In the DMV region, condominiums represent a significant portion of the real estate market. Due to the predominance and popularity of condos in our area, there are certain laws pertaining specifically to condo sales that any potential condo buyer should know, namely the laws regarding resale disclosure documents.
The Maryland Condominium Act, the Virginia Condominium Act, and the District of Columbia Condominium Act all mandate that once a prospective buyer signs a contract to buy a condo unit, the buyer is entitled to receive copies of the resale disclosure documents, also known as the resale disclosure packet or package. The responsibility of the delivery of the disclosure documents falls primarily on the seller. What’s more, the buyer has a certain number of days after receiving the resale disclosure documents to cancel the contract on the condo unit in question and have their deposit refunded, no questions asked.
So what could possibly be contained within the resale disclosure package that could cause a buyer to walk away from a condo unit altogether? Read this guide for condo buyers to find out everything there is to know about condo resale disclosure documents, the condo disclosure laws in the DMV, and why it’s so important for condo buyers to work with an experienced real estate agent or team to be successful.