Property Management
Under the Virginia POA Act, a homeowners association's annual budget must be:
AApproved by VREB
BProvided to all members in advance of the budget year✓ Correct
CFiled with the circuit court
DIndependently audited annually
Explanation
Virginia's Property Owners' Association Act requires HOA budgets to be provided to all members in advance and be based on projected expenses. Members have rights to review financial records.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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