                                 CODE OF VIRGINIA

PURCHASER&#8217;S RIGHT TO CANCEL (§ 55.1-2160)

A. A person required to deliver a public offering statement pursuant to
subsection C of &#xA7; 55.1-2154 shall provide a purchaser with a copy of the
public offering statement and all amendments to the public offering statement
before conveyance of that cooperative interest and not later than the date of
any contract of sale. The purchaser may cancel the contract within 10 days after
signing the contract.

B. If a purchaser elects to cancel a contract pursuant to subsection A, he may
do so by hand delivering notice of such cancellation to the offeror or by
mailing notice of such cancellation by prepaid United States mail to the offeror
or to his agent for service of process. Cancellation is without penalty, and all
payments made by the purchaser before cancellation shall be refunded promptly.

C. If a person required to deliver a public offering statement pursuant to
subsection C of &#xA7; 55.1-2154 fails to provide to a purchaser to whom a
cooperative interest is conveyed that public offering statement and all
amendments as required by subsection A, the purchaser, in addition to any rights
to damages or other relief, is entitled to receive from that person an amount
equal to 10 percent of the sales price of the cooperative interest, plus 10
percent of the share, proportionate to his common expense liability, of the
indebtedness of the association secured by mortgages or deeds of trust
encumbering the cooperative. Execution of a purchase agreement for a cooperative
interest that makes reference to the public offering statement and in which the
purchaser acknowledges receipt of the public offering statement shall be
sufficient proof that the declarant has fully satisfied this requirement.

HISTORY: 1982, c. 277, § 55-483; 2019, c. 712.