Virginia guide
Virginia condo document review
Virginia condo document review centers on the resale certificate created by the 2023 Resale Disclosure Act (Va. Code §§55.1-2307 to -2317), which consolidated the former condo resale certificate and HOA disclosure packet into one uniform document.
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The seller must obtain it and provide it to the buyer — this cannot be waived — and the association or its preparer must deliver it within 14 days of a written request or it is deemed unavailable. The certificate lists 30 enumerated items, but it is a disclosure mandate, not a quality guarantee: a complete certificate can still reveal thin reserves, a stressed master policy, an approved special assessment, or an owner-paid deductible. The value is in reading the documents together, and in knowing you hold a three-day (often contract-extended) right to cancel after you receive it.
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What the resale certificate must contain
Under §55.1-2310, the resale certificate's 30 items include the governing documents and rules, current and unpaid assessments, approved special and additional assessments, approved capital expenditures for the current and succeeding year, reserve balances and the current reserve study or a summary, the most recent balance sheet and income/expense statement and operating budget, unsatisfied judgments and pending litigation with material impact, insurance coverage including fidelity and a statement that owners may owe part of the deductible, governing-document and code-violation notices, board minutes for the last six months, rental and use restrictions, and certification that the association's CICB annual report is filed. Confirm the certificate is complete before relying on it.
Reserves: a study is required, funding is not
Virginia requires a reserve study at least every five years (§55.1-1965) with annual review, and the current study or a summary must appear in the certificate. But the statute does not require funding reserves to the recommended level — the board may rely on additional assessments or borrowing instead. Read the study's recommended reserve against the actual balance. A study showing large near-term roof, envelope, or elevator work, paired with reserves well below the recommendation, signals that special assessments are the planned funding mechanism. A missing or stale (over five years) study is a statutory violation.
Your three-day cancellation right
Under §55.1-2312, you may cancel without penalty within three days of receiving the resale certificate (or notice that it is unavailable), or within whatever longer period the ratified contract specifies — commonly extended to seven days by the standard Virginia REALTORS® contract. If delivery occurs before ratification, the clock runs from ratification; if after, from receipt. If the certificate is never delivered, you may cancel any time before settlement. Calendar this window and confirm whether your contract extended it.
Insurance and the owner-paid deductible
The certificate's insurance statement must, since July 1, 2025, disclose that governing documents may make an owner responsible for all or part of the master-policy deductible. Read that statement, the master policy's deductible structure, and (in coastal areas) any wind or flood treatment. Premiums roughly doubled 2021–2025 and replacement-cost coverage has eroded, so confirm the carrier, limits, and deductible rather than assuming the building is adequately covered.
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Virginia legal references
- Va. Code §§55.1-2307 to -2317 — Resale Disclosure Act
- Va. Code §55.1-2310 — Required contents of the resale certificate
- Va. Code §55.1-2312 — Buyer right of cancellation (three days)
- Va. Code §55.1-1965 — Reserve study (condos, at least every 5 years)
Informational only. Not legal advice. Always confirm against current statute and counsel.
Need help applying these Virginia statutes to your specific situation? We can connect you with state-licensed counsel and specialists familiar with this exact regulatory environment.
Find a Virginia specialist →Reviewer's checklist
- Confirm the seller provided the full §55.1-2310 resale certificate
- Verify the certificate was delivered within 14 days or is not deemed unavailable
- Read the current reserve study or summary — recommended vs. actual reserves
- Confirm the reserve study is within the five-year cycle (§55.1-1965)
- Identify any approved special or additional assessments and capital expenditures
- Read the insurance statement, including the owner-deductible disclosure
- Review pending litigation and unsatisfied judgments with material impact
- Read the board minutes from the last six months for assessment and repair discussion
- Confirm the association's CICB annual report is filed (filing number and expiration)
- Calendar your three-day (or contract-extended) cancellation window under §55.1-2312
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Source documents
- Declaration & bylawsthe rules
- Budget & financialsthe money
- Reserve studythe big repairs
- Meeting minuteswhat the board fears
Cross-reference
The risk lives in the contradiction between documents.
An assessment in the minutes but not the estoppel; a reserve the budget never funds.
Risk report
Severity-graded across 8 categories.
Every finding cites the document, page number, and quoted text.
How CondoSignal reviews this
We read the reserve study, operating budget, and 24 months of meeting minutes together — virginia condo document review risk usually lives in the contradiction between documents, not in any single one of them. Every finding cites the source document, the page number, and the quoted text behind it.
See our 8-category framework →Risk Intelligence
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Related risk areas
Read these next to round out your due diligence
Reserve studies
A reserve study tells you what the association expects to spend on long-term capital repairs and replacements, and whether it is funding those obligations adequately.
Insurance risk
The association's master insurance policy determines what your personal HO-6 policy needs to cover — and what it does not.
Special assessments
Special assessments are the single largest source of financial surprise in condo and HOA ownership.
Related reading
Guides for Virginia buyers and owners
The Virginia Resale Certificate and Your 3-Day Cancellation Right: A Condo Buyer's Guide
Virginia's 2023 Resale Disclosure Act gives condo and HOA buyers a single 30-item resale certificate and a three-day right to cancel. Here is what the certificate must contain, how the cancellation window works, and what to read before you close.
Virginia Reserve Studies: Mandatory Every 5 Years, but Funding Is Voluntary
Virginia requires every condo and HOA to keep a reserve study current within five years — but it does not require funding those reserves. Here is why the gap between recommended and actual reserves is the most important number in a Virginia packet.
What to Look for in Condo Documents: A Buyer's Complete Guide
A resale package contains roughly a dozen documents. Learn what each one discloses, what most buyers overlook, and which sections to read closely before you close.
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Reviewed by Kirk Hasley, Founder. Every claim here is checked against current Virginia statute and primary sources, using the same documented review framework we run on every file. Last reviewed June 13, 2026.
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Every finding cites the exact page in your documents
“The board approved a $15,000-per-unit special assessment for façade repairs, payable over 12 months.”
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Risk Intelligence
Review the documents before your contingency ends
Most buyers get 7–14 days to review condo documents. Upload the packet — we read the reserve study, budget, minutes, and insurance summary and flag the risks, every finding linked to the exact page. Free.
Expert Matching
Need a real estate lawyer or mortgage specialist?
We can connect you with vetted real estate lawyers, mortgage brokers, and insurance brokers familiar with the specifics of condo and HOA transactions.
- HOA lawyer
- Mortgage broker
- Insurance broker