                                 CODE OF VIRGINIA

TIME FOR DISCLOSURE; TERMINATION OF CONTRACT (§ 55.1-709)

A. The owner of residential real property subject to this chapter shall provide
notification to the purchaser of any disclosures required by this chapter prior
to the ratification of a real estate purchase contract or otherwise be subject
to the provisions of subsection B. The disclosures required by this chapter
shall be provided by the Real Estate Board on its website. The disclosures shall
be current as of the date of delivery. Nothing herein shall be construed to
require the seller to provide subsequent delivery of additional disclosures if a
transaction pursuant to a ratified real estate contract proceeds to settlement
after the effective date of legislation amending any of the disclosures under
this chapter, provided that the correct disclosures were delivered under the law
in effect at the time of delivery.

B. If the disclosures required by this chapter are delivered to the purchaser
after ratification of the real estate purchase contract, the purchaser&#8217;s
sole remedy shall be to terminate the real estate purchase contract upon or
prior to the earliest of (i) three days after delivery of the disclosure
statement in person or by electronic delivery; (ii) five days after the postmark
if the disclosure statement is deposited in the United States mail, postage
prepaid, and properly addressed to the purchaser; (iii) settlement upon purchase
of the property; (iv) occupancy of the property by the purchaser; (v) the
purchaser&#8217;s making written application to a lender for a mortgage loan
where such application contains a disclosure that the right of termination shall
end upon the application for the mortgage loan; or (vi) the execution by the
purchaser after receiving the disclosure statement required by this chapter of a
written waiver of the purchaser&#8217;s right of termination under this chapter
contained in a writing separate from the real estate purchase contract. In order
to terminate a real estate purchase contract when permitted by this chapter, the
purchaser must, within the times required by this chapter, give written notice
to the owner by one of the following methods:

   1. Hand delivery;

   2. United States mail, postage prepaid, provided that the sender retains
   sufficient proof of mailing, which may be a certificate of service prepared by
   the sender confirming such mailing;

   3. Electronic delivery; or

   4. Overnight delivery using a commercial service or the United States Postal
   Service.
   				If the purchaser terminates a real estate purchase contract in compliance
   with this chapter, the termination shall be without penalty to the purchaser,
   and any deposit shall be promptly returned to the purchaser.

C. Notwithstanding the provisions of subsection B of &#xA7; 55.1-713, no
purchaser of residential real property located in a noise zone designated on the
official zoning map of the locality as having a day-night average sound level of
less than 65 decibels shall have the right to terminate a real estate purchase
contract pursuant to this section for failure of the property owner to timely
provide any disclosure required by this chapter.

HISTORY: 1992, c. 717, § 55-520; 1993, c. 818; 2005, c. 510; 2007, c. 265;
2011, c. 82; 2017, c. 386; 2018, cc. 60, 86; 2019, c. 712; 2020, c. 749.