{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2234.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2234.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2234.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2234.html"}],"law_id":64251,"edition_id":1,"section_id":64251,"structure_id":14946,"section_number":"55.1-2234","catch_line":"Developer’s obligation to complete","history":"1981, c. 462, \u00a7 55-386; 1983, c. 59; 1985, c. 517; 1994, c. 580; 1998, c. 460; 2019, c. 712.","full_text":"A\n\nThe developer shall complete all promised and incomplete units and common elements being offered and described in the time-share instrument and the public offering statement. The developer shall be excused for any period of delay in the completion of such promised units and common elements when delayed, hindered, or prevented from doing so by causes beyond the developer’s control, which shall include (i) labor disputes not caused by the developer; (ii) riots; (iii) civil commotion or insurrection; (iv) war or warlike operations; (v) governmental restrictions, regulations, or control; (vi) inability to obtain any materials or services; (vii) fire or other casualties; (viii) acts of God; or (ix) forces not under the control or supervision of the developer.B\n\nThe developer shall file with the Board a payment and performance bond in the sum equal to 100 percent of the estimated cost of completing all promised and incomplete units and common elements comprising the time-share project described in the time-share instrument and the public offering statement. Such bond shall be conditioned upon the completion of such units and common elements in conformity with the plans and specifications for such improvements. The bond shall be with a surety company authorized to do business in the Commonwealth. The Board may accept cash or an irrevocable letter of credit in lieu of the bond required by this section. The Board shall be the sole determiner of the form, amount, content, obligee, and conditions of the letter of credit. Should it become necessary for the Board to call upon the letter of credit in order to assure completion of the improvements, the Board shall have the authority to petition a court of competent jurisdiction to appoint a receiver to administer such completion.","order_by":null,"text":{"0":{"id":233892,"text":"The developer shall complete all promised and incomplete units and common elements being offered and described in the time-share instrument and the public offering statement. The developer shall be excused for any period of delay in the completion of such promised units and common elements when delayed, hindered, or prevented from doing so by causes beyond the developer’s control, which shall include (i) labor disputes not caused by the developer; (ii) riots; (iii) civil commotion or insurrection; (iv) war or warlike operations; (v) governmental restrictions, regulations, or control; (vi) inability to obtain any materials or services; (vii) fire or other casualties; (viii) acts of God; or (ix) forces not under the control or supervision of the developer.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":233893,"text":"The developer shall file with the Board a payment and performance bond in the sum equal to 100 percent of the estimated cost of completing all promised and incomplete units and common elements comprising the time-share project described in the time-share instrument and the public offering statement. Such bond shall be conditioned upon the completion of such units and common elements in conformity with the plans and specifications for such improvements. The bond shall be with a surety company authorized to do business in the Commonwealth. The Board may accept cash or an irrevocable letter of credit in lieu of the bond required by this section. The Board shall be the sole determiner of the form, amount, content, obligee, and conditions of the letter of credit. Should it become necessary for the Board to call upon the letter of credit in order to assure completion of the improvements, the Board shall have the authority to petition a court of competent jurisdiction to appoint a receiver to administer such completion.","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":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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2234\/","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 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 1983, chapter 59; in 1985, chapter 517; in 1994, chapter 580<\/a>; in 1998, chapter 460<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":80677,"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","order_by":null,"url":"\/55.1-2230\/"},{"id":55034,"section_number":"55.1-2247","catch_line":"General powers and duties of Board","order_by":null,"url":"\/55.1-2247\/"}],"refers_to":false,"permalink":{"id":247613,"object_type":"law","relational_id":64251,"identifier":"55.1-2234","token":"55.1\/IV\/22\/3\/55.1-2234","url":"\/55.1-2234\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2234\/","token":"55.1\/IV\/22\/3\/55.1-2234","dublin_core":{"Title":"Developer’s obligation to complete","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2234","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The developer<\/span> shall complete all promised and incomplete units<\/span> and common elements<\/span> being offered and described in the time-share instrument<\/span> and the public offering statement<\/span>. The developer<\/span> shall be excused for any period of delay in the completion of such promised units<\/span> and common elements<\/span> when delayed, hindered, or prevented from doing so by causes beyond the developer<\/span>’s control, which shall include (i) labor disputes not caused by the developer<\/span>; (ii) riots; (iii) civil commotion or insurrection; (iv) war or warlike operations; (v) governmental restrictions, regulations, or control; (vi) inability to obtain any materials<\/span> or services; (vii) fire or other casualties; (viii) acts of God; or (ix) forces not under the control or supervision of the developer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The developer<\/span> shall file with the Board<\/span> a payment and performance bond<\/span> in the sum equal to 100 percent of the estimated cost of completing all promised and incomplete units<\/span> and common elements<\/span> comprising the time-share project<\/span> described in the time-share instrument<\/span> and the public offering statement<\/span>. Such bond<\/span> shall be conditioned upon the completion of such units<\/span> and common elements<\/span> in conformity with the plans and specifications for such improvements. The bond<\/span> shall be with a surety<\/span> company authorized to do business in the Commonwealth. The Board<\/span> may accept cash or an irrevocable letter of credit in lieu of the bond<\/span> required by this section. The Board<\/span> shall be the sole determiner of the form, amount, content, obligee, and conditions of the letter of credit. Should it become necessary for the Board<\/span> to call upon the letter of credit in order<\/span> to assure completion of the improvements, the Board<\/span> shall have the authority to petition<\/span> a court<\/span> of competent jurisdiction<\/span> to appoint a receiver to administer such completion. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEVELOPER’S OBLIGATION TO COMPLETE (\u00a7 55.1-2234)\n\nA. The developer shall complete all promised and incomplete units and common\nelements being offered and described in the time-share instrument and the public\noffering statement. The developer shall be excused for any period of delay in\nthe completion of such promised units and common elements when delayed,\nhindered, or prevented from doing so by causes beyond the developer’s\ncontrol, which shall include (i) labor disputes not caused by the developer;\n(ii) riots; (iii) civil commotion or insurrection; (iv) war or warlike\noperations; (v) governmental restrictions, regulations, or control; (vi)\ninability to obtain any materials or services; (vii) fire or other casualties;\n(viii) acts of God; or (ix) forces not under the control or supervision of the\ndeveloper.\n\nB. The developer shall file with the Board a payment and performance bond in the\nsum equal to 100 percent of the estimated cost of completing all promised and\nincomplete units and common elements comprising the time-share project described\nin the time-share instrument and the public offering statement. Such bond shall\nbe conditioned upon the completion of such units and common elements in\nconformity with the plans and specifications for such improvements. The bond\nshall be with a surety company authorized to do business in the Commonwealth.\nThe Board may accept cash or an irrevocable letter of credit in lieu of the bond\nrequired by this section. The Board shall be the sole determiner of the form,\namount, content, obligee, and conditions of the letter of credit. Should it\nbecome necessary for the Board to call upon the letter of credit in order to\nassure completion of the improvements, the Board shall have the authority to\npetition a court of competent jurisdiction to appoint a receiver to administer\nsuch completion.\n\nHISTORY: 1981, c. 462, \u00a7 55-386; 1983, c. 59; 1985, c. 517; 1994, c. 580; 1998,\nc. 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}}