IMPORTANT INFO FOR BOTH BUYERS AND SELLERS:
About the Virginia Property Owners Association Act (POAA)
When considering the purchase of a home within a Homeowners Association (HOA), buyers need to know if the home is in compliance with current HOA rules, how much their HOA assessments will be, and any other pertinent information related to the purchase which could impact them after settlement. Sellers also need to feel confident that potential buyers understand the exterior and financial responsibilities that are required as part of home ownership within a HOA to help ensure the settlement process goes smoothly.
In the Commonwealth of Virginia, the Virginia Property Owners Association Act (POAA) requires that sellers disclose the existence of a mandatory property owners' association (also known as "HOA"), and the potential buyer must be provided with a Resale Certificate explaining the HOA's Covenants and Restrictions, Rules & Regulations, Budget and Insurance statements, and Financial and Architectural certificates. Home buyers, by law, are given up to 3 days to review these disclosure documents prior to settlement. Please check with your real estate agent for details.
The sale of a property is dependent on the purchaser's receipt and review of the Resale Certificate documents. Sellers are responsible for ordering a Resale Certificate from the Conservancy office. Sellers are also advised to seek Architectural Review Board (ARB) approval (or already have it) for any existing exterior alterations, or restore the property to its original state prior to settlement.
Important note: The new homeowner will be responsible for all maintenance violations that are reported after the legal transfer of the property. The fact that a "pre-existing" feature on the home was not noted as a violation in the architectural inspection result does not relieve the new homeowner of the responsibility to correct it when it is subsequently reported.
Please allow up to 14 days for Resale Certificate orders to be processed. Please order Resale Certificates early so that you have them in adequate time for the potential buyer's review and acceptance.
Resale Certificates are available for sellers to purchase from the Burke Centre Conservancy office, located at 6060 Burke Centre Parkway, Burke, Virginia 22015-3702. A RESALE CERTIFICATE ORDER FORM is linked below (submit to [email protected]). Costs are as follows:
* Condominium and co-op owners may be obligated to purchase another separate Resale Certificate from their condo/co-op association. Please check with your management office/company.
RESALE CERTIFICATE REQUEST FORM
|Welcome New Residents!|