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Kings Grant Homeowners Association, Stafford, Virginia - http://www.geocities.com/kingsgrantonline |
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Copyright © 2001, Marcus C. Thomas (Content is the property of the Kings Grant Homeowners Assoc.)
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Resale Disclosure Packet FAQ (Click HERE to see the current language of our Disclosure Packet) If you are selling your home in Kings Grant, it's a Virginia state law that you must obtain and present to the buyer a Resale Disclosure Packet. Virginia Law further requires a seller of property located in a homeowners' or condominium association to provide the buyer with certain information about the association. This ensures that the buyer is aware of the fees, rules and regulations, and other important information about the association. The Association will provide these Resale Disclosure Packets as a service to you, at cost. This Disclosure Packet contains all information about the fees, rules and regulations of the Kings Grant Homeowners Association. What is a "Resale Disclosure
Packet"? Why do I need a Disclosure
Packet? § 55-511. Contract disclosure statement; right of cancellation. A. Subject to the provisions of subsection F of § 55-512, a person selling a lot shall disclose in the contract that (i) the lot is located within a development which is subject to the Virginia Property Owners' Association Act; (ii) the Act requires the seller to obtain from the property owners' association an association disclosure packet and provide it to the purchaser; (iii) the purchaser may cancel the contract within three days after receiving the association disclosure packet or being notified that the association disclosure packet will not be available; (iv) if the purchaser has received the association disclosure packet, the purchaser has a right to request an update of such disclosure packet in accordance with § 55-512; and (v) the right to receive the association disclosure packet and the right to cancel the contract are waived conclusively if not exercised before settlement. Who is eligible to receive a
Disclosure Packet through MVF's Online Office? What is included in the
Packet? 1. The name of the association and, if incorporated, the state in which the association is incorporated and the name and address of its registered agent in Virginia; 2. A statement of any expenditure of funds approved by the association or the board of directors which shall require an assessment in addition to the regular assessment during the current year or the immediately succeeding fiscal year; 3. A statement, including the amount of all assessments and any other mandatory fees or charges currently imposed by the association and associated with the purchase, disposition and maintenance of the lot and to the right of use of common areas, and the status of the account; 4. A statement whether there is any other entity or facility to which the lot owner may be liable for fees or other charges; 5. A statement of the status and amount of any reserve or replacement fund and any portion of the fund allocated by the board of directors for a specified project; 6. A copy of the association's current budget or a summary thereof prepared by the association, and a copy of its statement of income and expenses or statement of its financial condition for the last fiscal year for which such statement is available; 7. A statement of the nature and status of any pending suit or unpaid judgment to which the association is a party which either could or would have a material impact on the association or its members or which relates to the lot being purchased; 8. A statement setting forth what insurance coverage is provided for all lot owners by the association, including any fidelity bond maintained by the association, and what additional insurance would normally be secured by each individual lot owner; 9. A statement that any improvement or alteration made to the lot, or uses made of the lot or common area assigned thereto by the prior lot owner, are not in violation. 10. A statement setting forth any restriction, limitation, or prohibition on the right of a lot owner to place a sign on the owner's lot advertising the lot for sale; 11. A statement setting forth any restriction, limitation, or prohibition on the right of a lot owner to display any flag on the owner's lot including, but not limited to reasonable restrictions as to the size, place and manner of placement or display of such flag and the installation of any flagpole or similar structure necessary to display such flag; 12. A copy of the current declaration, the association's articles of incorporation and bylaws, and any rules and regulations or architectural guidelines adopted by the association; 13. A copy of the notice given to the lot owner by the association of any current or pending rule or architectural violation; and 14. Certification, if applicable, that the association has filed with the Real Estate Board the annual report required by § 55-516.1; which certification shall indicate the filing number assigned by the Real Estate Board and the expiration date of such filing. How do I obtain a Disclosure Packet? Contact the Kings Grant Homeowners Association, President 215 King Alfred Way, Stafford, VA 22406. (Click HERE to see the current language of our Disclosure Packet) |
| Copyright © 2001, Marcus C. Thomas |