§ 55.1-3000 Definitions
As used in this chapter, unless the context requires a different meaning: “Notice” means notice given in writing by either regular mail or hand delivery, with the sender retaining sufficient proof of having given such notice in the form of a certificate of service confirming such mailing or hand delivery prepared by the sender. “Option payment” means the amount paid by the purchaser in a residential executory real estate contract in exchange for the right to purchase the property that is the subject of such contract at a specific price within a specified time. “Purchaser” means a person who enters into a residential executory real estate contract. “Residential executory real estate contract” means an installment land contract, lease option contract, or rent-to-own contract by which a purchaser acquires any right or interest in real property other than a right of first refusal and occupies or intends to occupy the property as his primary residence. “Vendor” means the person who sells, or proposes to sell, real property under a residential executory real estate contract.
History
This law was first created in 2019. The record of its establishment is cataloged in chapter 511 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.
2019, c. 511, § 55-252.1.