Property Ownership
Under the Virginia POA Act, a buyer of a home in a homeowners association must receive the association's disclosure packet. The buyer's rescission period is:
A3 business days after receiving the packet✓ Correct
B5 calendar days after receiving the packet
C7 days
D10 days
Explanation
Under the Virginia Property Owners' Association Act, a buyer has the right to cancel the contract within 3 days of receiving the association's disclosure packet (or within 3 days of the binding contract date if the packet was already provided).
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