It is common knowledge in the real estate community that a buyer has three days after the receipt of an HOA disclosure packet to review the documents. Within the three days, the buyer can decide if they want to terminate the contract due to the information contained in the HOA packet. A few months ago, the Virginia Association of Realtors released a new home inspection contingency form that provides the buyer another way to terminate a contract with no cause as long as they’ve had the home inspection.
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