                                 CODE OF VIRGINIA

LIMITATIONS ON DISPOSITIONS OF UNITS (§ 55.1-1974)

Unless exempt by § 55.1-1972:

1. No declarant may offer or dispose of any interest in a condominium unit
located in the Commonwealth, nor offer or dispose of in the Commonwealth any
interest in a condominium unit located outside of the Commonwealth prior to the
time the condominium including such unit is registered in accordance with this
chapter.

2. No declarant may dispose of any interest in a condominium unit unless he
delivers to the purchaser a current public offering statement by the time of
such disposition and such disposition is expressly and without qualification or
condition subject to cancellation by the purchaser within five calendar days
from the contract date of the disposition or delivery of the current public
offering statement, whichever is later. If the purchaser elects to cancel, he
may do so by notice of such cancellation hand-delivered or sent by United States
mail, return receipt requested, to the declarant. Such cancellation shall be
without penalty, and any deposit made by the purchaser shall be promptly
refunded in its entirety.

3. The purchaser&#8217;s right to cancel the purchase contract pursuant to
subdivision 2 shall be set forth on the first page of the purchase contract in
boldface print of not less than 12-point type.

4. The prospective purchaser may cancel a nonbinding reservation agreement by
written notice, hand-delivered or sent by United States mail, return receipt
requested, to the declarant or to any sales agent of the declarant at any time
prior to the formation of a contract for the sale or lease of a condominium unit
or an interest in such unit. Such agreement shall not contain any provision for
waiver or any other provision in derogation of the rights of the prospective
purchaser as contemplated by this section, nor shall any such provision be a
part of any ancillary agreement.

HISTORY: 1974, c. 416, § 55-79.88; 1975, c. 415; 1988, c. 15; 2014, c. 215;
2019, c. 712; 2020, c. 592.