{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2221.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2221.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2221.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2221.html"}],"law_id":57032,"edition_id":1,"section_id":57032,"structure_id":14946,"section_number":"55.1-2221","catch_line":"Purchaser’s rights of cancellation","history":"1981, c. 462, \u00a7 55-376; 1983, c. 147; 1984, c. 572; 1985, c. 517; 1991, c. 704; 1994, c. 580; 1998, c. 460; 2019, c. 712.","full_text":"A\n\nA purchaser shall have the right to cancel the contract until midnight of the seventh calendar day following the execution of such contract. If the seventh calendar day falls on a Sunday or legal holiday, then the right to cancel the contract shall expire on the day immediately following that Sunday or legal holiday. Cancellation shall be without penalty, and all payments made by the purchaser before cancellation shall be refunded within 45 days after receipt of the notice of cancellation.B\n\nIf the purchaser elects to cancel a contract pursuant to subsection A, he shall do so only (i) by hand-delivering the notice to the developer at its principal office or at the project or (ii) by mailing the notice by certified United States mail, return receipt requested, to the developer or its agent designated in the contract. Any such notice sent by certified mail shall be effective on the date postmarked.C\n\nIf, because of the occurrence of a material change, the public offering statement is amended between the time of contracting to purchase a time-share and the time of settlement, the developer shall provide the amended public offering statement to the purchaser and the right of cancellation shall renew from the date of delivery of such amended public offering statement. This subsection shall not apply if the public offering statement is amended by the developer because of a change that is not material or to disclose any change that is an aspect or result of the orderly development of the time-share project in accordance with the project instrument.D\n\nThe right to cancel the contract as provided by this section shall not be waivable by the time-share purchaser and any provision in the contract or time-share documents indicating a waiver shall be void.E\n\nA statement of the purchaser’s right of cancellation as set forth in subsections A and B shall appear in the contract above the purchaser’s signature line. Such statement shall appear in type no smaller than any other provisions of the contract, and the caption “PURCHASER’S NONWAIVABLE RIGHT TO CANCEL” shall appear immediately preceding it in conspicuous, boldface type.","order_by":null,"text":{"0":{"id":208913,"text":"A purchaser shall have the right to cancel the contract until midnight of the seventh calendar day following the execution of such contract. If the seventh calendar day falls on a Sunday or legal holiday, then the right to cancel the contract shall expire on the day immediately following that Sunday or legal holiday. Cancellation shall be without penalty, and all payments made by the purchaser before cancellation shall be refunded within 45 days after receipt of the notice of cancellation.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":208914,"text":"If the purchaser elects to cancel a contract pursuant to subsection A, he shall do so only (i) by hand-delivering the notice to the developer at its principal office or at the project or (ii) by mailing the notice by certified United States mail, return receipt requested, to the developer or its agent designated in the contract. Any such notice sent by certified mail shall be effective on the date postmarked.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":208915,"text":"If, because of the occurrence of a material change, the public offering statement is amended between the time of contracting to purchase a time-share and the time of settlement, the developer shall provide the amended public offering statement to the purchaser and the right of cancellation shall renew from the date of delivery of such amended public offering statement. This subsection shall not apply if the public offering statement is amended by the developer because of a change that is not material or to disclose any change that is an aspect or result of the orderly development of the time-share project in accordance with the project instrument.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":208916,"text":"The right to cancel the contract as provided by this section shall not be waivable by the time-share purchaser and any provision in the contract or time-share documents indicating a waiver shall be void.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":208917,"text":"A statement of the purchaser’s right of cancellation as set forth in subsections A and B shall appear in the contract above the purchaser’s signature line. Such statement shall appear in type no smaller than any other provisions of the contract, and the caption “PURCHASER’S NONWAIVABLE RIGHT TO CANCEL” shall appear immediately preceding it in conspicuous, boldface type.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":14946,"edition_id":1,"name":"Protection of Purchasers","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13543,"metadata":{},"date_created":"2026-06-26 03:50:59","date_modified":"2026-06-26 03:50:59","permalink":{"id":247543,"object_type":"structure","relational_id":14946,"identifier":"3","token":"55.1\/IV\/22\/3","url":"\/55.1\/IV\/22\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13543,"edition_id":1,"name":"Virginia Real Estate Time-Share Act","identifier":"22","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:45:10","date_modified":"2026-06-26 03:45:10","permalink":{"id":247469,"object_type":"structure","relational_id":13543,"identifier":"22","token":"55.1\/IV\/22","url":"\/55.1\/IV\/22\/","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":64589,"structure_id":14946,"section_number":"55.1-2217","catch_line":"Public offering statement","url":"\/55.1-2217\/","token":"55.1\/IV\/22\/3\/55.1-2217","metadata":false},{"id":70516,"structure_id":14946,"section_number":"55.1-2218","catch_line":"Certain advertising practices regulated","url":"\/55.1-2218\/","token":"55.1\/IV\/22\/3\/55.1-2218","metadata":false},{"id":82622,"structure_id":14946,"section_number":"55.1-2219","catch_line":"Exchange programs","url":"\/55.1-2219\/","token":"55.1\/IV\/22\/3\/55.1-2219","metadata":false},{"id":65782,"structure_id":14946,"section_number":"55.1-2220","catch_line":"Escrow of deposits; use of corporate surety bond or irrevocable letter of credit","url":"\/55.1-2220\/","token":"55.1\/IV\/22\/3\/55.1-2220","metadata":false},{"id":57032,"structure_id":14946,"section_number":"55.1-2221","catch_line":"Purchaser's rights of cancellation","url":"\/55.1-2221\/","token":"55.1\/IV\/22\/3\/55.1-2221","metadata":false},{"id":58820,"structure_id":14946,"section_number":"55.1-2222","catch_line":"Possibility of reverter","url":"\/55.1-2222\/","token":"55.1\/IV\/22\/3\/55.1-2222","metadata":false},{"id":64333,"structure_id":14946,"section_number":"55.1-2223","catch_line":"Recording and delivery of deed","url":"\/55.1-2223\/","token":"55.1\/IV\/22\/3\/55.1-2223","metadata":false},{"id":57283,"structure_id":14946,"section_number":"55.1-2224","catch_line":"Liability limited; liability actions prohibited","url":"\/55.1-2224\/","token":"55.1\/IV\/22\/3\/55.1-2224","metadata":false},{"id":67991,"structure_id":14946,"section_number":"55.1-2225","catch_line":"Warning required","url":"\/55.1-2225\/","token":"55.1\/IV\/22\/3\/55.1-2225","metadata":false},{"id":70835,"structure_id":14946,"section_number":"55.1-2226","catch_line":"Buyer's Acknowledgment","url":"\/55.1-2226\/","token":"55.1\/IV\/22\/3\/55.1-2226","metadata":false},{"id":80782,"structure_id":14946,"section_number":"55.1-2227","catch_line":"Resale of time-shares","url":"\/55.1-2227\/","token":"55.1\/IV\/22\/3\/55.1-2227","metadata":false},{"id":81261,"structure_id":14946,"section_number":"55.1-2228","catch_line":"Required resale disclosures","url":"\/55.1-2228\/","token":"55.1\/IV\/22\/3\/55.1-2228","metadata":false},{"id":60659,"structure_id":14946,"section_number":"55.1-2229","catch_line":"Liens","url":"\/55.1-2229\/","token":"55.1\/IV\/22\/3\/55.1-2229","metadata":false},{"id":80677,"structure_id":14946,"section_number":"55.1-2230","catch_line":"Effect of violations on rights of action; attorney fees; prior determination of Common Interest Community Board required for certain violations","url":"\/55.1-2230\/","token":"55.1\/IV\/22\/3\/55.1-2230","metadata":false},{"id":85586,"structure_id":14946,"section_number":"55.1-2231","catch_line":"Statute of limitations; actions; limitation on rescission rights","url":"\/55.1-2231\/","token":"55.1\/IV\/22\/3\/55.1-2231","metadata":false},{"id":75281,"structure_id":14946,"section_number":"55.1-2232","catch_line":"Class actions","url":"\/55.1-2232\/","token":"55.1\/IV\/22\/3\/55.1-2232","metadata":false},{"id":62762,"structure_id":14946,"section_number":"55.1-2233","catch_line":"Financial records","url":"\/55.1-2233\/","token":"55.1\/IV\/22\/3\/55.1-2233","metadata":false},{"id":64251,"structure_id":14946,"section_number":"55.1-2234","catch_line":"Developer's obligation to complete","url":"\/55.1-2234\/","token":"55.1\/IV\/22\/3\/55.1-2234","metadata":false}],"previous_section":{"id":65782,"structure_id":14946,"section_number":"55.1-2220","catch_line":"Escrow of deposits; use of corporate surety bond or irrevocable letter of credit","url":"\/55.1-2220\/","token":"55.1\/IV\/22\/3\/55.1-2220","metadata":false},"next_section":{"id":58820,"structure_id":14946,"section_number":"55.1-2222","catch_line":"Possibility of reverter","url":"\/55.1-2222\/","token":"55.1\/IV\/22\/3\/55.1-2222","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2221\/","history_text":"

This law was first created in 1981. The record of its establishment is cataloged in chapter 462 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 1981 \u201cActs\u201d aren\u2019t available online. It has been modified 7 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 1983, chapter 147; in 1984, chapter 572; in 1985, chapter 517; in 1991, chapter 704; in 1994, chapter 580<\/a>; in 1998, chapter 460<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":85586,"section_number":"55.1-2231","catch_line":"Statute of limitations; actions; limitation on rescission rights","order_by":null,"url":"\/55.1-2231\/"},{"id":54508,"section_number":"55.1-2252","catch_line":"Penalties","order_by":null,"url":"\/55.1-2252\/"}],"refers_to":false,"permalink":{"id":247561,"object_type":"law","relational_id":57032,"identifier":"55.1-2221","token":"55.1\/IV\/22\/3\/55.1-2221","url":"\/55.1-2221\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2221\/","token":"55.1\/IV\/22\/3\/55.1-2221","dublin_core":{"Title":"Purchaser’s rights of cancellation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2221","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A purchaser<\/span> shall have the right to cancel the contract<\/span> until midnight of the seventh calendar day following the execution of such contract<\/span>. If the seventh calendar day falls on a Sunday or legal holiday, then the right to cancel the contract<\/span> shall expire on the day immediately following that Sunday or legal holiday. Cancellation shall be without penalty<\/span>, and all payments made by the purchaser<\/span> before cancellation shall be refunded within 45 days after receipt of the notice of cancellation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If the purchaser<\/span> elects to cancel a contract<\/span> pursuant to subsection A, he shall do so only (i) by hand-delivering the notice to the developer<\/span> at its principal office or at the project<\/span> or (ii) by mailing the notice by certified United States mail, return receipt requested, to the developer<\/span> or its agent designated in the contract<\/span>. Any such notice sent by certified mail shall be effective on the date postmarked. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If, because of the occurrence of a material change<\/span>, the public offering statement<\/span> is amended between the time of contracting to purchase a time-share and the time of settlement<\/span>, the developer<\/span> shall provide the amended public offering statement<\/span> to the purchaser<\/span> and the right of cancellation shall renew from the date of delivery of such amended public offering statement<\/span>. This subsection shall not apply if the public offering statement<\/span> is amended by the developer<\/span> because of a change that is not material or to disclose any change that is an aspect or result of the orderly development of the time-share project<\/span> in accordance with the project instrument<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The right to cancel the contract<\/span> as provided by this section shall not be waivable by the time-share purchaser<\/span> and any provision in the contract<\/span> or time-share documents indicating a waiver<\/span> shall be void. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> A statement of the purchaser<\/span>’s right of cancellation as set forth in subsections A and B shall appear in the contract<\/span> above the purchaser<\/span>’s signature line. Such statement shall appear in type no smaller than any other provisions of the contract<\/span>, and the caption “PURCHASER<\/span>’S NONWAIVABLE RIGHT TO CANCEL” shall appear immediately preceding it in conspicuous, boldface type. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPURCHASER’S RIGHTS OF CANCELLATION (\u00a7 55.1-2221)\n\nA. A purchaser shall have the right to cancel the contract until midnight of the\nseventh calendar day following the execution of such contract. If the seventh\ncalendar day falls on a Sunday or legal holiday, then the right to cancel the\ncontract shall expire on the day immediately following that Sunday or legal\nholiday. Cancellation shall be without penalty, and all payments made by the\npurchaser before cancellation shall be refunded within 45 days after receipt of\nthe notice of cancellation.\n\nB. If the purchaser elects to cancel a contract pursuant to subsection A, he\nshall do so only (i) by hand-delivering the notice to the developer at its\nprincipal office or at the project or (ii) by mailing the notice by certified\nUnited States mail, return receipt requested, to the developer or its agent\ndesignated in the contract. Any such notice sent by certified mail shall be\neffective on the date postmarked.\n\nC. If, because of the occurrence of a material change, the public offering\nstatement is amended between the time of contracting to purchase a time-share\nand the time of settlement, the developer shall provide the amended public\noffering statement to the purchaser and the right of cancellation shall renew\nfrom the date of delivery of such amended public offering statement. This\nsubsection shall not apply if the public offering statement is amended by the\ndeveloper because of a change that is not material or to disclose any change\nthat is an aspect or result of the orderly development of the time-share project\nin accordance with the project instrument.\n\nD. The right to cancel the contract as provided by this section shall not be\nwaivable by the time-share purchaser and any provision in the contract or\ntime-share documents indicating a waiver shall be void.\n\nE. A statement of the purchaser’s right of cancellation as set forth in\nsubsections A and B shall appear in the contract above the purchaser’s\nsignature line. Such statement shall appear in type no smaller than any other\nprovisions of the contract, and the caption “PURCHASER’S NONWAIVABLE\nRIGHT TO CANCEL” shall appear immediately preceding it in conspicuous,\nboldface type.\n\nHISTORY: 1981, c. 462, \u00a7 55-376; 1983, c. 147; 1984, c. 572; 1985, c. 517;\n1991, c. 704; 1994, c. 580; 1998, c. 460; 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}}