{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2231.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2231.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2231.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2231.html"}],"law_id":85586,"edition_id":1,"section_id":85586,"structure_id":14946,"section_number":"55.1-2231","catch_line":"Statute of limitations; actions; limitation on rescission rights","history":"1981, c. 462, \u00a7 55-383; 2006, c. 653; 2008, c. 376; 2019, c. 712.","full_text":"A\n\nExcept as otherwise provided in § 55.1-2237, a judicial proceeding where the sufficiency of the time-share instrument, the accuracy of the public offering statement, or validity of any contract of purchase is in issue and a rescission of the contract or damages is sought shall be commenced within two years after the date of the contract of purchase, notwithstanding that the purchaser’s terms of payments may extend beyond this period of limitation; however, with respect to the enforcement of provisions in the contract of purchase that require the continued furnishing of services and the reciprocal payments to be made by the purchaser, the period of bringing a judicial proceeding shall continue for a period of two years for each breach.\n\t\t\tRescission of the contract shall not be granted by the court unless (i) the inaccuracy of the public offering statement or the insufficiency of the time-share instrument directly and adversely affected the purchaser’s right to participate in the time-share program or to own his time-share or (ii) at the time of the contract, the developer has sold more time-shares than there are time-share units that have been completed or bonded to accommodate such sales. Further, if damages are awarded, the amount of the damages shall be limited to actual damages sustained.B\n\nIf a developer has substantially complied in good faith with the provisions of this chapter, a nonmaterial error or omission shall not be actionable. A nonmaterial error or omission shall not be sufficient to permit a purchaser to cancel a contract after the cancellation period provided by § 55.1-2221 has expired.","order_by":null,"text":{"0":{"id":306602,"text":"Except as otherwise provided in § 55.1-2237, a judicial proceeding where the sufficiency of the time-share instrument, the accuracy of the public offering statement, or validity of any contract of purchase is in issue and a rescission of the contract or damages is sought shall be commenced within two years after the date of the contract of purchase, notwithstanding that the purchaser’s terms of payments may extend beyond this period of limitation; however, with respect to the enforcement of provisions in the contract of purchase that require the continued furnishing of services and the reciprocal payments to be made by the purchaser, the period of bringing a judicial proceeding shall continue for a period of two years for each breach.\n\t\t\tRescission of the contract shall not be granted by the court unless (i) the inaccuracy of the public offering statement or the insufficiency of the time-share instrument directly and adversely affected the purchaser’s right to participate in the time-share program or to own his time-share or (ii) at the time of the contract, the developer has sold more time-shares than there are time-share units that have been completed or bonded to accommodate such sales. Further, if damages are awarded, the amount of the damages shall be limited to actual damages sustained.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":306603,"text":"If a developer has substantially complied in good faith with the provisions of this chapter, a nonmaterial error or omission shall not be actionable. A nonmaterial error or omission shall not be sufficient to permit a purchaser to cancel a contract after the cancellation period provided by § 55.1-2221 has expired.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2231\/","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 3 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 2006, chapter 653<\/a>; in 2008, chapter 376<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":[{"id":57032,"section_number":"55.1-2221","catch_line":"Purchaser's rights of cancellation","order_by":null,"url":"\/55.1-2221\/"},{"id":86681,"section_number":"55.1-2237","catch_line":"Protection of lien holder","order_by":null,"url":"\/55.1-2237\/"}],"permalink":{"id":247601,"object_type":"law","relational_id":85586,"identifier":"55.1-2231","token":"55.1\/IV\/22\/3\/55.1-2231","url":"\/55.1-2231\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2231\/","token":"55.1\/IV\/22\/3\/55.1-2231","dublin_core":{"Title":"Statute of limitations; actions; limitation on rescission rights","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2231","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except as otherwise provided in § 55.1-2237<\/a>, a judicial proceeding where the sufficiency of the time-share instrument<\/span>, the accuracy of the public offering statement<\/span>, or validity of any contract<\/span> of purchase is in issue<\/span> and a rescission of the contract<\/span> or damages<\/span> is sought shall be commenced within two years after the date of the contract<\/span> of purchase, notwithstanding that the purchaser<\/span>’s terms of payments may extend beyond this period of limitation; however, with respect to the enforcement of provisions in the contract<\/span> of purchase that require the continued furnishing of services and the reciprocal payments to be made by the purchaser<\/span>, the period of bringing a judicial proceeding shall continue for a period of two years for each breach.\n\t\t\tRescission of the contract<\/span> shall not be granted by the court<\/span> unless (i) the inaccuracy of the public offering statement<\/span> or the insufficiency of the time-share instrument<\/span> directly and adversely affected the purchaser<\/span>’s right to participate in the time-share program<\/span> or to own his time-share or (ii) at the time of the contract<\/span>, the developer<\/span> has sold more time-shares<\/span> than there are time-share units<\/span> that have been completed or bonded to accommodate such sales. Further, if damages<\/span> are awarded, the amount of the damages<\/span> shall be limited to actual damages<\/span> sustained. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If a developer<\/span> has substantially complied in good faith with the provisions of this chapter, a nonmaterial error or omission shall not be actionable. A nonmaterial error or omission shall not be sufficient to permit a purchaser<\/span> to cancel a contract<\/span> after the cancellation period provided by § 55.1-2221<\/a> has expired. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSTATUTE OF LIMITATIONS; ACTIONS; LIMITATION ON RESCISSION RIGHTS (\u00a7 55.1-2231)\n\nA. Except as otherwise provided in § 55.1-2237, a judicial proceeding where\nthe sufficiency of the time-share instrument, the accuracy of the public\noffering statement, or validity of any contract of purchase is in issue and a\nrescission of the contract or damages is sought shall be commenced within two\nyears after the date of the contract of purchase, notwithstanding that the\npurchaser’s terms of payments may extend beyond this period of limitation;\nhowever, with respect to the enforcement of provisions in the contract of\npurchase that require the continued furnishing of services and the reciprocal\npayments to be made by the purchaser, the period of bringing a judicial\nproceeding shall continue for a period of two years for each breach.\n\t\t\tRescission of the contract shall not be granted by the court unless (i) the\ninaccuracy of the public offering statement or the insufficiency of the\ntime-share instrument directly and adversely affected the purchaser’s\nright to participate in the time-share program or to own his time-share or (ii)\nat the time of the contract, the developer has sold more time-shares than there\nare time-share units that have been completed or bonded to accommodate such\nsales. Further, if damages are awarded, the amount of the damages shall be\nlimited to actual damages sustained.\n\nB. If a developer has substantially complied in good faith with the provisions\nof this chapter, a nonmaterial error or omission shall not be actionable. A\nnonmaterial error or omission shall not be sufficient to permit a purchaser to\ncancel a contract after the cancellation period provided by § 55.1-2221 has\nexpired.\n\nHISTORY: 1981, c. 462, \u00a7 55-383; 2006, c. 653; 2008, c. 376; 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}}