Virginia gives condo and HOA buyers a protection that many states do not: a genuine, statutorily mandated right to cancel after reading the association's documents. It comes from the 2023 Resale Disclosure Act, and understanding how it works — and what the documents it delivers actually reveal — is among the most useful pieces of diligence a Virginia buyer can do.

This article explains the resale certificate, the three-day cancellation window, and what to read before the window closes. It is general information, not legal advice.

What changed in 2023

Before July 1, 2023, Virginia ran two separate disclosure regimes: a condo "resale certificate" under the old §55.1-1990 and a planned-community "disclosure packet" under the old §§55.1-1808 to -1814. The 2023 Resale Disclosure Act (Va. Code §§55.1-2307 to -2317) repealed both and consolidated them into a single uniform resale certificate that now applies to condos, HOAs, co-ops, and horizontal property regimes alike.

If you are reading older guidance that refers to the §55.1-1990 condo resale certificate or a separate POA disclosure packet, it predates this change. The current framework is one certificate, one set of rules.

Who provides it, and when

The seller — or the seller's agent — must obtain the resale certificate from the association and provide it to the buyer. This obligation cannot be waived (§55.1-2309).

The association, its manager, or a third-party preparer must deliver the certificate within 14 days of a written request. If they do not, it is deemed unavailable, which itself triggers buyer rights. An updated certificate (when the original is between 30 days and 12 months old) must be delivered within 10 days, and a financial update within 3 business days. Since a 2025 privacy change, the association may not require the buyer's name to prepare the certificate.

One practical red flag: an association that is not current on its CICB registration and annual report may not collect resale-disclosure fees, and its certificate may be deemed unavailable. A registration lapse is a concrete signal worth probing.

What the certificate must contain

Section 55.1-2310 lists 30 enumerated items. The ones that matter most to a buyer's financial exposure include:

• The governing documents and rules, and any restraints on alienation
• Current and unpaid assessments, other fees, and any approved special or additional assessments
• Approved capital expenditures for the current and succeeding fiscal year
• Reserve balances and designated reserves, plus the current reserve study or a summary
• The most recent balance sheet, income/expense statement, and operating budget
• Unsatisfied judgments and pending litigation with material impact
• Insurance coverage, including fidelity, and — since July 1, 2025 — a statement that owners may owe part of the master-policy deductible
• Violation notices (governing-document, environmental, health, or building-code)
• Board minutes for the last six months plus the most recent meeting
• Rental and use restrictions (flag, solar, sign, parking, home-business, rental)
• Certification that the association's CICB annual report is filed, with the filing number and expiration

The certificate is a disclosure mandate, not a quality guarantee. A complete 30-item certificate can still reveal thin reserves, a premium spike, an approved special assessment, or an owner-paid deductible. The value is in reading the items together.

How the three-day cancellation right works

Under §55.1-2312, you may cancel the purchase contract without penalty within three days of receiving the resale certificate — or within whatever longer period your ratified contract specifies. The standard Virginia REALTORS® contract commonly extends this to seven days, so read your contract to see which applies.

The timing of the clock depends on when you receive the certificate:

• If delivery occurs before ratification, the three-day clock runs from ratification.
• If delivery occurs after ratification, it runs from receipt.
• If the certificate is never delivered, you may cancel any time before settlement.

The right — and the right to receive the certificate — is waived if you do not exercise it before settlement (§55.1-2308). On a valid cancellation, your deposit must be promptly returned.

The binding-effect protection

The Resale Disclosure Act also protects buyers after closing. The association is bound by the assessment amounts and disclosed violations in the certificate, so you are generally not liable for unpaid assessments or fees above the disclosed amount, absent actual knowledge of an error (§§55.1-2313, -2314). And if the association or preparer fails to comply, you are not required to pay delinquent assessments or cure pre-existing violations that existed as of the certificate date — the preparer can owe the seller up to $1,000, and the CICB may impose penalties.

What to read before the window closes

• The reserve study or summary — compare the recommended reserve against the actual balance, and confirm the study is within Virginia's mandatory five-year cycle
• Any approved special or additional assessments and capital expenditures
• The insurance statement, including the owner-deductible disclosure and (on the coast) flood and wind treatment
• Pending litigation and unsatisfied judgments
• The last six months of board minutes, where assessments and repairs are usually first discussed
• The CICB annual-report certification — confirm the association is current

Read these together and you have a clear picture of the association's financial and physical health before your cancellation window closes. Calendar the deadline, and confirm whether your contract extended it beyond three days.

This article describes Virginia's Resale Disclosure Act in general terms and is not legal advice. For a specific transaction, consult the resale certificate, your contract, and a licensed Virginia attorney or real estate professional. CondoSignal reviews the documents you upload and links every finding to the exact page, so you can see reserve, insurance, assessment, and disclosure risk before your cancellation window closes.