§ 55.1-3001 Exemptions
The provisions of this chapter shall not apply to residential executory real estate contracts where the vendor is:
1. A natural person, an estate, or a legal entity that owns no more than two single-family residential dwelling units in the Commonwealth unless the person or entity is an agent, affiliate, subsidiary, or parent company to another legal entity that owns at least one additional residential dwelling unit in the Commonwealth;
2. A real estate licensee pursuant to Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1; or
3. A bank, savings institution, credit union, or mortgage lender licensed under Title 6.2.
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, § 55-252.2.