Can I cancel the contract if I do not approve of the POA disclosure packet?
Yes! The Act permits a purchaser to cancel within three days of the date of receipt of the disclosure packet. Bear in mind that unless the contract specifies to the contrary, the receipt of the packet by your agent or your agentís firm may trigger the three-day window.

You do not have to have a reason to cancel. You may cancel and state no reason whatsoever, and there is a Virginia case that holds you may have a pre-textual (read fake) reason. And, you may even purchase a home in the same association at a later date.

Posted By: Brian D. Lytle, Esq. on Saturday, March 20, 2010