of the information and association documents which must be disclosed to a buyer upon . A copy of the current bylaws, rules and regulations, and architectural guidelines adopted by the unit owners' association and the amendments to any such documents; 11. A copy of the notice given to the unit owner by the unit owners' association of any current or pending rule or architectural violation; 13. If the seller or the seller's authorized agent asks that the resale certificate be provided in electronic format, the seller or the seller's authorized agent may request that an electronic copy be provided to each of the following named in the request: the seller, the seller's authorized agent, the purchaser, the purchaser's authorized agent, and not more than one other person designated by the requester. Unless you are familiar with the new For Sale sign statute regarding limitations on an associations ability to regulate signs, you could easily disclosure incorrect information to prospective purchasers and thats no way to get off to a good start with new members of the community. Neither the unit owners' association nor its common interest community manager shall require cash, check, certified funds, or credit card payments at the time the request for the resale certificate is made. An appropriate statement pursuant to subsection H of 55.1-1966, which need not be notarized, and, if applicable, an appropriate statement pursuant to 55.1-1969; 2. Standardized Resale Certificate Form | Effective July 1, 2023 NEW! TaxJar is a trademark of TPS Unlimited, Inc. Privacy Policy 19. check out our interview with resale expert Marlayna Bohrman. 696, 712, 854, 910; 2008, cc.

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