Since our last postings on the subject of disclosure packets, the General Assembly has adopted several minor Code changes to clarify existing provisions:
Delivery by Overnight Carrier
The Code section providing for cancellation of the purchase agreement within a certain time period after receipt of the resale certificate / disclosure packet previously failed to mention when the purchaser could cancel if the resale certificate / disclosure packet were delivered by overnight delivery service. For both property owners’ associations (“POAs”) and condominium associations, whether self-managed or professionally managed, if the resale certificate / disclosure packet is delivered by commercial overnight delivery service, the purchaser may cancel the contract within three days after receiving it.
The seller or the seller’s authorized agent may choose whether a resale certificate / disclosure packet will be delivered in hard copy or electronically. Such request and instructions must be stated in writing.