                                 CODE OF VIRGINIA

CONTRACT FOR RESALE; DISCLOSURES (§ 55.1-2308)

Unless exempt pursuant to § 55.1-2317, any contract for the resale of a unit in
a common interest community shall disclose (i) that the unit is located in a
common interest community; (ii) that the seller or the seller&#8217;s agent is
required to obtain from the association a resale certificate and provide it to
the purchaser or the purchaser&#8217;s agent; (iii) the purchaser&#8217;s right
to cancel the contract pursuant to § 55.1-2312; (iv) that the purchaser or the
purchaser&#8217;s agent may request an updated resale certificate pursuant to §
55.1-2311; and (v) that the purchaser&#8217;s right to receive the resale
certificate and the right to cancel the contract are waived conclusively if not
exercised before settlement. If the contract does not contain the disclosures
required by this section, the purchaser&#8217;s sole remedy is to cancel the
contract prior to settlement.

HISTORY: 2023, cc. 387, 388; 2024, cc. 54, 511.