Common use of Property Owners' Association Disclosure Clause in Contracts

Property Owners' Association Disclosure. Seller represents that the Property ( ) is OR ( ) is not located within a development which is subject to the State Property Owners Association Act (the Act). If the property is within such a development, the Act requires the Seller to obtain from the property owners association an association disclosure packet and provide it to the purchaser or notify Purchaser that the packet is unavailable. The information contained in the association disclosure packet shall be current as of a date specified on the association disclosure packet. The Purchaser my submit a copy of the contract to the association with a request for assurance that the information required by the Act previously furnished remains materially unchanged, or, if there have been material changes, a statement specifying such changes. The Purchaser shall be provided with such assurance or such statement within ten days of the receipt of such request by the association. The Purchaser may be required to pay a fee for the preparation and issuance of the requested assurances. The Purchaser may cancel the Contract (a) within 3 days after the Date of the fully executed Contract, if on or before the Date of the fully executed Contract, the Purchaser receives the association disclosure packet or is notified that the association disclosure packet is not available; (b) within 3 days after hand delivered receipt of the association disclosure packet or notice : or (c) within 6 days after the post xxxx date if the association disclosure packet or notice is mailed to the Purchaser. The Purchaser may also cancel this Contract at any time prior to settlement if the Purchaser has not been notified that the association disclosure packet will not be available from the association or the association disclosure packet is not delivered to the Purchaser. Written notice of cancellation shall be made to the Seller within the cancellation period by one of the following methods: (i) hand delivery; (ii) United States mail, postage prepaid provided the sender retains sufficient proof of mailing: (iii) (electronic means where the sender retains sufficient proof of the electronic delivery; or (iv) overnight delivery using a commercial service of the United States Postal Service. The sender shall have the burden to demonstrate delivery of the cancellation notice. If this Contract is cancelled pursuant to this paragraph, such cancellation shall be without penalty, this Contract shall terminate and the Deposit shall be refunded in full to the Purchaser in accordance with the procedure defined in Paragraph 11(a) and in accordance with the procedure of the Act. The right to receive the association disclosure packet and to cancel this Contract terminates at settlement.

Property Owners' Association Disclosure. Seller represents that the Property ( ) is OR ( ) is not located within a development which that is subject to the State Virginia Property Owners Owners' Association Act (the "Act") (Virginia Code § 55-508 through § 55-516). If the property Property is within such a development, the Act requires the Seller to obtain from the property owners association an association disclosure packet from the property owners' association and provide it to the purchaser or notify Purchaser that the packet is unavailablePurchaser. The information contained in the association disclosure packet shall be current as of a specified date specified which shall be within 30 days of the date of acceptance of the Contract by the Seller. Purchaser may cancel this Contract: (i) within 3 days after the date of the Contract, if on or before the date that Purchaser signs the Contract, Purchaser receives the association disclosure packetpacket or is notified that the association disclosure packet will not be available; (ii) within 3 days after hand-delivered receipt of the association disclosure packet or notice that the association disclosure packet will not be available; or (iii) within 6 days after the post-marked date, if the association disclosure packet or notice that the association disclosure packet will not be available is sent to Purchaser via the United States mail. The Purchaser my may also cancel the Contract, without penalty, at any time prior to Settlement if Purchaser has not been notified that the association disclosure packet will not be available and the association disclosure packet is not delivered to Purchaser. Purchaser's notice of cancellation shall be either hand-delivered or sent via United States mail, return receipt requested, to Seller. Purchaser's cancellation pursuant to this subsection shall be without penalty. This Contract shall become void upon cancellation and the Deposit shall be refunded in full to Purchaser upon Purchaser's notice of cancellation. If more than 6 months have elapsed between the date of ratification of this Contract and the Settlement Date, Purchaser may submit a copy of the contract Contract to the property owners' association along with a request for assurance that the information required by the Act Virginia Code § 55-512 previously furnished to Purchaser in the association disclosure packet remains materially unchanged, ; or, if there have been material changes, a statement specifying such changes. The Purchaser shall be provided with such assurance assurances or such statement within ten 10 days of the receipt of such request by the property owner's association. The Purchaser may be required to pay a fee for the preparation and issuance of the requested assurances. The Said fee shall reflect the actual costs incurred by the property owners' association in providing such assurances but shall not exceed $100.00 or such higher amount as may now or hereafter be permitted pursuant to applicable statutes. Any rights of Purchaser may to cancel the Contract (a) within 3 days after provided by the Date of the fully executed Contract, Act are waived conclusively if on or before the Date of the fully executed Contract, the Purchaser receives the association disclosure packet or is notified that the association disclosure packet is not available; (b) within 3 days after hand delivered receipt of the association disclosure packet or notice : or (c) within 6 days after the post xxxx date if the association disclosure packet or notice is mailed to the Purchaser. The Purchaser may also cancel this Contract at any time exercised prior to settlement if the Purchaser has not been notified that the association disclosure packet will not be available from the association or the association disclosure packet is not delivered to the Purchaser. Written notice of cancellation shall be made to the Seller within the cancellation period by one of the following methods: (i) hand delivery; (ii) United States mail, postage prepaid provided the sender retains sufficient proof of mailing: (iii) (electronic means where the sender retains sufficient proof of the electronic delivery; or (iv) overnight delivery using a commercial service of the United States Postal Service. The sender shall have the burden to demonstrate delivery of the cancellation notice. If this Contract is cancelled pursuant to this paragraph, such cancellation shall be without penalty, this Contract shall terminate and the Deposit shall be refunded in full to the Purchaser in accordance with the procedure defined in Paragraph 11(a) and in accordance with the procedure of the Act. The right to receive the association disclosure packet and to cancel this Contract terminates at settlementSettlement.

Property Owners' Association Disclosure. Seller represents that the Property ( ) is OR ( ) is not located within a development which that is subject to the State Virginia Property Owners Owners' Association Act (the "Act") (Virginia Code § 55-508 through § 55-516). If the property Property is within such a development, the Act requires the Seller to obtain from the property owners association an association disclosure packet from the property owners' association and provide it to the purchaser or notify Purchaser that the packet is unavailablePurchaser. The information contained in the association disclosure packet shall be current as of a specified date specified which shall be within 30 days of the date of acceptance of the Contract by the Seller. Purchaser may Seller’s Initials Purchaser’s Initials cancel this Contract: (i) within 3 days after the date of the Contract, if on or before the date that Purchaser signs the Contract, Purchaser receives the association disclosure packetpacket or is notified that the association disclosure packet will not be available; (ii) within 3 days after hand-delivered receipt of the association disclosure packet or notice that the association disclosure packet will not be available; or (iii) within 6 days after the post-marked date, if the association disclosure packet or notice that the association disclosure packet will not be available is sent to Purchaser via the United States mail. The Purchaser my may also cancel the Contract, without penalty, at any time prior to Settlement if Purchaser has not been notified that the association disclosure packet will not be available and the association disclosure packet is not delivered to Purchaser. Purchaser's notice of cancellation shall be either hand-delivered or sent via United States mail, return receipt requested, to Seller. Purchaser's cancellation pursuant to this subsection shall be without penalty. This Contract shall become void upon cancellation and the Deposit shall be refunded in full to Purchaser upon Purchaser's notice of cancellation. If more than 6 months have elapsed between the date of ratification of this Contract and the Settlement Date, Purchaser may submit a copy of the contract Contract to the property owners' association along with a request for assurance that the information required by the Act Virginia Code § 55-512 previously furnished to Purchaser in the association disclosure packet remains materially unchanged, ; or, if there have been material changes, a statement specifying such changes. The Purchaser shall be provided with such assurance assurances or such statement within ten 10 days of the receipt of such request by the property owner's association. The Purchaser may be required to pay a fee for the preparation and issuance of the requested assurances. The Said fee shall reflect the actual costs incurred by the property owners' association in providing such assurances but shall not exceed $100.00 or such higher amount as may now or hereafter be permitted pursuant to applicable statutes. Any rights of Purchaser may to cancel the Contract (a) within 3 days after provided by the Date of the fully executed Contract, Act are waived conclusively if on or before the Date of the fully executed Contract, the Purchaser receives the association disclosure packet or is notified that the association disclosure packet is not available; (b) within 3 days after hand delivered receipt of the association disclosure packet or notice : or (c) within 6 days after the post xxxx date if the association disclosure packet or notice is mailed to the Purchaser. The Purchaser may also cancel this Contract at any time exercised prior to settlement if the Purchaser has not been notified that the association disclosure packet will not be available from the association or the association disclosure packet is not delivered to the Purchaser. Written notice of cancellation shall be made to the Seller within the cancellation period by one of the following methods: (i) hand delivery; (ii) United States mail, postage prepaid provided the sender retains sufficient proof of mailing: (iii) (electronic means where the sender retains sufficient proof of the electronic delivery; or (iv) overnight delivery using a commercial service of the United States Postal Service. The sender shall have the burden to demonstrate delivery of the cancellation notice. If this Contract is cancelled pursuant to this paragraph, such cancellation shall be without penalty, this Contract shall terminate and the Deposit shall be refunded in full to the Purchaser in accordance with the procedure defined in Paragraph 11(a) and in accordance with the procedure of the Act. The right to receive the association disclosure packet and to cancel this Contract terminates at settlementSettlement.

Property Owners' Association Disclosure. Seller represents that the Property ( ) is OR ( ) is not located within a development which that is subject to the State Virginia Property Owners Owners' Association Act (the "Act") (Virginia Code § 55-508 through § 55-516). If the property Property is within such a development, the Act requires the Seller to obtain from the property owners association an association disclosure packet from the property owners' association and provide it to the purchaser or notify Purchaser that the packet is unavailablePurchaser. Seller’s Initials ________ Purchaser’s Initials __________ The information contained in the association disclosure packet shall be current as of a specified date specified which shall be within 30 days of the date of acceptance of the Contract by the Seller. Purchaser may cancel this Contract: (i) within 3 days after the date of the Contract, if on or before the date that Purchaser signs the Contract, Purchaser receives the association disclosure packetpacket or is notified that the association disclosure packet will not be available; (ii) within 3 days after hand-delivered receipt of the association disclosure packet or notice that the association disclosure packet will not be available; or (iii) within 6 days after the post-marked date, if the association disclosure packet or notice that the association disclosure packet will not be available is sent to Purchaser via the United States mail. The Purchaser my may also cancel the Contract, without penalty, at any time prior to Settlement if Purchaser has not been notified that the association disclosure packet will not be available and the association disclosure packet is not delivered to Purchaser. Purchaser's notice of cancellation shall be either hand-delivered or sent via United States mail, return receipt requested, to Seller. Purchaser's cancellation pursuant to this subsection shall be without penalty. This Contract shall become void upon cancellation and the Deposit shall be refunded in full to Purchaser upon Purchaser's notice of cancellation. If more than 6 months have elapsed between the date of ratification of this Contract and the Settlement Date, Purchaser may submit a copy of the contract Contract to the property owners' association along with a request for assurance that the information required by the Act Virginia Code § 55-512 previously furnished to Purchaser in the association disclosure packet remains materially unchanged, ; or, if there have been material changes, a statement specifying such changes. The Purchaser shall be provided with such assurance assurances or such statement within ten 10 days of the receipt of such request by the property owner's association. The Purchaser may be required to pay a fee for the preparation and issuance of the requested assurances. The Said fee shall reflect the actual costs incurred by the property owners' association in providing such assurances but shall not exceed $100.00 or such higher amount as may now or hereafter be permitted pursuant to applicable statutes. Any rights of Purchaser may to cancel the Contract (a) within 3 days after provided by the Date of the fully executed Contract, Act are waived conclusively if on or before the Date of the fully executed Contract, the Purchaser receives the association disclosure packet or is notified that the association disclosure packet is not available; (b) within 3 days after hand delivered receipt of the association disclosure packet or notice : or (c) within 6 days after the post xxxx date if the association disclosure packet or notice is mailed to the Purchaser. The Purchaser may also cancel this Contract at any time exercised prior to settlement if the Purchaser has not been notified that the association disclosure packet will not be available from the association or the association disclosure packet is not delivered to the Purchaser. Written notice of cancellation shall be made to the Seller within the cancellation period by one of the following methods: (i) hand delivery; (ii) United States mail, postage prepaid provided the sender retains sufficient proof of mailing: (iii) (electronic means where the sender retains sufficient proof of the electronic delivery; or (iv) overnight delivery using a commercial service of the United States Postal Service. The sender shall have the burden to demonstrate delivery of the cancellation notice. If this Contract is cancelled pursuant to this paragraph, such cancellation shall be without penalty, this Contract shall terminate and the Deposit shall be refunded in full to the Purchaser in accordance with the procedure defined in Paragraph 11(a) and in accordance with the procedure of the Act. The right to receive the association disclosure packet and to cancel this Contract terminates at settlementSettlement.