Virginia Code 55.1-2312: Cancellation of contract by purchaser
A. If delivery of the resale certificate to the purchaser or purchaser’s agent, whether or not complete pursuant to § 55.1-2310, or a notice that the resale certificate is unavailable, occurs before the contract is ratified, the purchaser may cancel the contract within a time period agreed upon by all parties in the ratified real estate contract. If no time period is specified in the ratified real estate contract, the purchaser shall have three days from the date of ratification to cancel the contract.
Terms Used In Virginia Code 55.1-2312
- Agent: means the authorized agent designated by the purchaser or seller in a ratified real estate contract, listing agreement, or other writing designating such agent. See Virginia Code 55.1-2307
- Association: means an association created pursuant to the Property Owners' Association Act (§ 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
B. If delivery of the resale certificate to the purchaser or purchaser’s agent, whether or not complete pursuant to § 55.1-2310, or a notice that such resale certificate is unavailable, occurs after the contract is ratified, the purchaser may cancel the contract within a time period agreed upon by all parties to the real estate contract. If no time period is specified in the ratified real estate contract, the purchaser shall have three days from receipt of the resale certificate or notice that the resale certificate is unavailable to cancel the contract.
C. If the resale certificate or notice that the resale certificate is unavailable has not been delivered to the purchaser, the purchaser or purchaser’s agent may cancel the contract at any time prior to settlement.
D. 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.
E. 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.
F. Cancellation shall be without penalty, and the seller shall cause any deposit or escrowed funds to be returned promptly to the purchaser.