55-376 - Purchaser's rights of cancellation. - Virginia Statutes

§ 55-376. Purchaser's rights of cancellation.

A. A purchaser shall have the right to cancel the contract until midnight ofthe seventh calendar day following the execution of such contract. If theseventh calendar day falls on a Sunday or legal holiday, then the right tocancel the contract shall expire on the day immediately following that Sundayor legal holiday. Cancellation is to be without penalty, and all paymentsmade by the purchaser before cancellation must be refunded within forty-fivedays after receipt of the notice of cancellation.

B. If the purchaser elects to cancel a contract pursuant to subsection A, heshall only do so either (i) by hand-delivering the notice to the developer atits principal office or at the project or (ii) by mailing the notice bycertified United States mail, return receipt requested, to the developer orits agent designated in the contract. Any such notice sent by certified mailshall be effective on the date postmarked.

C. If, because of the occurrence of a material change, the public offeringstatement is amended between the time of contracting to purchase a time-shareand the time of settlement, the developer shall provide the amended publicoffering statement to the purchaser and the right of cancellation shall renewfrom the date of delivery of such amended public offering statement. Thissubsection shall not apply if the public offering statement is amended by thedeveloper because of a change which is not material or to disclose any changewhich is an aspect or result of the orderly development of the time-shareproject in accordance with the project instrument.

D. The right to cancel the contract as provided by this section shall not bewaivable by the time-share purchaser and any provision in the contract ortime-share documents indicating a waiver shall be void.

E. A statement of the purchaser's right of cancellation as set forth insubsections A and B shall appear in the contract above the purchaser'ssignature line. Such statement shall appear in type no smaller than any otherprovisions of the contract, and the caption "PURCHASER'S NONWAIVABLE RIGHTTO CANCEL" shall appear immediately preceding it in conspicuous, bold-facetype.

(1981, c. 462; 1983, c. 147; 1984, c. 572; 1985, c. 517; 1991, c. 704; 1994,c. 580; 1998, c. 460.)