Common Interest Communities: POA and Condominium Acts
Virginia regulates condominiums and property owners' associations, and disclosure obligations for these communities are a Broker-only emphasis. This chapter covers the Common Interest Communities framework, the Property Owners' Association Act, and the Condominium Act.
Common Interest Communities in Virginia
Virginia's Common Interest Communities Act framework governs associations such as condominiums and property owners' associations, and the Common Interest Community Board oversees managers and associations. Brokers who handle these properties must understand the governing documents, assessments, and the disclosures buyers are entitled to receive. This is highlighted as a Broker-only competency because the broker is responsible for the firm's compliance.
Property Owners' Association Act Disclosure
Under the Virginia Property Owners' Association Act, a buyer of a lot in a development with a property owners' association is generally entitled to an association disclosure packet containing the declaration, bylaws, rules, assessments, and other required information. The buyer typically has a statutory period to review the packet and cancel. Brokers must ensure the packet is requested and delivered on time so the buyer can evaluate the association's obligations.
Condominium Act Resale Certificate
Under the Virginia Condominium Act, a buyer of a resale condominium unit is generally entitled to a resale certificate disclosing the association's budget, assessments, reserves, rules, and any pending matters, with a statutory review-and-cancel window. Monthly assessments are a recurring cost that affects affordability and financing. Brokers should ensure accurate, timely disclosure consistent with the Act's consumer-protection purpose.