VA resale certificate: What it is, why it matters, and how to get it

What is a Virginia resale certificate?

A Virginia resale certificate is a document required by state law during the resale of a property in a common interest community, such as a condominium, cooperative, or homeowners association. This document provides the buyer with important financial, legal, and operational details about the unit and the association it belongs to.

The VA resale certificate is governed by Virginia's Resale Disclosure Act, which sets requirements for what must be disclosed. The resale certificate generally includes a summary of association rules, the current financial health of the association, any pending legal issues, upcoming special assessments, and fees associated with the property. Buyers have the right to review the certificate and may be able to cancel the purchase within a certain timeframe if they are not satisfied with its contents.

The law requires that the seller or the seller’s agent request the VA resale certificate from the managing agent or the association itself. The association must deliver the certificate within 14 days. If the certificate is not provided in that timeframe, it may be considered unavailable, and the buyer may have the right to cancel the contract.

Professional property management companies like FirstService Residential often play a key role in coordinating this process. By fielding resident requests, tracking legal deadlines, and helping to prepare accurate disclosures, a trusted management partner can help avoid delays and keep real estate transactions on track.

This article is not intended to and does not constitute legal advice or create an attorney-client relationship. Board members should consult their association’s attorney to discuss the legal implications of their decisions or actions prior to proceeding.
 

How to get a resale certificate

To get a VA resale certificate, the seller or their agent must submit a written request to the property’s association or managing agent. The request should clearly specify where and how the certificate should be delivered, whether in printed or electronic format.

The association is legally required to provide the resale certificate within 14 days of the request. If the seller does not receive the certificate within that period, it may be deemed unavailable. A seller is typically not permitted to waive this requirement, and the certificate must be current as of the date specified on the document.

Fees may be charged by the association for preparation, delivery, and, if necessary, expedited service of the VA resale certificate. These fees must comply with the limits set by the Common Interest Community Board. Generally, the seller is responsible for paying these fees.

If more than 30 days pass between the issuance of the certificate and closing, either the buyer or the seller may be able to request an updated VA resale certificate. Typically, that update must be delivered within 10 days.
 

How to use a VA resale certificate

The VA resale certificate is used to inform the buyer of the legal and financial state of the property and the association. It helps the buyer understand what they are committing to and allows them to make an informed decision about continuing with the purchase.

Upon receiving the Virginia resale certificate, the buyer should review:

• Monthly assessments, unpaid dues, and special assessments
   
• Governing documents such as bylaws and rules
   
• Any legal issues or pending litigation involving the association
   
• Reserve fund levels and capital improvement plans
   
• Parking restrictions, leasing rules, and pet policies

The VA resale certificate can also protect the buyer from being held responsible for unpaid assessments and most undisclosed rule violations. This makes the certificate not only a disclosure tool but a potential liability shield.
 

Frequently asked questions about VA resale certificates

How do I verify a Virginia resale certificate?

Prospective buyers should work with legal and real estate professionals when examining their VA resale certificate. Typically, you can verify a VA resale certificate by reviewing the certification section at the end of the document. This section should confirm that the association has filed its annual report with the Common Interest Community Board, including a filing number and expiration date. This can help confirm the document’s legitimacy and that the association is in good standing with the state.

You may also request documentation directly from the association or managing agent and verify that the information in the certificate matches your understanding of the property.
 

Can a buyer cancel the contract after reviewing the resale certificate?

If the resale certificate is delivered before the purchase contract is signed, the buyer may be able to cancel the contract within the timeframe outlined in the contract. If the contract does not specify a rescission period, the buyer typically has three calendar days after ratification to cancel.

If the certificate is delivered after the contract is signed, and no cancellation period is specified in the contract, the buyer generally has three calendar days from receipt to cancel.
 

How much is a seller's permit in Virginia?

Virginia does not typically require a seller's permit in the context of real estate. The term "seller's permit" more commonly refers to a permit for collecting sales tax, which applies to businesses selling goods and services. In real estate, the seller is instead responsible for obtaining and providing the VA resale certificate, which may involve paying fees to the association for its preparation and delivery.

The association may charge for the preparation of the resale certificate, an updated certificate, and a financial update. These fees vary but are capped by the Common Interest Community Board and must be commercially reasonable. Some associations may also charge a post-closing fee, collected at settlement, to record the new ownership.
 

Does a Virginia resale certificate expire?

Yes, a Virginia resale certificate may need to be updated if more than 30 days pass between the certificate’s issuance and the settlement date. Either party can request an updated certificate, which must be delivered within 10 days. If the certificate is older than 12 months, a new certificate must be requested rather than an update.

The information in the resale certificate is generally considered valid as of the date specified in the document. If significant time passes or material conditions change, a buyer should request an updated VA resale certificate to get the most current and accurate information.

For more than 30 years, FirstService Residential has helped community associations across Virginia navigate complex requirements like the VA resale certificate with confidence and clarity. From managing association budgets and vendor contracts to coordinating maintenance and compliance inspections, we help simplify the work of boards every day. Contact us today to learn how we can make a difference in your community.