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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>70835</law_id><section_number>55.1-2226</section_number><catch_line>Buyer&amp;#8217;s Acknowledgment</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>55.1-2252</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="55.1">Property and Conveyances</unit><unit label="subtitle" level="2" order_by="1" identifier="IV">Common Interest Communities</unit><unit label="chapter" level="3" order_by="1" identifier="22">Virginia Real Estate Time-Share Act</unit><unit label="article" level="4" order_by="1" identifier="3">Protection of Purchasers</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> Prior to the execution of a purchase <span class="dictionary">contract</span>, a <span class="dictionary">purchaser</span> shall be given a separate written document, titled &#x201C;Buyer&#x2019;s Acknowledgment,&#x201D; to be signed by the <span class="dictionary">purchaser</span> and a representative of the <span class="dictionary">developer</span> other than the salesperson for the transaction. <a id="paragraph-255430" class="section-permalink" href="https://vacode.org/55.1-2226/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> The Buyer&#x2019;s Acknowledgment shall contain the following: <a id="paragraph-255431" class="section-permalink" href="https://vacode.org/55.1-2226/#B"><i class="fa fa-link"/></a></p></section>
						<section id="B1" class="indent-1"><p><span class="prefix-number">1.</span> The name and address of the <span class="dictionary">developer</span>; <a id="paragraph-255432" class="section-permalink" href="https://vacode.org/55.1-2226/#B1"><i class="fa fa-link"/></a></p></section>
						<section id="B2" class="indent-1"><p><span class="prefix-number">2.</span> The name and address of the <span class="dictionary">time-share project</span>; <a id="paragraph-255433" class="section-permalink" href="https://vacode.org/55.1-2226/#B2"><i class="fa fa-link"/></a></p></section>
						<section id="B3" class="indent-1"><p><span class="prefix-number">3.</span> Whether the <span class="dictionary">developer</span> currently <span class="dictionary">offers</span> a resale or rental <span class="dictionary">program</span> or a buy-back <span class="dictionary">program</span>; and <a id="paragraph-255434" class="section-permalink" href="https://vacode.org/55.1-2226/#B3"><i class="fa fa-link"/></a></p></section>
						<section id="B4" class="indent-1"><p><span class="prefix-number">4.</span> The following statement in at least 10-point boldface type:
				&#x201C;There is no assurance that a <span class="dictionary">purchaser</span> may resell a time-share for a certain price or on particular terms. By signing below, <span class="dictionary">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.&#x201D; <a id="paragraph-255435" class="section-permalink" href="https://vacode.org/55.1-2226/#B4"><i class="fa fa-link"/></a></p></section></text><history>2012, c. 751, &#xA7; 55-376.5; 2019, c. 712.</history><metadata></metadata></law>
