                                 CODE OF VIRGINIA

CANCELLATION OF CONTRACT BY PURCHASER (§ 55.1-2312)

A. If delivery of the resale certificate to the purchaser or purchaser&#8217;s
agent, whether or not complete pursuant to &#xA7; 55.1-2310, or a notice that
the resale certificate is unavailable, occurs before the contract is ratified,
the purchaser may cancel the contract within a time period agreed upon by all
parties in the ratified real estate contract. If no time period is specified in
the ratified real estate contract, the purchaser shall have three days from the
date of ratification to cancel the contract.

B. If delivery of the resale certificate to the purchaser or purchaser&#8217;s
agent, whether or not complete pursuant to &#xA7; 55.1-2310, or a notice that
such resale certificate is unavailable, occurs after the contract is ratified,
the purchaser may cancel the contract within a time period agreed upon by all
parties to the real estate contract. If no time period is specified in the
ratified real estate contract, the purchaser shall have three days from receipt
of the resale certificate or notice that the resale certificate is unavailable
to cancel the contract.

C. If the resale certificate or notice that the resale certificate is
unavailable has not been delivered to the purchaser, the purchaser or
purchaser&#8217;s agent may cancel the contract at any time prior to settlement.

D. Written notice of cancellation shall be provided to the seller in accordance
with the terms of the contract. The purchaser shall have the burden to
demonstrate delivery of the notice of cancellation.

E. If the unit is governed by more than one association, the timeframe for the
purchaser&#8217;s right of cancellation shall run from the date of delivery of
the last resale certificate.

F. Cancellation shall be without penalty, and the seller shall cause any deposit
or escrowed funds to be returned promptly to the purchaser.

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