                                 CODE OF VIRGINIA

REDEMPTION RIGHTS (§ 55.1-1504)

The obligor shall have the right to redeem a residential ground rent at any time
after three years from the date the ground rent agreement is made. The
redemption shall be effected for the amount agreed upon by the obligor and the
obligee or, in the absence of such an agreement, shall be determined by
capitalizing the ground rent in effect at the time of redemption, using the
average rate on long-term business loans charged by commercial banks in the
southeast, as published by the Federal Reserve Board. Upon tender of such amount
by the obligor, together with any lawfully collectible arrearages of rent and
interest thereon, the obligor may redeem the land from, and shall be entitled to
a release from, all obligation to pay ground rent. Such release shall be in
recordable form and the cost of recording the same, together with any other
charges incidental to it, other than the state transfer tax, shall be paid by
the obligor.

HISTORY: 1975, c. 363, § 55-79.05; 2019, c. 712.