Thinking of Selling Your Home?
Here’s What You Need to Know!
Resale Disclosure Package
If you are selling your home, Virginia law requires that you obtain and present to the buyer a Resale Disclosure Package. The Virginia Property Owner’s Association Act requires a seller of property located in a homeowners’ association to provide the buyer with certain information about the association. This information must be given to the buyer in advance of closing and the buyer has the right to cancel the contract within three days after receiving the Resale Disclosure Package. The Resale Disclosure Package provides the buyer with the opportunity to determine if the deed covenants are agreeable and if they are willing to accept the community architectural standards and pay the mandated annual dues. The annual dues cover costs that include, but are not limited to, the maintenance of the common grounds, liability insurance, street paving, snow plowing and garbage collection.
The Resale Disclosure Package contains various documents including the association’s deed covenants, the “by laws” of the association, the community’s mandated architectural standards, parking rules, recent minutes of the association’s Board meetings, current financial statements and summaries of the various insurance policies and their liability coverages. Also, included is an Architectural Control Committee (ACC) sales inspection report for the property being sold.
Lakewood Hills #2 Community Association (the Association) must provide the package within 14 business days of receipt of a written request and payment of $100.00 to the Association. The check (payable to Lakewood Hills #2 Community Association) and a written request must be sent or delivered to the President or Treasurer of the Association. The request must also include directions as to whom and at what address the disclosure documents are to be delivered.
To request a Resale Disclosure Package, contact us by email or by phone: