§ 55.1-2226 Buyer’s Acknowledgment
A. Prior to the execution of a purchase contract, a purchaser shall be given a separate written document, titled “Buyer’s Acknowledgment,” to be signed by the purchaser and a representative of the developer other than the salesperson for the transaction.
3. Whether the developer currently offers a resale or rental program or a buy-back program; and
4. The following statement in at least 10-point boldface type: “There is no assurance that a purchaser may resell a time-share for a certain price or on particular terms. By signing below, purchaser acknowledges that this purchase is (i) for personal use and enjoyment and not for commercial or investment purposes and (ii) not being made based upon any representation that the time-share has any future market value or resale potential.”
History
This law was first created in 2012. The record of its establishment is cataloged in chapter 751 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2019, chapter 712.
2012, c. 751, § 55-376.5; 2019, c. 712.