{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2160.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2160.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2160.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2160.html"}],"law_id":66392,"edition_id":1,"section_id":66392,"structure_id":14195,"section_number":"55.1-2160","catch_line":"Purchaser’s right to cancel","history":"1982, c. 277, \u00a7 55-483; 2019, c. 712.","full_text":"A\n\nA person required to deliver a public offering statement pursuant to subsection C of § 55.1-2154 shall provide a purchaser with a copy of the public offering statement and all amendments to the public offering statement before conveyance of that cooperative interest and not later than the date of any contract of sale. The purchaser may cancel the contract within 10 days after signing the contract.B\n\nIf a purchaser elects to cancel a contract pursuant to subsection A, he may do so by hand delivering notice of such cancellation to the offeror or by mailing notice of such cancellation by prepaid United States mail to the offeror or to his agent for service of process. Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded promptly.C\n\nIf a person required to deliver a public offering statement pursuant to subsection C of § 55.1-2154 fails to provide to a purchaser to whom a cooperative interest is conveyed that public offering statement and all amendments as required by subsection A, the purchaser, in addition to any rights to damages or other relief, is entitled to receive from that person an amount equal to 10 percent of the sales price of the cooperative interest, plus 10 percent of the share, proportionate to his common expense liability, of the indebtedness of the association secured by mortgages or deeds of trust encumbering the cooperative. Execution of a purchase agreement for a cooperative interest that makes reference to the public offering statement and in which the purchaser acknowledges receipt of the public offering statement shall be sufficient proof that the declarant has fully satisfied this requirement.","order_by":null,"text":{"0":{"id":241014,"text":"A person required to deliver a public offering statement pursuant to subsection C of § 55.1-2154 shall provide a purchaser with a copy of the public offering statement and all amendments to the public offering statement before conveyance of that cooperative interest and not later than the date of any contract of sale. The purchaser may cancel the contract within 10 days after signing the contract.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":241015,"text":"If a purchaser elects to cancel a contract pursuant to subsection A, he may do so by hand delivering notice of such cancellation to the offeror or by mailing notice of such cancellation by prepaid United States mail to the offeror or to his agent for service of process. Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded promptly.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":241016,"text":"If a person required to deliver a public offering statement pursuant to subsection C of § 55.1-2154 fails to provide to a purchaser to whom a cooperative interest is conveyed that public offering statement and all amendments as required by subsection A, the purchaser, in addition to any rights to damages or other relief, is entitled to receive from that person an amount equal to 10 percent of the sales price of the cooperative interest, plus 10 percent of the share, proportionate to his common expense liability, of the indebtedness of the association secured by mortgages or deeds of trust encumbering the cooperative. Execution of a purchase agreement for a cooperative interest that makes reference to the public offering statement and in which the purchaser acknowledges receipt of the public offering statement shall be sufficient proof that the declarant has fully satisfied this requirement.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14195,"edition_id":1,"name":"Protection of Cooperative Purchasers","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13509,"metadata":{},"date_created":"2026-06-26 03:47:14","date_modified":"2026-06-26 03:47:14","permalink":{"id":247337,"object_type":"structure","relational_id":14195,"identifier":"4","token":"55.1\/IV\/21\/4","url":"\/55.1\/IV\/21\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13509,"edition_id":1,"name":"Virginia Real Estate Cooperative Act","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:45:06","date_modified":"2026-06-26 03:45:06","permalink":{"id":247109,"object_type":"structure","relational_id":13509,"identifier":"21","token":"55.1\/IV\/21","url":"\/55.1\/IV\/21\/","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":69207,"structure_id":14195,"section_number":"55.1-2153","catch_line":"Applicability; waiver","url":"\/55.1-2153\/","token":"55.1\/IV\/21\/4\/55.1-2153","metadata":false},{"id":80903,"structure_id":14195,"section_number":"55.1-2154","catch_line":"Liability for public offering statement; requirements","url":"\/55.1-2154\/","token":"55.1\/IV\/21\/4\/55.1-2154","metadata":false},{"id":57013,"structure_id":14195,"section_number":"55.1-2155","catch_line":"Public offering statement; general provisions","url":"\/55.1-2155\/","token":"55.1\/IV\/21\/4\/55.1-2155","metadata":false},{"id":68806,"structure_id":14195,"section_number":"55.1-2156","catch_line":"Public offering statement; cooperatives subject to development rights","url":"\/55.1-2156\/","token":"55.1\/IV\/21\/4\/55.1-2156","metadata":false},{"id":71522,"structure_id":14195,"section_number":"55.1-2157","catch_line":"Public offering statement; time-shares","url":"\/55.1-2157\/","token":"55.1\/IV\/21\/4\/55.1-2157","metadata":false},{"id":74617,"structure_id":14195,"section_number":"55.1-2158","catch_line":"Public offering statement; cooperatives containing conversion building","url":"\/55.1-2158\/","token":"55.1\/IV\/21\/4\/55.1-2158","metadata":false},{"id":84882,"structure_id":14195,"section_number":"55.1-2159","catch_line":"Public offering statement; cooperative securities","url":"\/55.1-2159\/","token":"55.1\/IV\/21\/4\/55.1-2159","metadata":false},{"id":66392,"structure_id":14195,"section_number":"55.1-2160","catch_line":"Purchaser's right to cancel","url":"\/55.1-2160\/","token":"55.1\/IV\/21\/4\/55.1-2160","metadata":false},{"id":56734,"structure_id":14195,"section_number":"55.1-2161","catch_line":"Repealed","url":"\/55.1-2161\/","token":"55.1\/IV\/21\/4\/55.1-2161","metadata":false},{"id":66987,"structure_id":14195,"section_number":"55.1-2162","catch_line":"Escrow of deposits","url":"\/55.1-2162\/","token":"55.1\/IV\/21\/4\/55.1-2162","metadata":false},{"id":69847,"structure_id":14195,"section_number":"55.1-2163","catch_line":"Release of liens","url":"\/55.1-2163\/","token":"55.1\/IV\/21\/4\/55.1-2163","metadata":false},{"id":71295,"structure_id":14195,"section_number":"55.1-2164","catch_line":"Conversion buildings","url":"\/55.1-2164\/","token":"55.1\/IV\/21\/4\/55.1-2164","metadata":false},{"id":84401,"structure_id":14195,"section_number":"55.1-2165","catch_line":"Express warranties of quality","url":"\/55.1-2165\/","token":"55.1\/IV\/21\/4\/55.1-2165","metadata":false},{"id":85949,"structure_id":14195,"section_number":"55.1-2166","catch_line":"Implied warranties of quality","url":"\/55.1-2166\/","token":"55.1\/IV\/21\/4\/55.1-2166","metadata":false},{"id":68678,"structure_id":14195,"section_number":"55.1-2167","catch_line":"Exclusion or modification of implied warranties of quality","url":"\/55.1-2167\/","token":"55.1\/IV\/21\/4\/55.1-2167","metadata":false},{"id":62130,"structure_id":14195,"section_number":"55.1-2168","catch_line":"Statute of limitations for warranties","url":"\/55.1-2168\/","token":"55.1\/IV\/21\/4\/55.1-2168","metadata":false},{"id":82381,"structure_id":14195,"section_number":"55.1-2169","catch_line":"Effect of violation on rights of action; attorney fees; arbitration of disputes","url":"\/55.1-2169\/","token":"55.1\/IV\/21\/4\/55.1-2169","metadata":false},{"id":81822,"structure_id":14195,"section_number":"55.1-2170","catch_line":"Labeling of promotional material","url":"\/55.1-2170\/","token":"55.1\/IV\/21\/4\/55.1-2170","metadata":false},{"id":55380,"structure_id":14195,"section_number":"55.1-2171","catch_line":"Declarant's obligation to complete and restore","url":"\/55.1-2171\/","token":"55.1\/IV\/21\/4\/55.1-2171","metadata":false},{"id":64364,"structure_id":14195,"section_number":"55.1-2172","catch_line":"Substantial completion of units","url":"\/55.1-2172\/","token":"55.1\/IV\/21\/4\/55.1-2172","metadata":false}],"previous_section":{"id":84882,"structure_id":14195,"section_number":"55.1-2159","catch_line":"Public offering statement; cooperative securities","url":"\/55.1-2159\/","token":"55.1\/IV\/21\/4\/55.1-2159","metadata":false},"next_section":{"id":56734,"structure_id":14195,"section_number":"55.1-2161","catch_line":"Repealed","url":"\/55.1-2161\/","token":"55.1\/IV\/21\/4\/55.1-2161","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2160\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 277 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 1982 \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":[{"id":80253,"section_number":"55.1-2101","catch_line":"Applicability","order_by":null,"url":"\/55.1-2101\/"},{"id":80903,"section_number":"55.1-2154","catch_line":"Liability for public offering statement; requirements","order_by":null,"url":"\/55.1-2154\/"},{"id":57013,"section_number":"55.1-2155","catch_line":"Public offering statement; general provisions","order_by":null,"url":"\/55.1-2155\/"}],"refers_to":[{"id":80903,"section_number":"55.1-2154","catch_line":"Liability for public offering statement; requirements","order_by":null,"url":"\/55.1-2154\/"}],"permalink":{"id":247367,"object_type":"law","relational_id":66392,"identifier":"55.1-2160","token":"55.1\/IV\/21\/4\/55.1-2160","url":"\/55.1-2160\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2160\/","token":"55.1\/IV\/21\/4\/55.1-2160","dublin_core":{"Title":"Purchaser’s right to cancel","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2160","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A person<\/span> required to deliver a public offering<\/span> statement pursuant to subsection C of § 55.1-2154<\/a> shall provide a purchaser<\/span> with a copy of the public offering<\/span> statement and all amendments to the public offering<\/span> statement before conveyance of that cooperative interest<\/span> and not later than the date of any contract<\/span> of sale. The purchaser<\/span> may cancel the contract<\/span> within 10 days after signing the contract<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If a purchaser<\/span> elects to cancel a contract<\/span> pursuant to subsection A, he may do so by hand delivering notice of such cancellation to the offeror or by mailing notice of such cancellation by prepaid United States mail to the offeror or to his agent for service of process<\/span>. Cancellation is without penalty<\/span>, and all payments made by the purchaser<\/span> before cancellation shall be refunded promptly. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If a person<\/span> required to deliver a public offering<\/span> statement pursuant to subsection C of § 55.1-2154<\/a> fails to provide to a purchaser<\/span> to whom a cooperative interest<\/span> is conveyed that public offering<\/span> statement and all amendments as required by subsection A, the purchaser<\/span>, in addition to any rights to damages<\/span> or other relief, is entitled to receive from that person<\/span> an amount equal to 10 percent of the sales price of the cooperative interest<\/span>, plus 10 percent of the share, proportionate to his common expense liability<\/span>, of the indebtedness of the association<\/span> secured by mortgages or deeds of trust encumbering the cooperative. Execution of a purchase agreement for a cooperative interest<\/span> that makes reference to the public offering<\/span> statement and in which the purchaser<\/span> acknowledges receipt of the public offering<\/span> statement shall be sufficient proof that the declarant<\/span> has fully satisfied this requirement. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPURCHASER’S RIGHT TO CANCEL (\u00a7 55.1-2160)\n\nA. A person required to deliver a public offering statement pursuant to\nsubsection C of § 55.1-2154 shall provide a purchaser with a copy of the\npublic offering statement and all amendments to the public offering statement\nbefore conveyance of that cooperative interest and not later than the date of\nany contract of sale. The purchaser may cancel the contract within 10 days after\nsigning the contract.\n\nB. If a purchaser elects to cancel a contract pursuant to subsection A, he may\ndo so by hand delivering notice of such cancellation to the offeror or by\nmailing notice of such cancellation by prepaid United States mail to the offeror\nor to his agent for service of process. Cancellation is without penalty, and all\npayments made by the purchaser before cancellation shall be refunded promptly.\n\nC. If a person required to deliver a public offering statement pursuant to\nsubsection C of § 55.1-2154 fails to provide to a purchaser to whom a\ncooperative interest is conveyed that public offering statement and all\namendments as required by subsection A, the purchaser, in addition to any rights\nto damages or other relief, is entitled to receive from that person an amount\nequal to 10 percent of the sales price of the cooperative interest, plus 10\npercent of the share, proportionate to his common expense liability, of the\nindebtedness of the association secured by mortgages or deeds of trust\nencumbering the cooperative. Execution of a purchase agreement for a cooperative\ninterest that makes reference to the public offering statement and in which the\npurchaser acknowledges receipt of the public offering statement shall be\nsufficient proof that the declarant has fully satisfied this requirement.\n\nHISTORY: 1982, c. 277, \u00a7 55-483; 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}}