What if I receive a POA packet from a seller that is either old or incomplete?
There is a Virginia case that holds even an incomplete packet starts the three-day review period, so if the packet is not complete you will need to cancel and re-start the process in order to get a complete packet, or seek an attorney’s advice regarding a mutual extension to the three day review period so a complete packet can be obtained.

Unfortunately the law is not clear regarding how current the disclosure packet must be. The Act simply provides that it must be current as of the date noted on the packet itself. If you receive an old packet (in my view more than six months old or not year current) then I would recommend you immediately cancel and re-start the process unless you have a contractual provision permitting you not only to request an update (you always have a right to request an update) but to terminate based on that update (you do not have this right unless it is agreed in the contract).

Posted By: Brian D. Lytle, Esq. on Wednesday, March 17, 2010