A condo purchase agreement in Virginia has some important features that make it different from regular property purchase contracts. This article will take a look at those distinctions.

Condo Purchase Agreement – The Virginia Condominium Act

The Virginia Condominium Act calls for the seller to provide a condo resale certificate to the buyer sometime between the contract and the settlement of the property. This is perhaps the biggest difference between a condo purchase agreement and a regular home purchase contract. Northern Virginia home and townhome contracts for properties that are governed by homeowners associations are similar in that an HOA resale certificate must be provide sometime after the contract occurs and before settlement.

A condo resale certificate is commonly referred to as the “condo documents”, and this packet goes into detail regarding the condo community’s financials, rules and regulations, community amenities, condo association meeting minutes, etc. When the condo buyer receives this packet, they have three days to look everything over and decide if they want to continue with the condo purchase agreement. If they find they cannot live with any particular aspect of the condo community’s rules, policies, etc., they can cancel the purchase contract.

When you’re thinking of entering into a condo purchase agreement, it’s important to work with a Northern Virginia real estate agent who sells a lot of condos and understands the differences between condo contracts and home contracts. Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com so I can help you find the right Northern Virginia condo!