                                 CODE OF VIRGINIA

DEFINITIONS (§ 55.1-3000)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Notice&#8221; means notice given in writing by either regular mail or
hand delivery, with the sender retaining sufficient proof of having given such
notice in the form of a certificate of service confirming such mailing or hand
delivery prepared by the sender.
		&#8220;Option payment&#8221; means the amount paid by the purchaser in a
residential executory real estate contract in exchange for the right to purchase
the property that is the subject of such contract at a specific price within a
specified time.
		&#8220;Purchaser&#8221; means a person who enters into a residential executory
real estate contract.
		&#8220;Residential executory real estate contract&#8221; means an installment
land contract, lease option contract, or rent-to-own contract by which a
purchaser acquires any right or interest in real property other than a right of
first refusal and occupies or intends to occupy the property as his primary
residence.
		&#8220;Vendor&#8221; means the person who sells, or proposes to sell, real
property under a residential executory real estate contract.

HISTORY: 2019, c. 511, § 55-252.1.