Contracts
A Virginia condominium buyer receives the resale certificate, reviews it, and finds the association has a $50,000 special assessment pending. The buyer may:
ADo nothing — the assessment is now their responsibility
BVoid the contract within 3 days of receiving the complete resale certificate✓ Correct
COnly negotiate a price reduction
DDemand the seller pay the assessment before closing
Explanation
Under the Virginia Condominium Act, the buyer has 3 days after receiving the complete resale certificate (which must disclose pending special assessments) to void the contract without penalty.
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