{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2226.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2226.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2226.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2226.html"}],"law_id":70835,"edition_id":1,"section_id":70835,"structure_id":14946,"section_number":"55.1-2226","catch_line":"Buyer’s Acknowledgment","history":"2012, c. 751, \u00a7 55-376.5; 2019, c. 712.","full_text":"A\n\nPrior to the execution of a purchase contract, a purchaser shall be given a separate written document, titled “Buyer’s Acknowledgment,” to be signed by the purchaser and a representative of the developer other than the salesperson for the transaction.B\n\nThe Buyer’s Acknowledgment shall contain the following:1\n\nThe name and address of the developer;2\n\nThe name and address of the time-share project;3\n\nWhether the developer currently offers a resale or rental program or a buy-back program; and4\n\nThe following statement in at least 10-point boldface type:\n\t\t\t\t“There is no assurance that a purchaser may resell a time-share for a certain price or on particular terms. By signing below, purchaser acknowledges that this purchase is (i) for personal use and enjoyment and not for commercial or investment purposes and (ii) not being made based upon any representation that the time-share has any future market value or resale potential.”","order_by":null,"text":{"0":{"id":255430,"text":"Prior to the execution of a purchase contract, a purchaser shall be given a separate written document, titled “Buyer’s Acknowledgment,” to be signed by the purchaser and a representative of the developer other than the salesperson for the transaction.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":255431,"text":"The Buyer’s Acknowledgment shall contain the following:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":255432,"text":"The name and address of the developer;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":255433,"text":"The name and address of the time-share project;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":255434,"text":"Whether the developer currently offers a resale or rental program or a buy-back program; and","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":255435,"text":"The following statement in at least 10-point boldface type:\n\t\t\t\t“There is no assurance that a purchaser may resell a time-share for a certain price or on particular terms. By signing below, purchaser acknowledges that this purchase is (i) for personal use and enjoyment and not for commercial or investment purposes and (ii) not being made based upon any representation that the time-share has any future market value or resale potential.”","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2226\/","history_text":"

This law was first created in 2012. The record of its establishment is cataloged in chapter 751<\/a> 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. 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":54508,"section_number":"55.1-2252","catch_line":"Penalties","order_by":null,"url":"\/55.1-2252\/"}],"refers_to":false,"permalink":{"id":247581,"object_type":"law","relational_id":70835,"identifier":"55.1-2226","token":"55.1\/IV\/22\/3\/55.1-2226","url":"\/55.1-2226\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2226\/","token":"55.1\/IV\/22\/3\/55.1-2226","dublin_core":{"Title":"Buyer’s Acknowledgment","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2226","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Prior to the execution of a purchase contract<\/span>, a purchaser<\/span> shall be given a separate written document, titled “Buyer’s Acknowledgment,” to be signed by the purchaser<\/span> and a representative of the developer<\/span> other than the salesperson for the transaction. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Buyer’s Acknowledgment shall contain the following: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The name and address of the developer<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The name and address of the time-share project<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Whether the developer<\/span> currently offers<\/span> a resale or rental program<\/span> or a buy-back program<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The following statement in at least 10-point boldface type:\n\t\t\t\t“There is no assurance that a purchaser<\/span> may resell a time-share for a certain price or on particular terms. By signing below, purchaser<\/span> acknowledges that this purchase is (i) for personal use and enjoyment and not for commercial or investment purposes and (ii) not being made based upon any representation that the time-share has any future market value or resale potential.” <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBUYER’S ACKNOWLEDGMENT (\u00a7 55.1-2226)\n\nA. Prior to the execution of a purchase contract, a purchaser shall be given a\nseparate written document, titled “Buyer’s Acknowledgment,” to\nbe signed by the purchaser and a representative of the developer other than the\nsalesperson for the transaction.\n\nB. The Buyer’s Acknowledgment shall contain the following:\n\n 1. The name and address of the developer;\n\n 2. The name and address of the time-share project;\n\n 3. Whether the developer currently offers a resale or rental program or a\n buy-back program; and\n\n 4. The following statement in at least 10-point boldface type:\n \t\t\t\t“There is no assurance that a purchaser may resell a time-share for\n a certain price or on particular terms. By signing below, purchaser\n acknowledges that this purchase is (i) for personal use and enjoyment and not\n for commercial or investment purposes and (ii) not being made based upon any\n representation that the time-share has any future market value or resale\n potential.”\n\nHISTORY: 2012, c. 751, \u00a7 55-376.5; 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}}