Question 1

How long is the condo or HOA document review period in Virginia?

Accepted Answer

For Virginia resale condos and properties in an HOA, under Va. Code § 55.1-2312 the review period is three calendar days after you receive the documents. However, if you receive the resale certificate before the contract is ratified, your right to cancel expires on the third day after the date of contract ratification.

For new construction properties purchased directly from a developer, a five-calendar-day rescission period applies under Va. Code § 55.1-1974. This review period begins on the date the contract is signed or the date you receive the current Public Offering Statement (POS), whichever occurs later.

Question 2

Can the Virginia resale certificate requirements be waived?

Accepted Answer

No. Under Va. Code § 55.1-2309, the requirement for the seller to provide a resale certificate cannot be waived or changed by agreement. Even in a "as-is" sale or a highly competitive market, the seller is legally obligated to provide the certificate, and the purchaser’s right to cancel based on its contents remains intact.

Question 3

Must a resale property seller provide meeting minutes and a reserve study in Virginia?

Accepted Answer

Yes. Under Va. Code § 55.1-2310, an association is legally required to include both the current reserve study and recent meeting minutes as part of the resale package.

When you receive your package, verify that it includes these exact elements mandated by the statute:

The Reserve Study: The package must include the current reserve study or a formal summary of it (Va. Code § 55.1-2310(A)(12)). Because the Virginia Condominium and Property Owners’ Association Acts mandate that associations conduct a full reserve study at least once every five years, an outdated or missing study is a major non-compliance red flag.

Board of Directors Meeting Minutes: The association must provide a copy of any approved minutes of the meetings of the Board of Directors held during the last six months (Va. Code § 55.1-2310(A)(17)).

General Association Meeting Minutes: The association must provide a copy of any approved or draft minutes of the most recent general association meeting (the annual meeting of all owners) (Va. Code § 55.1-2310(A)(18)).

Why this matters for buyers:

Sellers cannot choose to hold these back. If an association fails to include these pieces, the resale certificate does not conform to the law. Meeting minutes from the last six months are crucial because they expose informal discussions about upcoming structural assessments, building system failures, or ongoing neighbor disputes before they are officially codified into the budget.

VA Condo/HOA Review FAQ

Frequently asked questions

How long is the condo or HOA document review period in Virginia?

Can the Virginia resale certificate requirements be waived?

Must a resale property seller provide meeting minutes and a reserve study in Virginia?