As a result of this giant "get out of jail free card," the listing Realtor and/or Seller need to provide the HOA packet immediately after contract ratification. Do not wait until after the Purchasers obtain their loan commitment. At the latest, provide the HOA packet immediately after any inspection contingency is satisfied. (Even if the transaction is a Short Sale, do not wait until Short Sale lender ratification - provide the packet early).
Not only provide the HOA documents early, but be sure it is a complete packet provided from the HOA with current financial information. It is not enough to simply send the covenants and restrictions. The required packet should contain the items listed in VA Code §55.509.5, including a statement of all assessments and any other mandatory fees or charges currently imposed by the Association.
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.