 WHAT ??
A community association disclosure package contains the Covenants, architectural
guidelines, audit, budget, insurance information, rules and regulations, and other general
information about the community. It also contains information specific to the property
being sold.
WHY ??
Virginia State law requires the seller of a property in a planned community to provide an
association disclosure package to a prospective buyer. The information provides a buyer
with the legal and financial health of the association in which he/she will become a
member, and discloses the presence of any problems with the property which the buyer may
assume in purchase.
 WHEN ??
A disclosure package may be ordered at any time that a sale is anticipated. The
association must provide it within 14 days. Because the information contained in the
package is time-sensitive, a prospective buyer may request an update at his/her expense.
HOW ??
The initial order for a disclosure package may be made by calling the association office.
Before releasing the package, the association must receive a written request which
includes the address of the property being sold, the name of the seller or seller’s
agent, the name of the prospective buyer if known, the projected settlement date if known,
and who should be contacted when the package is prepared. The association will mail the
package to the prospective buyer if provided with an address.
Click here for a printable Disclosure Package Request Form
(Use your browser's print command to print and then mail or fax the
completed form - NOT submissable online.)
COST ??
Woodlake’s disclosure packages are $100, as permitted by State law. Due to the
number of "rush" requests for disclosure packages, starting on January 1, 2005,
the Woodlake Community Association will be charging a $25 rush fee. Please be
advised that if you need a disclosure package before the 14 day requirement that the $25
rush fee will be applied. (Completed disclosure packages can be mailed at an
additional expense.)
PROBLEMS ??
To complete a package, an on-site inspection of the property is made and any Covenant or
architectural violations noted. The association does not require violations noted to be
corrected prior to closing; however, if not corrected, the buyer assumes the liability.
Violations must be corrected within 6 months. |