Virginia Code 55.1-2312: Cancellation of contract by purchaser
A. The purchaser may cancel the contract:
Terms Used In Virginia Code 55.1-2312
- Association: means an association created pursuant to the Property Owners' Association Act (§ 55. See Virginia Code 55.1-2307
- Contract: A legal written agreement that becomes binding when signed.
- contract: means the contract to purchase the unit and any addenda to such contract. See Virginia Code 55.1-2307
- Days: means calendar days. See Virginia Code 55.1-2307
- Purchaser: means the person or entity acquiring the unit. See Virginia Code 55.1-2307
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
- Resale certificate: means the information listed in § 55. See Virginia Code 55.1-2307
- Seller: means the person or entity selling the unit. See Virginia Code 55.1-2307
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Unit: means a condominium unit in a condominium, a cooperative unit in a real estate cooperative, or a lot in a community governed by an association. See Virginia Code 55.1-2307
1. Within three days, or up to seven days if extended by the ratified real estate contract, after the ratification date of the contract if the purchaser receives the resale certificate, whether or not complete pursuant to § 55.1-2310, or a notice that the resale certificate is unavailable on or before the date that the contract is ratified;
2. Within three days, or up to seven days if extended by the ratified real estate contract, from the date the purchaser receives the resale certificate, whether or not complete pursuant to § 55.1-2310, or a notice that the resale certificate is unavailable if delivery occurs after the contract is ratified; or
3. At any time prior to settlement if the resale certificate is not delivered to the purchaser.
B. Written notice of cancellation shall be provided to the seller in accordance with the terms of the contract. The purchaser shall have the burden to demonstrate delivery of the notice of cancellation.
C. If the unit is governed by more than one association, the timeframe for the purchaser’s right of cancellation shall run from the date of delivery of the last resale certificate.
D. Cancellation shall be without penalty, and the seller shall cause any deposit or escrowed funds to be returned promptly to the purchaser.