{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-1974.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-1974.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-1974.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-1974.html"}],"law_id":68890,"edition_id":1,"section_id":68890,"structure_id":15581,"section_number":"55.1-1974","catch_line":"Limitations on dispositions of units","history":"1974, c. 416, \u00a7 55-79.88; 1975, c. 415; 1988, c. 15; 2014, c. 215; 2019, c. 712; 2020, c. 592.","full_text":"Unless exempt by \u00a7 55.1-1972:\n\n1\n\nNo declarant may offer or dispose of any interest in a condominium unit located in the Commonwealth, nor offer or dispose of in the Commonwealth any interest in a condominium unit located outside of the Commonwealth prior to the time the condominium including such unit is registered in accordance with this chapter.2\n\nNo declarant may dispose of any interest in a condominium unit unless he delivers to the purchaser a current public offering statement by the time of such disposition and such disposition is expressly and without qualification or condition subject to cancellation by the purchaser within five calendar days from the contract date of the disposition or delivery of the current public offering statement, whichever is later. If the purchaser elects to cancel, he may do so by notice of such cancellation hand-delivered or sent by United States mail, return receipt requested, to the declarant. Such cancellation shall be without penalty, and any deposit made by the purchaser shall be promptly refunded in its entirety.3\n\nThe purchaser’s right to cancel the purchase contract pursuant to subdivision 2 shall be set forth on the first page of the purchase contract in boldface print of not less than 12-point type.4\n\nThe prospective purchaser may cancel a nonbinding reservation agreement by written notice, hand-delivered or sent by United States mail, return receipt requested, to the declarant or to any sales agent of the declarant at any time prior to the formation of a contract for the sale or lease of a condominium unit or an interest in such unit. Such agreement shall not contain any provision for waiver or any other provision in derogation of the rights of the prospective purchaser as contemplated by this section, nor shall any such provision be a part of any ancillary agreement.","order_by":null,"text":{"0":{"id":249376,"text":"Unless exempt by \u00a7 55.1-1972:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":249377,"text":"No declarant may offer or dispose of any interest in a condominium unit located in the Commonwealth, nor offer or dispose of in the Commonwealth any interest in a condominium unit located outside of the Commonwealth prior to the time the condominium including such unit is registered in accordance with this chapter.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":249378,"text":"No declarant may dispose of any interest in a condominium unit unless he delivers to the purchaser a current public offering statement by the time of such disposition and such disposition is expressly and without qualification or condition subject to cancellation by the purchaser within five calendar days from the contract date of the disposition or delivery of the current public offering statement, whichever is later. If the purchaser elects to cancel, he may do so by notice of such cancellation hand-delivered or sent by United States mail, return receipt requested, to the declarant. Such cancellation shall be without penalty, and any deposit made by the purchaser shall be promptly refunded in its entirety.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":249379,"text":"The purchaser’s right to cancel the purchase contract pursuant to subdivision 2 shall be set forth on the first page of the purchase contract in boldface print of not less than 12-point type.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":249380,"text":"The prospective purchaser may cancel a nonbinding reservation agreement by written notice, hand-delivered or sent by United States mail, return receipt requested, to the declarant or to any sales agent of the declarant at any time prior to the formation of a contract for the sale or lease of a condominium unit or an interest in such unit. Such agreement shall not contain any provision for waiver or any other provision in derogation of the rights of the prospective purchaser as contemplated by this section, nor shall any such provision be a part of any ancillary agreement.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3"}},"ancestry":[{"id":15581,"edition_id":1,"name":"Administration of Chapter; Sale, Etc., of Condominium Units","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13018,"metadata":{},"date_created":"2026-06-26 03:56:32","date_modified":"2026-06-26 03:56:32","permalink":{"id":246927,"object_type":"structure","relational_id":15581,"identifier":"4","token":"55.1\/IV\/19\/4","url":"\/55.1\/IV\/19\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13018,"edition_id":1,"name":"Virginia Condominium Act","identifier":"19","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:44:09","date_modified":"2026-06-26 03:44:09","permalink":{"id":246623,"object_type":"structure","relational_id":13018,"identifier":"19","token":"55.1\/IV\/19","url":"\/55.1\/IV\/19\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12914,"edition_id":1,"name":"Common Interest Communities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:01","date_modified":"2026-06-26 03:44:01","permalink":{"id":246473,"object_type":"structure","relational_id":12914,"identifier":"IV","token":"55.1\/IV","url":"\/55.1\/IV\/","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":68690,"structure_id":15581,"section_number":"55.1-1970","catch_line":"Common Interest Community Board","url":"\/55.1-1970\/","token":"55.1\/IV\/19\/4\/55.1-1970","metadata":false},{"id":59771,"structure_id":15581,"section_number":"55.1-1971","catch_line":"General powers and duties of the Common Interest Community Board","url":"\/55.1-1971\/","token":"55.1\/IV\/19\/4\/55.1-1971","metadata":{"court_decisions":""}},{"id":75490,"structure_id":15581,"section_number":"55.1-1972","catch_line":"Exemptions from certain provisions of article","url":"\/55.1-1972\/","token":"55.1\/IV\/19\/4\/55.1-1972","metadata":false},{"id":61023,"structure_id":15581,"section_number":"55.1-1973","catch_line":"Rental of units","url":"\/55.1-1973\/","token":"55.1\/IV\/19\/4\/55.1-1973","metadata":false},{"id":68890,"structure_id":15581,"section_number":"55.1-1974","catch_line":"Limitations on dispositions of units","url":"\/55.1-1974\/","token":"55.1\/IV\/19\/4\/55.1-1974","metadata":false},{"id":61758,"structure_id":15581,"section_number":"55.1-1975","catch_line":"Application for registration; fee","url":"\/55.1-1975\/","token":"55.1\/IV\/19\/4\/55.1-1975","metadata":false},{"id":85082,"structure_id":15581,"section_number":"55.1-1976","catch_line":"Public offering statement; condominium securities","url":"\/55.1-1976\/","token":"55.1\/IV\/19\/4\/55.1-1976","metadata":false},{"id":82046,"structure_id":15581,"section_number":"55.1-1977","catch_line":"Inquiry and examination","url":"\/55.1-1977\/","token":"55.1\/IV\/19\/4\/55.1-1977","metadata":false},{"id":75453,"structure_id":15581,"section_number":"55.1-1978","catch_line":"Notice of filing and registration","url":"\/55.1-1978\/","token":"55.1\/IV\/19\/4\/55.1-1978","metadata":false},{"id":65140,"structure_id":15581,"section_number":"55.1-1979","catch_line":"Annual report by declarant","url":"\/55.1-1979\/","token":"55.1\/IV\/19\/4\/55.1-1979","metadata":false},{"id":61172,"structure_id":15581,"section_number":"55.1-1980","catch_line":"Annual report by unit owners' association","url":"\/55.1-1980\/","token":"55.1\/IV\/19\/4\/55.1-1980","metadata":false},{"id":73657,"structure_id":15581,"section_number":"55.1-1981","catch_line":"Termination of registration","url":"\/55.1-1981\/","token":"55.1\/IV\/19\/4\/55.1-1981","metadata":false},{"id":64581,"structure_id":15581,"section_number":"55.1-1982","catch_line":"Conversion condominiums; special provisions","url":"\/55.1-1982\/","token":"55.1\/IV\/19\/4\/55.1-1982","metadata":false},{"id":59449,"structure_id":15581,"section_number":"55.1-1983","catch_line":"Escrow of deposits","url":"\/55.1-1983\/","token":"55.1\/IV\/19\/4\/55.1-1983","metadata":false},{"id":72592,"structure_id":15581,"section_number":"55.1-1984","catch_line":"Declarant to deliver declaration to purchaser","url":"\/55.1-1984\/","token":"55.1\/IV\/19\/4\/55.1-1984","metadata":false},{"id":66724,"structure_id":15581,"section_number":"55.1-1985","catch_line":"Investigations and proceedings","url":"\/55.1-1985\/","token":"55.1\/IV\/19\/4\/55.1-1985","metadata":false},{"id":63733,"structure_id":15581,"section_number":"55.1-1986","catch_line":"Cease and desist orders","url":"\/55.1-1986\/","token":"55.1\/IV\/19\/4\/55.1-1986","metadata":false},{"id":78872,"structure_id":15581,"section_number":"55.1-1987","catch_line":"Revocation of registration","url":"\/55.1-1987\/","token":"55.1\/IV\/19\/4\/55.1-1987","metadata":false},{"id":86244,"structure_id":15581,"section_number":"55.1-1988","catch_line":"Judicial review","url":"\/55.1-1988\/","token":"55.1\/IV\/19\/4\/55.1-1988","metadata":false},{"id":66151,"structure_id":15581,"section_number":"55.1-1989","catch_line":"Penalties","url":"\/55.1-1989\/","token":"55.1\/IV\/19\/4\/55.1-1989","metadata":false}],"previous_section":{"id":61023,"structure_id":15581,"section_number":"55.1-1973","catch_line":"Rental of units","url":"\/55.1-1973\/","token":"55.1\/IV\/19\/4\/55.1-1973","metadata":false},"next_section":{"id":61758,"structure_id":15581,"section_number":"55.1-1975","catch_line":"Application for registration; fee","url":"\/55.1-1975\/","token":"55.1\/IV\/19\/4\/55.1-1975","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-1974\/","history_text":"

This law was first created in 1974. The record of its establishment is cataloged in chapter 416 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 1974 \u201cActs\u201d aren\u2019t available online. It has been modified 5 times. 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. Those modifications are as follows: in 1975, chapter 415; in 1988, chapter 15; in 2014, chapter 215<\/a>; in 2019, chapter 712<\/a>; in 2020, chapter 592<\/a>.<\/p>","references":[{"id":76143,"section_number":"55.1-1901","catch_line":"Application and construction of chapter","order_by":null,"url":"\/55.1-1901\/"},{"id":75490,"section_number":"55.1-1972","catch_line":"Exemptions from certain provisions of article","order_by":null,"url":"\/55.1-1972\/"},{"id":85082,"section_number":"55.1-1976","catch_line":"Public offering statement; condominium securities","order_by":null,"url":"\/55.1-1976\/"},{"id":66151,"section_number":"55.1-1989","catch_line":"Penalties","order_by":null,"url":"\/55.1-1989\/"}],"refers_to":[{"id":75490,"section_number":"55.1-1972","catch_line":"Exemptions from certain provisions of article","order_by":null,"url":"\/55.1-1972\/"}],"permalink":{"id":246945,"object_type":"law","relational_id":68890,"identifier":"55.1-1974","token":"55.1\/IV\/19\/4\/55.1-1974","url":"\/55.1-1974\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-1974\/","token":"55.1\/IV\/19\/4\/55.1-1974","dublin_core":{"Title":"Limitations on dispositions of units","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-1974","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Unless exempt by \u00a7 55.1-1972<\/a>:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> No declarant<\/span> may offer<\/span> or dispose of any interest in a condominium unit<\/span> located in the Commonwealth, nor offer<\/span> or dispose of in the Commonwealth any interest in a condominium unit<\/span> located outside of the Commonwealth prior to the time the condominium including such unit is registered in accordance with this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> No declarant<\/span> may dispose of any interest in a condominium unit<\/span> unless he delivers to the purchaser<\/span> a current public offering statement by the time of such disposition<\/span> and such disposition<\/span> is expressly and without qualification or condition subject to cancellation by the purchaser<\/span> within five calendar days from the contract<\/span> date of the disposition<\/span> or delivery of the current public offering statement, whichever is later. If the purchaser<\/span> elects to cancel, he may do so by notice of such cancellation hand-delivered or sent by United States mail, return receipt requested, to the declarant<\/span>. Such cancellation shall be without penalty<\/span>, and any deposit made by the purchaser<\/span> shall be promptly refunded in its entirety. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The purchaser<\/span>’s right to cancel the purchase contract<\/span> pursuant to subdivision 2 shall be set forth on the first page of the purchase contract<\/span> in boldface print of not less than 12-point type. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The prospective purchaser<\/span> may cancel a nonbinding reservation agreement<\/span> by written notice, hand-delivered or sent by United States mail, return receipt requested, to the declarant<\/span> or to any sales agent of the declarant<\/span> at any time prior to the formation of a contract<\/span> for the sale or lease of a condominium unit<\/span> or an interest in such unit. Such agreement shall not contain any provision for waiver<\/span> or any other provision in derogation of the rights of the prospective purchaser<\/span> as contemplated by this section, nor shall any such provision be a part of any ancillary agreement. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLIMITATIONS ON DISPOSITIONS OF UNITS (\u00a7 55.1-1974)\n\nUnless exempt by \u00a7 55.1-1972:\n\n1. No declarant may offer or dispose of any interest in a condominium unit\nlocated in the Commonwealth, nor offer or dispose of in the Commonwealth any\ninterest in a condominium unit located outside of the Commonwealth prior to the\ntime the condominium including such unit is registered in accordance with this\nchapter.\n\n2. No declarant may dispose of any interest in a condominium unit unless he\ndelivers to the purchaser a current public offering statement by the time of\nsuch disposition and such disposition is expressly and without qualification or\ncondition subject to cancellation by the purchaser within five calendar days\nfrom the contract date of the disposition or delivery of the current public\noffering statement, whichever is later. If the purchaser elects to cancel, he\nmay do so by notice of such cancellation hand-delivered or sent by United States\nmail, return receipt requested, to the declarant. Such cancellation shall be\nwithout penalty, and any deposit made by the purchaser shall be promptly\nrefunded in its entirety.\n\n3. The purchaser’s right to cancel the purchase contract pursuant to\nsubdivision 2 shall be set forth on the first page of the purchase contract in\nboldface print of not less than 12-point type.\n\n4. The prospective purchaser may cancel a nonbinding reservation agreement by\nwritten notice, hand-delivered or sent by United States mail, return receipt\nrequested, to the declarant or to any sales agent of the declarant at any time\nprior to the formation of a contract for the sale or lease of a condominium unit\nor an interest in such unit. Such agreement shall not contain any provision for\nwaiver or any other provision in derogation of the rights of the prospective\npurchaser as contemplated by this section, nor shall any such provision be a\npart of any ancillary agreement.\n\nHISTORY: 1974, c. 416, \u00a7 55-79.88; 1975, c. 415; 1988, c. 15; 2014, c. 215;\n2019, c. 712; 2020, c. 592.","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}}