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| Selling Your House? |
Last updated:
August 07, 2003
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Disclosure documents are required for all home sales
As of July 1, 1997, Virginia House Bill 2565 provides that the delivery of property owners association disclosure documents may not be varied by agreement or waived. All new home buyers MUST receive Foundation disclosure documents from the seller. These documents "disclose" all information relating to the ownership of a home including outstanding delinquencies and architectural violations.
Please, contact the Foundation office at least two weeks prior to your sale to ensure receipt of the documents. The request form is available online or at the Foundation office. The PDF file is fillable so it can be filled out on the screen and then printed for your signature. You do not need to wait for a purchaser before requesting resale documents.
About the Property Owners' Association Act and "Disclosure"
According to the CODE OF VIRGINIA TITLE 55: Property and Conveyances, Chapter 26: Virginia Property Owners' Association Act (POA), property owners and homeowner associations are required to disclose a property's standing according to the HOA covenants and rules and regulations to any contract purchaser.
§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 the 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.
For more information about the Virginia Property Owners' Association Act, please contact the Foundation office.
What this means is that the homeowner or seller must request a DISCLOSURE PACKET from the Foundation office at least 14 days prior to settlement.
The Disclosure Process
After receipt of the written request and $70.00 fee, a Foundation staff member visits the property to inspect the exterior of the home and property. Any maintenance problems found on the property, as well as any exterior changes or additions that have not been approved by the Architectural Review Board, are noted. The status of the assessment account is also verified and the disclosure report will indicate if the account is current or whether there is any outstanding balance due. Foundation staff prepares formal reports documenting the inspection and account verification findings. Once completed, the reports are included in the disclosure packet and released to the seller or the seller’s agent. The seller or seller’s agent then turns the documents over to the prospective buyer. Please note then any outstanding problems with the property or account will become the responsibility of the new owner if not resolved before settlement.
Below are some of the most common problems that are found in Franklin Farm (including but not limited to):
Faded, deteriorated, chipped or peeling paint on wood trim
Damaged, deteriorated, chipping or dirty shutters and/or siding
Window muntins (grids) broken or missing
Roof shingles curling or missing
Gutters/downspouts in disrepair, rusted or dirty
Window screens torn or frames in disrepair
Fences/gates in disrepair, warped or leaning
Storage sheds in disrepair or in need of paint
Exterior lighting fixtures missing/broken
Walkway or front stoop in need of repair
Entry railings chipping or in disrepair
Grass tall and not being maintained
Shrubbery in need of trimming/dead trees or shrubbery in need of removal
Miscellaneous items being stored in public view on the property
Chimney caps/vents in disrepair or rusting
Decks/stairs in disrepair or warped
Exterior changes/additions made without an approved application from the Architectural Review Board.
How to request a packet
Complete the Homeowner Resale Packet Request form and deliver or mail with a check for $70.00 to Franklin Farm Foundation, 12700 Franklin Farm Road, Oak Hill, VA 20171. Please make check payable to Franklin Farm Foundation. Payment is required prior to documents being processed. Under Virginia State Law, the Property Owners' Disclosure Act, the Association is allowed fourteen (14) calendar days to provide the documents to the seller or seller's agent.
How much does the disclosure packet cost?
Disclosure Packet: $70
Forms of Payment: Cash or check
Turn Around Time: 14 calendar days from receipt of written request and payment
The Franklin Farm Foundation - 12700
Franklin Farm Rd - Oak Hill, VA 20171
Phone: 703-620-6230 Fax: 703-620-9021
E-Mail: foundation@franklinfarm.org
Map of Franklin Farm
Map
of the foundation office at the above address
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