Selling in an HOA or Condo Association
Thinking about Selling?
Selling Your Home in a Homeowners' or Condo Association
Homeowner's Association and Condominium Association resale documents are an important part of real estate transactions in Northern Virginia that sellers often don't think about. Per the purchase contract, buyers have a minimum three-day period after they receive the documents in order to review them. During those three days, the buyer has the right to cancel the contract based on anything they read in the Condo or HOA resale package. Because of that, it's extremely important to get the buyer the documents quickly after the offer is accepted so that you are not wasting time being off the market in an under contract status if the buyer ends up canceling due to the condo or HOA docs. Because of this "right to void with no harm- no foul" rule, we ask permission from our seller clients to order the Condo and HOA resale package on their behalf prior to going on the market because by law property owner associations are allowed to take up to 14 business days to provide them to the seller or their agent.
Another benefit of ordering the HOA or Condo docs in advance is that most associations will require a property inspection as part of the resale certification process. If that inspection reveals that any aspects of the property do not follow the association's rules and regulations, the seller is obligated to remedy those issues prior to closing unless otherwise negotiated. No seller wants to be surprised to learn that their HOA is requiring them to repaint their shutters and repair a cracked front porch step days before closing and possibly already after they may have negotiated repairs or credits based on the buyer's home inspection requests. So, it is best to learn about any items that need to be addressed well in advance.