Selling a condo in the Commonwealth of Virginia can be a bureaucratic experience fraught with peril. Just when you think everything is complete, something can get in the way.
One of those bureaucratic steps is called the Condominium Resale Disclosure Packet, a set of documents that set out things like the financial condition of the association that manages the condo, any outstanding obligations against your unit, the insurance status of the association, etc.
Even after a contract for sale is signed, the buyers have an opt-out period of three days after they receive the disclosure information from the association.
Our buyers received the packet last Friday, which meant we had to wait until 9 p.m. tonight for them to decide whether or not to proceed or pull out. If 9 p.m. came and went without a call or notice, we had a deal.
We waited out the day and then the night. At 9:01, we finally relaxed and celebrated a binding contract for sale.
Another step out of the way. Another step closer to closure on 23 years in a home.