Code of Virginia

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Code of Virginia
Title 55. Property and Conveyances
Chapter 24. Virginia Real Estate Cooperative Act
4/18/2019

§ 55-483. Purchaser's right to cancel.

A. A person required to deliver a public offering statement pursuant to subsection C of § 55-477 shall provide a purchaser with a copy of the public offering statement and all amendments thereto before conveyance of that cooperative interest and not later than the date of any contract of sale. The purchaser may cancel the contract within ten days after signing the contract.

B. If a purchaser elects to cancel a contract pursuant to subsection A, he may do so by hand delivering notice thereof to the offeror or by mailing notice thereof by prepaid United States mail to the offeror or to his agent for service of process. Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded promptly.

C. If a person required to deliver a public offering statement pursuant to subsection C of § 55-477 fails to provide a purchaser, to whom a cooperative interest is conveyed with that public offering statement and all amendments thereto as required by subsection A, the purchaser, in addition to any rights to damages or other relief, is entitled to receive from that person an amount equal to ten percent of the sales price of the cooperative interest, plus ten percent of the share, proportionate to his common expense liability, of the indebtedness of the association secured by mortgages or deeds of trust encumbering the cooperative. Execution of a purchase agreement for a cooperative interest which makes reference to the public offering statement and wherein the purchaser acknowledges receipt thereof shall be sufficient proof that the declarant has fully satisfied this requirement.

1982, c. 277.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.