                                 CODE OF VIRGINIA

PURCHASER&#8217;S RIGHTS OF CANCELLATION (§ 55.1-2221)

A. A purchaser shall have the right to cancel the contract until midnight of the
seventh calendar day following the execution of such contract. If the seventh
calendar day falls on a Sunday or legal holiday, then the right to cancel the
contract shall expire on the day immediately following that Sunday or legal
holiday. Cancellation shall be without penalty, and all payments made by the
purchaser before cancellation shall be refunded within 45 days after receipt of
the notice of cancellation.

B. If the purchaser elects to cancel a contract pursuant to subsection A, he
shall do so only (i) by hand-delivering the notice to the developer at its
principal office or at the project or (ii) by mailing the notice by certified
United States mail, return receipt requested, to the developer or its agent
designated in the contract. Any such notice sent by certified mail shall be
effective on the date postmarked.

C. If, because of the occurrence of a material change, the public offering
statement is amended between the time of contracting to purchase a time-share
and the time of settlement, the developer shall provide the amended public
offering statement to the purchaser and the right of cancellation shall renew
from the date of delivery of such amended public offering statement. This
subsection shall not apply if the public offering statement is amended by the
developer because of a change that is not material or to disclose any change
that is an aspect or result of the orderly development of the time-share project
in accordance with the project instrument.

D. The right to cancel the contract as provided by this section shall not be
waivable by the time-share purchaser and any provision in the contract or
time-share documents indicating a waiver shall be void.

E. A statement of the purchaser&#8217;s right of cancellation as set forth in
subsections A and B shall appear in the contract above the purchaser&#8217;s
signature line. Such statement shall appear in type no smaller than any other
provisions of the contract, and the caption &#8220;PURCHASER&#8217;S NONWAIVABLE
RIGHT TO CANCEL&#8221; shall appear immediately preceding it in conspicuous,
boldface type.

HISTORY: 1981, c. 462, § 55-376; 1983, c. 147; 1984, c. 572; 1985, c. 517;
1991, c. 704; 1994, c. 580; 1998, c. 460; 2019, c. 712.