"During any period when registration of a condominium is required by this chapter or until the time that all units in the condominium have been initially disposed of to the bona fide purchasers, a declarant may not dispose of any interest in a condominium unit not previously disposed of unless there is delivered to the purchaser a current public offering statement by the time of the disposition. The disposition shall be expressly and without qualification or condition subject to cancellation by the purchaser before conveyance of the unit, within 15 days after the date of execution of the contract for the disposition, or within 15 days after delivery of the current public offering statement, whichever is later. A public offering statement shall not be current unless any necessary amendment is incorporated or attached. If the purchaser elects to cancel, he or she may cancel by notice hand-delivered or sent by United States mail, return receipt requested, to the seller. The cancellation shall be without penalty, and any deposit made by the purchaser shall be promptly refunded in its entirety. (c) The public offering statement and sales contract shall contain a clause and its Spanish equivalent in a form prescribed by the Mayor which shall clearly state the purchaser's right to cancel."

Resale Condos in DC

From the DC Condo Act:

Section 42-1904.11. Resale by unit owner; seller to obtain appropriate statements from association and furnish to purchaser; scope of provisions.

(a) In the event of a resale of a condominium unit by a unit owner other than the declarant, the unit owner shall obtain from the unit owners' association and furnish to the purchaser, on or prior to the 10th business day following the date of execution of the contract of sale by the purchaser, a copy of the condominium instruments and a certificate setting forth the following:

(1) Appropriate statements pursuant to Section 42-1903.13(h) and, if applicable, Section 42-1903.15, which need not to be in recordable form;

(2) A statement of any capital expenditures anticipated by the unit owners' association within the current or succeeding 2 fiscal years;

(3) A statement of the status and amount of any reserves for capital expenditures, contingencies, and improvements, and any portion of such reserves earmarked for any specified project by the executive board;

(4) A copy of the statement of financial condition for the unit owners' association for the then most recent fiscal year for which such statement is available and the current operating budget, if any;

(5) A statement of the status of any pending suits or any judgments to which the unit owners' association is a party;

(6) A statement setting forth what insurance coverage is provided for all unit owners by the unit owners' association and a statement whether such coverage includes public liability, loss or damage, or fire and extended coverage insurance with respect to the unit and its contents;

(7) A statement that any improvements or alterations made to the unit, or the limited common elements assigned thereto, by the prior unit owner are not in violation of the condominium instruments;

(8) A statement of the remaining term of any leasehold estate affecting the condominium or the condominium unit and the provisions governing any extension or renewal thereof; and

(9) The date of issuance of the certificate. (a-1)

(1) If the condominium instruments and certificate prescribed pursuant to subsection (a) of this section are not furnished to the purchaser on or prior to the 10th business day following the date of execution of the contract of sale by the purchaser, the purchaser shall have the right to cancel the contract by giving notice in writing to the seller prior to receipt of the condominium instruments and certificate, but not after conveyance under the contract.

(2) Except as provided pursuant to paragraph (5) of this subsection, the purchaser shall have the right for a period of 3 business days following the purchaser's receipt of the condominium instruments and certificate prescribed pursuant to subsection (a) of this section, whether or not such receipt occurs within the time period described in subsection (a) of this section, to cancel the contract by giving notice in writing and returning the condominium instruments and certificate to the seller, provided that the purchaser may not so cancel the contract after conveyance under the contract.

(3) If the purchaser cancels the contract pursuant to paragraph (1) or (2) of this subsection, the purchaser shall receive back any earnest money or other deposit without delay or deduction.

(4) From and after the earlier of (i) the expiration of the 3 business-day period for review prescribed pursuant to paragraph (2) of this subsection, or an extension of the 3 business-day period agreed to by the parties in a signed writing, or (ii) conveyance under the contract, if the purchaser has not exercised the right to cancel, the contract shall not be cancellable by the purchaser under this subsection.

(5) If the condominium instruments and certificate are furnished to the purchaser on or prior to execution of the contract of sale by the purchaser, the 3 business-day period for review prescribed pursuant to paragraph (2) of this subsection shall commence when the contract is executed by the purchaser. (b) The principal officer of the unit owners' association or suchother officer or officers as the condominium instruments may specify, shall furnish the certificate prescribed by subsection (a) of this section upon the written request of any unit owner or purchaser within 10 days of the receipt of such request. (c) Subject to the provisions of Section 42-1904.01, but notwithstanding any other provisions of this chapter, the provisions and requirements of this section shall apply to any such resale of a condominium unit created under the provisions of Chapter 20 of this title.

Washington DC Condo Act:

http://www.cpwi.com/state.laws/District%20of%20Columbia%20%20Condominium%20Act.pdf

Read the full article on DC Metro Right of Rescission Periods for Condo Home Buyers

Virginia Condominiums

Right of Rescission

The Virginia Condo Act (reference your purchase agreement) essentially gives buyers the right to review public offering statements, association documents and/or resale certifications for a specified number of days from date of receipt and withdraw from the transaction within that time should they not agree with the rules and regulations or approve of the associations budgetary or finacial data.

Right of Rescission in Virginia:

New Condos: 10 days from day of receipt

Under Virginia Law a purchaser of a condominium unit is afforded a ten day period during which he or she may cancel the contract of sale and obtain a full refund of any sums deposited in connection with the contract. The ten day period begins running on the contract date or the date of delivery of a Public Offering Statement, whichever is later. The purchaser should inspect the condominium unit and all common areas and obtain professional advice. If the purchaser elects to cancel, he or she must deliver notice of cancellation to the declarant by hand or by United States mail, return receipt requested.

Resale condos: 3 calendar days from date of receipt of resale package

2011 Updates

Buyer's Right to Terminate Sales Contract

Virginia Condominium Act

Section 55-79.97: The statute as amended now states that a purchaser of a condominium unit may cancel a sales contract within 3 days of being notified that the resale certificate will not be available, and the amendments define when a resale certificate shall be deemed not to be available. Specifically, a resale certificate is not available when: (a) a current annual report has not been filed by the unit owners' association with either the State Corporation Commission pursuant to § 13.1-936 or the Common Interest Community Board pursuant to § 55-79.93:1, (b) the seller has made a written request to the unit owners' association that the resale certificate be provided and no resale certificate has been received within 14 days in accordance with subsection C of the statute, or (c) written notice has been provided by the unit owners' association that a resale certificate is not available.

Section 55-79.97(F) was also amended to make it clear that a resale certificate need not be provided if there is a disposition of the unit by a sale at an auction when a resale certificate was made available as part of the auction package for prospective purchasers prior to the auction.

New Condos in Virginia

Derived from Virginia Register Volume 25, Issue 20, eff. July 9, 2009.

Public Offering Statement

18 VAC 48-20-240. Nature of information to be included:

A. The provisions of §§ 55-79.90(a) and 55-79.94(a) of the Code of Virginia, and 18 VAC 48-20-210 through 18 VAC 48-20-720 of this chapter shall be strictly construed to promote full and accurate disclosure in the public offering statement and, thereby, to protect the interests of purchasers.

Read the remainder of this article on DC Metro rescission periods for buyers at:

http://www.susanisaacsre.com/tools-2-use/dc-real-estate-condos.html

Information deemed to be reliable but not guaranteed. Check your state's official websites for legislative updates