{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-1504.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-1504.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-1504.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-1504.html"}],"law_id":86255,"edition_id":1,"section_id":86255,"structure_id":16613,"section_number":"55.1-1504","catch_line":"Redemption rights","history":"1975, c. 363, \u00a7 55-79.05; 2019, c. 712.","full_text":"The obligor shall have the right to redeem a residential ground rent at any time after three years from the date the ground rent agreement is made. The redemption shall be effected for the amount agreed upon by the obligor and the obligee or, in the absence of such an agreement, shall be determined by capitalizing the ground rent in effect at the time of redemption, using the average rate on long-term business loans charged by commercial banks in the southeast, as published by the Federal Reserve Board. Upon tender of such amount by the obligor, together with any lawfully collectible arrearages of rent and interest thereon, the obligor may redeem the land from, and shall be entitled to a release from, all obligation to pay ground rent. Such release shall be in recordable form and the cost of recording the same, together with any other charges incidental to it, other than the state transfer tax, shall be paid by the obligor.","order_by":null,"text":{"0":{"id":308945,"text":"The obligor shall have the right to redeem a residential ground rent at any time after three years from the date the ground rent agreement is made. The redemption shall be effected for the amount agreed upon by the obligor and the obligee or, in the absence of such an agreement, shall be determined by capitalizing the ground rent in effect at the time of redemption, using the average rate on long-term business loans charged by commercial banks in the southeast, as published by the Federal Reserve Board. Upon tender of such amount by the obligor, together with any lawfully collectible arrearages of rent and interest thereon, the obligor may redeem the land from, and shall be entitled to a release from, all obligation to pay ground rent. Such release shall be in recordable form and the cost of recording the same, together with any other charges incidental to it, other than the state transfer tax, shall be paid by the obligor.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":16613,"edition_id":1,"name":"Residential Ground Rent Act","identifier":"15","label":"chapter","depth":3,"order_by":1,"parent_id":13073,"metadata":{},"date_created":"2026-06-26 04:27:42","date_modified":"2026-06-26 04:27:42","permalink":{"id":246387,"object_type":"structure","relational_id":16613,"identifier":"15","token":"55.1\/III\/15","url":"\/55.1\/III\/15\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13073,"edition_id":1,"name":"Rental Conveyances","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:14","date_modified":"2026-06-26 03:44:14","permalink":{"id":245883,"object_type":"structure","relational_id":13073,"identifier":"III","token":"55.1\/III","url":"\/55.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":77335,"structure_id":16613,"section_number":"55.1-1500","catch_line":"Definitions","url":"\/55.1-1500\/","token":"55.1\/III\/15\/55.1-1500","metadata":false},{"id":72750,"structure_id":16613,"section_number":"55.1-1501","catch_line":"Form of instrument","url":"\/55.1-1501\/","token":"55.1\/III\/15\/55.1-1501","metadata":false},{"id":81949,"structure_id":16613,"section_number":"55.1-1502","catch_line":"Changes in amount of rent","url":"\/55.1-1502\/","token":"55.1\/III\/15\/55.1-1502","metadata":false},{"id":86748,"structure_id":16613,"section_number":"55.1-1503","catch_line":"Encumbrance on real property","url":"\/55.1-1503\/","token":"55.1\/III\/15\/55.1-1503","metadata":false},{"id":86255,"structure_id":16613,"section_number":"55.1-1504","catch_line":"Redemption rights","url":"\/55.1-1504\/","token":"55.1\/III\/15\/55.1-1504","metadata":false},{"id":74948,"structure_id":16613,"section_number":"55.1-1505","catch_line":"Incorporation of agreement into deed","url":"\/55.1-1505\/","token":"55.1\/III\/15\/55.1-1505","metadata":false}],"previous_section":{"id":86748,"structure_id":16613,"section_number":"55.1-1503","catch_line":"Encumbrance on real property","url":"\/55.1-1503\/","token":"55.1\/III\/15\/55.1-1503","metadata":false},"next_section":{"id":74948,"structure_id":16613,"section_number":"55.1-1505","catch_line":"Incorporation of agreement into deed","url":"\/55.1-1505\/","token":"55.1\/III\/15\/55.1-1505","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-1504\/","history_text":"

This law was first created in 1975. The record of its establishment is cataloged in chapter 363 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1975 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":246405,"object_type":"law","relational_id":86255,"identifier":"55.1-1504","token":"55.1\/III\/15\/55.1-1504","url":"\/55.1-1504\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-1504\/","token":"55.1\/III\/15\/55.1-1504","dublin_core":{"Title":"Redemption rights","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-1504","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The obligor<\/span> shall have the right to redeem a residential ground rent<\/span> at any time after three years from the date the ground rent agreement is made. The redemption<\/span> shall be effected for the amount agreed upon by the obligor<\/span> and the obligee<\/span> or, in the absence of such an agreement, shall be determined by capitalizing the ground rent in effect at the time of redemption<\/span>, using the average rate on long-term business loans charged by commercial banks in the southeast, as published by the Federal Reserve Board. Upon tender of such amount by the obligor<\/span>, together with any lawfully collectible arrearages of rent and interest thereon, the obligor<\/span> may redeem the land<\/span> from, and shall be entitled to a release from, all obligation to pay ground rent. Such release shall be in recordable form and the cost of recording the same, together with any other charges incidental to it, other than the state transfer tax, shall be paid by the obligor<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREDEMPTION RIGHTS (\u00a7 55.1-1504)\n\nThe obligor shall have the right to redeem a residential ground rent at any time\nafter three years from the date the ground rent agreement is made. The\nredemption shall be effected for the amount agreed upon by the obligor and the\nobligee or, in the absence of such an agreement, shall be determined by\ncapitalizing the ground rent in effect at the time of redemption, using the\naverage rate on long-term business loans charged by commercial banks in the\nsoutheast, as published by the Federal Reserve Board. Upon tender of such amount\nby the obligor, together with any lawfully collectible arrearages of rent and\ninterest thereon, the obligor may redeem the land from, and shall be entitled to\na release from, all obligation to pay ground rent. Such release shall be in\nrecordable form and the cost of recording the same, together with any other\ncharges incidental to it, other than the state transfer tax, shall be paid by\nthe obligor.\n\nHISTORY: 1975, c. 363, \u00a7 55-79.05; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}