Administrative Code

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Virginia Administrative Code
Title 1. Administration
Agency 75. Department of The Treasury
Chapter 30. Regulations Governing Escheats

1VAC75-30-80. Defaulting purchasers.

If a sale of escheated property is not consummated for any reason constituting a default by the purchaser pursuant to § 55-187 of the Code of Virginia, the escheator shall notify the purchaser in writing that the purchaser's default may result in (i) the forfeiture of any deposit and the resale of the escheated property at the next sale of escheated property for that locality, (ii) a suit to enforce specific performance of the sale agreement, (iii) resale of the property and a suit for any damages resulting from the subsequent sale at a lesser purchase price, (iv) any other remedy at law or in equity available to a seller against a defaulting purchaser of real estate, and (v) cash or a certified check being required from the purchaser for any future transaction involving the purchase of escheated property. The notification shall also inform the purchaser of the right to have an administrative review of actions taken by the escheator or the agency. Before an escheator may bring a suit against a defaulting purchaser, express authority to do so in each case shall be obtained from the Office of the Attorney General of the Commonwealth of Virginia and approval of anticipated expenses of litigation shall be obtained from the agency.

Statutory Authority

§ 55.1-2439 of the Code of Virginia.

Historical Notes

Derived from VR640-04-1 § 8, eff. July 1, 1992.

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